The use of Bitcoin and related cryptocurrencies are likely to increase within the next decade as more people take an active interest in alternate currencies. However, most people today use Bitcoin as an investment, which is detrimental to the currency in the long run. As general awareness increases, a growing number of industries are expected to open up to Bitcoin transactions.
The change is attributed to quite a few factors. While large financial houses are promoting alternate payment methods, a growing number of gamblers are searching for crypto casinos. Bitcoin casinos offer a list of advantages over standard online casinos and introduce healthy competition in the market. Check out the top bitcoin casinos in AU, exclusively on Casino Rocket.
The Rise of Bitcoin Video Slots
Bitcoin slots are popular since there’s zero skill involved. Players just need to push a button and chip in and the rest is luck! Moreover, slots don’t take up much time and can be accessed on the fly. The recent surge in iGaming demand further pushed Bitcoin casinos to the forefront, as they can be accessed even from the states where iGaming is outlawed thanks to legal loopholes.
The only downside is the lack of liability. However, that can be solved by signing up on reputed casinos from around the globe. Cryptocurrency transactions are immediate and require minimum ID verification. Deposits and withdrawals are generally made within 15 minutes from processing the request.
BTC casinos generally have a higher payout percentage than other online casinos due to the lower cost of operations. Some Bitcoin video slots can return up to 98% of the deposited amount.
Why is Bitcoin Ideal for iGaming?
Bitcoin transactions are generally off the grid, unlike fiat currencies. The benefits of peer to peer transactions are evident as blockchain transactions are truly anonymous. The downside of crypto transactions is that once complete there’s no way to reverse the transaction, which is why extra care must be taken before transferring funds.
Bitcoin casinos are provably fair, which is a boon for the gamblers. Couple that with a hassle-free registration process and you’re all set for a lively experience! The lack of a centralized governing authority allows such relaxations. The downside is the lack of liability when dealing with less than reputed operators.
Although Bitcoin transactions are anonymous, breadcrumbs are left on individual servers. Tracking this data can be a hassle since personally identifiable data is difficult to come by. Therefore, although not entirely anonymous, Bitcoin offers a far greater level of anonymity than any fiat currency.
Bitcoin casinos are slowly entering the mainstream. Although progress has been slow since people take time to get used to change. However, as the advantages of Bitcoin in gambling get prominent, its chances of attracting a larger number of users are higher. Cryptocurrencies have to overcome a few ethical hurdles in the near future to be adapted into mainstream society.
