Why many casinos are introducing bitcoin: examples of technological solutions
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With the cryptocurrencies’ rise in popularity, more and more industries are adopting them for their financial operations.
Online casinos are the primary beneficiaries of this invention, all thanks to Bitcoin investor Satoshi. The cryptocurrency casino is now a reality thanks to the technology development, and currently, Bitcoin is the most widely used payment method on these websites.
This is clearly seen in new Nektan Casinos. This has dramatically diversified the industry, offering users a secure way to deposit or withdraw money while enjoying their gambling experience.
Choosing where to play always depends on your style and preferences. Below, we look at some of the advantages of Bitcoin’s introduction to online casinos and how it has revolutionized the gambling industry.
Security always comes first
Bitcoin was launched as an alternative payment system in 2008, created by Satoshi Nakamoto, in which blocks of information were “mined” and had a monetary value on the market, giving rise to the other cryptocurrencies we see today.
Regarding security, as a general payment method and for online casinos, Bitcoin is governed by a blockchain, which records all transactions made and can’t be altered or deleted. In other words, hacking such information for criminal purposes is virtually impossible.
Unlike other methods of processing payments, Bitcoin is not governed by KYC protocols or GDPR to identify its users; instead, users use a link where their crypto-wallet is stored. And a pseudonym with which they can be identified adds a layer of anonymity to the payment process.
Fast deposits and withdrawals
Most online casino players’ complaints are related to problems with transferring funds when making deposits and receiving winnings.
Some payment methods may be unavailable depending on the player’s location. In other cases, the player has to wait up to several business days before his deposit/withdrawal will be processed by the payment system. In this case, the casino does not influence the processing speed.
Such situations are eliminated with bitcoin. Since any financial institution or government does not control the bitcoin network, deposits and withdrawals in cryptocurrency depend solely on the algorithm, i.e., the program, which does not care who and where the money is transferred from.
In most cases, when transferring funds in cryptocurrency, you must wait a few minutes to half an hour for funds to be credited, which applies to both deposits and withdrawals from the casino.
Again, agree that this is much more convenient than waiting several days until the payment operator decides to approve the transaction.
No deposit/withdrawal fee
All casinos use third-party payment systems that charge hefty fees for their services. While a few percent may seem insignificant, the costs become very impressive when the turnover is impressive.
For example, for every $100 deposit, a casino will charge $3 to $8 in most cases. If the user decides to withdraw the money he deposited instead of using it in the game, these extra costs will be his responsibility.
An essential advantage of bitcoin over traditional payment systems is that there is no extra fee, even for considerable sums. Yes, you will have to pay a fee to the miners, but it rarely exceeds a few dollars, even if you transfer millions.
