Casinos are always on a constant quest of catering players globally and meeting their growing demands. This industry is one such sector in which cryptocurrencies are gaining momentum. Over the past decade, our society has witnessed the boom of new tech-savvy cryptocurrencies, with bitcoin receiving considerable acclaim. This digital currency has multiplied in value as well as visibility in the traditional economy. In recent years, bitcoin’s widespread recognition has become a source of innovation for new sectors and genres within the e-commerce industry, with bitcoin gambling being the most lucrative.
However, we must understand what “Bitcoin” exactly is, before diving into the thriving world of bitcoin casinos.
Bitcoin is built on blockchain technology, and it is a decentralized, low-cost virtual currency system. This cryptocurrency provides anonymity as it does not require any personal information. Transparency, security, transfer of value, no third party involvement, and near to zero-fee transactions across the world are some of the perks of using Bitcoin.
Why Are Bitcoin Casinos Rising in Popularity?
Bitcoin casinos entertain the option of making deposits and withdrawals in the form of Bitcoin. Besides eliminating the requirement of playing with regional currency, some Bitcoin casinos also feature Bitcoin supported-games. Bitcoin casinos empower the gambling community to increase their successful participation and winning the prize money. Here are a few broad reasons why Bitcoin casinos are gaining acceptance.
For casino players, data privacy and security are of crucial concern. Bitcoin is a decentralized digital currency that uses cryptography to secure transactions, making it impossible for hackers to breach in. The anonymity element of bitcoin enables players to register themselves with a Bitcoin casino without sharing any sensitive information.
Since Bitcoin transactions can occur only through the Bitcoin wallet, the chances of an information leak via banks or third-party networks are negligible.
- Low Operational Cost
Bitcoin gambling presents a win-win situation, i.e. it is not just the players who profit from Bitcoin gaming, but casino owners also save on the running costs for casinos. Unlike conventional brick and mortar casinos, setting up and managing a Bitcoin casino online requires less expenditure. Hence, there is no need to spend money installing expensive slot machines or recruiting workers since it is taken care of via dedicated game servers and round-the-clock online backend support.
Players prefer casinos that provide more chances of multiplying their winnings or reward them for their activities. The low operational cost allows Bitcoin casinos to introduce many attractive bonuses, promotions, and bigger prize pools. Bonuses can range from deposit bonuses to free spins applicable to select casino games. Considering the rising value of Bitcoin and its prospects, the possibility of earning Bitcoin in bonuses entices gamblers to join a Bitcoin casino.
- Non-taxable income
Even though it is gambling, the profits are still taxable. Gambling is a recreational activity, which is why the percentage of tax on the returns at traditional casinos is always immense. Since Bitcoin is a decentralized digital currency, winnings at Bitcoin casino sites are non-taxable. The fact that Bitcoin bankroll is beyond the federal agencies’ scope of snooping and that nothing gets deducted from the profits encourages more and more players to gamble at Bitcoin casinos.
- Zero Transaction Fee
Unlike traditional casinos, where a fixed transaction fee is charged on every currency-based transaction, bitcoin’s transaction fees are minuscule (on an average 1%-2%) or, in most cases, zero. Usually, the fees charged on the deposits and withdrawals are as per the casino’s policy. Little to no-fees transactions allow players to make unlimited transactions in a day.
Bitcoin defies the constraints on geolocation, allowing players the right to play games with their favorite casino, regardless of where they reside. Casinos have been able to build a new player base by rolling out the Bitcoin payment option. Of all the reasons mentioned above, anonymous gambling, tax-less winnings, and zero-fee transactions directly favor the gamblers, while the low operational cost benefits both the casino and the player. Undoubtedly, these factors are the driving force behind the rising popularity of Bitcoin casinos.
Arguably, both casinos and Bitcoin are perfectly suited for each other. Also, bitcoin’s growing prevalence has been a contributing factor in the overall success of Bitcoin casinos. However, gambling is an unethical activity which carries a higher risk of losing than winning. Irrespective of being a pro or a novice, gamble sensibly and avoid depositing funds which you cannot afford to lose.