Since the introduction of bitcoins in 2009 we have seen many new bitcoin casinos being launched. Just in the past year the number of bitcoin gambling sites has doubled and there is a new site popping up almost every week. Although many were quietly waiting for the decline of bitcoins, there’s no indication that the crypto-currency is going anywhere.
Why are Bitcoin Casinos so popular?
The growth in popularity wasn’t coincidental. In fact, bitcoin casinos hold manyadvantages over a real money casino:
a) Players have 100% control of their funds at all times. Having bitcoins in your bitcoin wallet on your computer is like having a hard cash in your physical wallet. The reason for this is that there’s no middle man who could seize your cash (a bank in this case) or interfere in any other way.
b) No payment fee on deposit/withdrawals enables you to transact freely even smaller amounts of funds (less than 1 EUR) which givesyou a total freedom in your game play.
c) Close to instant transactions means that depositing or cashing out is truly instant in most cases, depending also a bit from casino to casino.
d) Sending Bitcoins is easy and fast as sending an email from your mobile or your computer.
e) No geographical limitations. You can send bitcoins to anyone in the world, instantly.
f) All transactions are pseudo-anonymous - appearing in a public ledger easy accessible to anyone making bitcoin economy transparent and simple to verify and check payment transaction.
Many bitcoin casinos are also licensed. Some gaming jurisdictions like Curacao have already acknowledged bitcoin as a currency while the others like MGA, Isle of Man, and Gibraltar still haven’t.
Have you heard of hybrid casinos?
With the growing popularity of bitcoins, a new type of online casino was also born, the hybrid ones. These casinos have built systems which manage to offer wagering in both real money, with major currencies such as EUR and GBP, and bitcoins, with all its advantages mentioned above. Here’s what hybrid casinos have to offer:
- Play in EUR and other real money currencies as well as bitcoins
- Premium slots from Netent, Microgaming and other popular providers
- Instant withdrawals
- Payments possible with bitcoins and with credit cards, bank transfer, Skrill, Neteller and more
There are many casinos that offer only bitcoin-wagering with their limited but proprietary games and platforms. On the other hand there is a new trend that consists of combining the best of both worlds by creating multi-currency cashier, supporting wagering in both bitcoins and euros.
While many game providers like NetEnt and Quickfire still do not supporting wagering in bitcoins, this is solved in a hybrid casino by the instant conversion of bitcoins to EUR on deposit and back on withdrawal. However, if the player wants to play any game that allows bitcoin wagering than that is possible as well simply by switching the cashier active currency from EUR or any other real money currency to BTC.
What is the future of bitcoins?
Although the bitcoin industry and hybrid casinos accepting Bitcoins and offering wagering in bitcoins is currently still small, the growth is definitely expected and can skyrocket as bitcoin is being massively adopted.
Recently, NASDAQ, VISA and other venture capital firms have disclosed that they are investing over 30 million dollars in bitcoin startups. This movement should turn into a trend soon enough, with more major companies and bank turning to the cryptocurrency for alternative payment solutions and investment.
All this leads us to believe that bitcoin will be used more and more in the casino industry and become a defacto payment method standard in the future. When exactly this is going to happen is yet to be seen.