Despite volatility, Bitcoin remains an important added value to online casinos

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Online gambling came into existence
in 1996 when Intercasino started
accepting bets for real money and it
has since evolved into a fiercely
competitive multi-billion dollar
industry.
Offering the biggest selection of games, attractive bonuses, and
providing top-notch customer service have always been
effective ways for online casinos to bring in new customers
and retain existing ones. However, if they want to get a leg up
on the competition, then online casinos also need to make it as
convenient as possible for their customers to make deposits
and withdrawals.

One of the easiest and most efficient payment options came
onto the scene a few years back in the form of Bitcoin and
many online casino operators have been quick to embrace it.
Bitcoin is such a popular payment method that many online
casinos that accept Bitcoin actively encourage their customers
to use it. Some people might criticize Bitcoin’s volatility but it
remains an important added value to online casino enthusiasts
and the operators who are desperately fighting to stay ahead of
the curve.

Bitcoin’s Volatility
Bitcoin was created in 2009 when an unknown person or group
mined the first blockchain. In Bitcoin’s early days, the value of
a Bitcoin ranged between less than a penny and about $0.12.
The value rose to over a dollar in 2011 and reached $31 before
dropping back down to about $2. Throughout the first half of
2013, Bitcoin bounced between $100 and $350 before
exploding to over $1,000. The value of a single Bitcoin hit an
all-time high in December 2017 when it reached a staggering
$19,783. It has since gone into a steady decline having dipped
below $6,000 by June 2018, and today it is valued at a little
under $4,000 per Bitcoin. One word that comes to mind when
thinking about Bitcoin is ‘volatile’.

Millions of Users
Even though Bitcoin has experienced some extreme
fluctuations, it is still a very popular option for an increasing
number of people all over the world. It is estimated that over
22 million people have Bitcoin wallets and those users now
perform around $2 billion worth of transactions on a daily
basis . A good chunk of these Bitcoin transactions are
conducted by people who are making deposits and
withdrawals at the rapidly growing number of online casinos
that accept Bitcoin as a payment method.
How Online Casinos Benefit By Offering
Bitcoin Payments

Online casinos benefit greatly by offering Bitcoin as a payment
method. For starters, Bitcoin transaction fees are either very
low or, in many cases, non-existent. The same can’t be said
for other methods like credit/debit cards, eWallets, and wire
transfers. One problem that credit and debit card users in the
United States have been experiencing lately is that the banks
that issue credit and debit cards will often block transactions
with online casinos.
Bitcoin users do not face this inconvenience. So, online
casinos that facilitate Bitcoin transactions are attracting
Bitcoin users and expanding their client bases. Another reason
that online casinos benefit from offering Bitcoin transactions is
that Bitcoin is nearly impossible to counterfeit so operators
and customers are far less likely to become victims of fraud.
It’s easy to see why online casinos are enthusiastically
embracing Bitcoin.

How Bitcoin Users Benefit
From a customer’s point of view, Bitcoin offers even more
benefits. Aside from Bitcoin transactions being secure, they
are also private although this shouldn’t be confused with
the myth of complete anonymity . While most deposit methods
including Bitcoin are instant, withdrawing money from online
casinos is almost always a different story. Those who make
withdrawals using other payment methods are usually subject
to a pending period but that normally isn’t the case with
Bitcoin. Many Bitcoin-friendly online casinos will send your
withdrawal right to your Bitcoin wallet immediately. Let’s not
forget about the low to non-existent fees.
One of the most obvious upsides to using Bitcoin at online
casinos is the number of valuable bonuses that are available
for Bitcoin users. It’s not uncommon to find online casino
welcome bonuses that are worth upwards of $2,000 but Bitcoin
users can find deals that are much sweeter.
Betcoin.ag will match your first Bitcoin deposit up to 1 BTC
which means that nearly $4,000 in bonus cash is available to
Bitcoin users. 7 Bit Casino ups the ante with their 100% bonus
up to 1.5 BTC while Bitstarz has a bonus offer through which
Bitcoin users can claim up to 5 BTC when they deposit using
Bitcoin. The added value of using Bitcoin at online casinos is
clear.

Conclusion
Despite its volatility, Bitcoin remains and will continue to be
an important added value to online casinos. Bitcoin and online
casinos were made for each other as operators and users can
both enjoy several benefits that they simply do not get from
other payment processors. The online gambling industry’s
shift towards Bitcoin would seem to indicate that this popular
cryptocurrency will play a big role in the future of internet
gambling.

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