The popularity of Bitcoin itself is continuing its growth
About 10 years ago, cryptocurrency and Bitcoin in particular were not trusted by an active majority of the world’s population. Users expressed fears that the cryptocurrency was a kind of pyramid scheme, which meant that its creator would soon disappear with people’s money. As the years went by, the “pyramid” did not disappear. Moreover, the price of Bitcoin grew and more and more people started to join it. People became convinced that electronic money was a great alternative to real money.
The rise in popularity of digital currency began in 2016 and continues to this day. Even its volatility has not stopped users from buying Bitcoin. The cryptocurrency, like a locomotive, has been moving forward even through the years. Cambridge University estimates that the number of blockchain participants has more than quintupled in just a few years, from 25 million to 135 million. Users increasingly see the cryptocurrency market as the ideal place to store money and invest. In addition, even major banks and lawmakers have recognised cryptocurrency and Bitcoin, developed a taxation system and are even thinking of issuing a state-owned digital currency.
Online casino operators were among the first to see the great future of Bitcoin. Until 2014, the number of establishments that accepted Bitcoin as payment was a couple of units. Now the number is almost impossible to calculate. Some casinos accept only digital currency as a means of payment. Others offer Bitcoin as an alternative to fiat money. Either way, the demand for such online casinos is growing steadily because of the many advantages that cryptocurrency has over traditional money.
The verification is easier at Bitcoin casinos
Every player has experienced the verification process in traditional establishments. It’s safe to say that you too know how long and difficult it can be. Some unreliable casinos use the verification rule for their own purposes when making withdrawals. They require documents that are problematic or even impossible to find. In any case, this delays the player’s payout for a long period of time.
In most countries of the world, the status of cryptocurrency is not approved at the state level. In addition, blockchain is a decentralised system. Its nature does not allow specialised bodies to monitor and interfere with its processes. Each participant remains anonymous. Tax and other authorities can never obtain information about transactions carried out by residents of a country. An operator, in its turn, is not able, and not obliged, to provide reports on financial transactions inside the casino. All this contributes to the facilitation of casino winnings. If you’re looking for a way to stay anonymous and avoid the verification process, play at a Bitcoin casino. There are many ratings of no verification casinos you can find online. Navigate here and you will be shocked how easy it is to find such a casino.
Withdrawal limits are higher
We all know that each payment system has its own limitations on maximum transaction sizes. For example, for instant transfers by Visa bank card, we can talk about 4,000 USD per transaction for both deposits and withdrawals. There are many reasons for this, including:
- The complex nature of the internal system
- Control of cash flow by public authorities
- The need to adhere to the regulator’s rules.
Let us at least remember the anti-money laundering rule. Every operator must make every effort to ensure that their site does not become an environment conducive to money laundering. That is what the limits are for.
Blockchain and Bitcoin itself is a digital ledgers with no single decision-making centre. All transactions are distributed within a network of computers. Its participants create their own blocks while remaining anonymous. When it comes to blockchain in the context of online casinos, this innovative technology allows the player to remain invisible to state authorities. The user can discreetly transfer any amount to and from the crypto-purse. Players from countries where online gambling is banned, as well as those who are trying to avoid unnecessary tax burdens, especially appreciate this feature.
As we have already established, Bitcoin exists within a decentralised system. It is not subject to any laws, if only because it is still not recognised in any country in the world as a real means of payment. This allows operators to override limits, thereby attracting new players. It turns out that while in a regular casino the withdrawal limit will necessarily and unlikely exceed 5,000 USD per month, in a Bitcoin casino more than likely there will be no limit. The benefit of this is obvious. In a traditional casino, a win of 15,000 USD will take the user 3 months to cash out, while in a crypto casino the whole amount can be withdrawn in one payment.
Withdrawal speed is faster
Visitors to gambling sites that accept regular currencies know how long they have to wait for their winnings to be credited to their real accounts. Before a player receives the coveted money, he has to go through verification, wait for the transaction to be approved by the casino administration, and then wait again for the money to flow through the system to the final destination – the player. This often takes a week or more. Fans of bank transfers know this firsthand.
There is no middle ground in Bitcoin transactions. Any winnings you make are instantly on the blockchain network. As soon as a player requests a withdrawal, blocks start to form, other blockchain participants, confirm the transaction and then the cryptocurrency payout arrives in the crypto wallet. You don’t have to wait a week for your winnings, everything happens in a matter of minutes. Sometimes, of course, there are delays in the transfer, but they are due to the high flow of transactions. This is especially true for Bitcoin and Ethereum transactions. In any case, blockchain provides a 100% guarantee of cryptocurrency receipt.
Better bonuses at Bitcoin casinos
Every traditional online casino has its own player reward programme. Often this reward is in the form of some percentage of the deposit amount and rarely exceeds EUR 1,000. This is because a gambling club, especially if it is licensed in a reputable jurisdiction, has a large number of financial obligations. An honest provider simply does not have extra money to give away large amounts. Bitcoin casino is another matter.
When we talk about such establishments, we imply a complete lack of communication between the operator and the banks. This means that the playground does not pay the fees associated with using the system. This point alone saves a lot of resources for the operator, which is happy to invest in the system to reward users. In any case, crypto-casinos always offer more support with bonuses than the institutions we are used to.
Bitcoin casinos are still trending in 2022. Such establishments offer their customers a number of advantages, ranging from lucrative bonuses to guaranteed payouts. Just the fact that thanks to blockchain technology, you are guaranteed to receive your winnings even if the casino closes, makes such establishments attractive.
If we compare players’ attitudes towards crypto casinos in the early 2010s and in 2022, we can trace a trend of increasing loyalty towards them. Bitcoin used to be used among advanced and risk-taking youth. Now even people of more conscious age are resorting to its use. There is no doubt that this trend will continue in 2023.