That Bitcoin is now becoming the number 1 option for online casino players is apparent even for those looking from the outside. But, to know how we got where we are we need to look deeper into the nature of both cryptocurrencies as a phenomenon and how gambling operators work.
There are four main reasons why both players and platforms are accepting Bitcoin an-masse and adding to the rise of this payment option:
- Global access
- Ensured anonymity
- Risk externalization
- Irrelevant instability
And while the first two points are obvious to anyone who knows how crypto works, the latter two are a bit more obscure. Instability and loss externalization is not something people think about everyday consciously, but it is something that guides how to use any type of money.
Finally, operators and players are finding a middle ground because for the ‘’online house’’ it is irrelevant how much they will gain with crypto, as long as they get players. And for the player, it can be a good way to use un-taxable and obscure funds that might not be used elsewhere.
Advantages of Gambling with Cryptocurrency
There are advantages for both players and operators when it comes to gambling with crypto over regular money. The global acceptance and access make everything go much smoother and it is a great way to win both at the poker table and the currency exchange.
That advantage is the reason why all the top casinos in Australia are accepting Bitcoin. And Australia is not a lone example in this regard.
And, Bitcoin is only the biggest and best-known option that people are using here. Such advantages can be applied to any high-quality crypto that is on the market today.
Primarily, there is access and anonymity. For someone living in the US and especially in the EU, this might not sound as important. But, for countries where gambling and international connections are unlawful or looked down upon it can be the only way to play.
Also, Bitcoin is a great way to keep your income untaxed until you need it. As nobody knows that you are the one holding money, there is no jurisdiction that you fall under. For digital nomads and some types of services, such a benefit is essential.
Finally, there is a benefit for operators. With online gambling, there is no fear of random luck or cheating making extensive losses. The operator benefits the more players there are and a wise operator will accept any legitimate mode of payment.
Irrelevant Fluctuations for the Operators
In the beginning, operators were reluctant to accept Bitcoin because of the fluctuations compared to regular fiat currency. As a matter of fact, it fluctuated more than 500% in the last two years.
But, with the rise in online gambling and the number of players wanting to use Bitcoin, such an issue became irrelevant. Operators realized that they will always benefit when people are playing, regardless of what they are using.
At the end of the period, their profits will exist. If Bitcoin is down they will be lesser, but still more than nothing. And, if Bitcoin is up, the operator might be looking at record profits.
First to arrive on the Scene
Many experts and laymen alike ask frequently if there is something special about Bitcoin compared to other crypto making it so successful. The answer is that there isn’t.
Simply, Bitcoin was the first large player with substantial backers to arrive on the market. For many years, the chain was adapted and most of the kinks that existed in the first place were removed.And, with global acceptance came both trust and stability. For any business and any market, this is the first thing to look for, and Bitcoin is one of only a few crypto options that has it so far.