You have many options when making a deposit at an online casino. Some of the leading online casinos now offer over 30 different ways to make a payment and Bitcoin is fast being adopted as a payment method. Before we look more closely at how quickly online casinos are adopting Bitcoin as a payment method, you must understand how it works in terms of online casinos.
At standard online casinos that offer Bitcoin as a payment method, the games are not operated by betting using the cryptocurrency. Bitcoin casinos do not allow you to farm Bitcoins, but you can make deposits and withdrawals using Bitcoin. The advantages of using Bitcoin as a payment method at online casinos includes anonymity, security, speed, and cost-effectiveness. When making a deposit using Bitcoin, there is no need to add any personal or financial details. Transactions using Bitcoin are often instant and the blockchain technology used makes it safe when transferring Bitcoin to and from online casinos.
To assess how quickly online casinos are adopting Bitcoin as a payment method is not easy as we have seen the introduction of some online casinos specifically with cryptocurrency in mind. At the dedicated Bitcoin casinos, is it is possible to play Crypto and FIAT games from popular providers, such as Amatic, NetEnt, and Microgaming. The cash out process takes just minutes, and you can play all the same great games you will find at regular online casinos, including roulette, blackjack, baccarat, poker, and slots. Even the deposit bonuses are listed in Bitcoin, and this shows just how quickly Bitcoin is being adopted as a payment method as online casinos are being created specifically with the cryptocurrency in mind.
However, even when playing casino games online at a dedicated Bitcoin casino, you can still use regular money, such as Euros and Dollars. That is because there are currently not enough Bitcoin specific casino games available to run a purely Bitcoin only casino.
Many online casinos were already in existence before Bitcoin was introduced in 2009. These online casinos used payment methods including VISA, Mastercard, PayPal, Neteller, Skrill, and Paysafecard. All of these payment options are still available and popular at online casinos today, but the casinos are also beginning to introduce Bitcoin. There are currently over 100 different online casinos that accept Bitcoin as a payment method, some of which have been created specifically with Bitcoin in mind and others that have introduced Bitcoin over time.
One of the many reasons why pre-existing online casinos have decided to introduce Bitcoin as a payment method is to stay ahead of the game. The online casino industry is extremely competitive and if offering Bitcoin as a payment method will help a casino to standout, it will do it. Being one of the first to introduce a new segment to the iGaming industry is a great way to get in the news and receive what is essentially free advertising. The online casino space is not for the feint hearted and competition is fierce. Any advantage, however small, is worth pursuing and that is why some online casinos have chosen to adopt Bitcoin as a payment method.
However, the uptake of Bitcoin at online casinos who have been in business pre-2009, is not as rapid as some might have predicted. Bitcoin and cryptocurrency in general are difficult to understand for many people and it has yet to become mainstream. Until it does, there will be many online casinos who will choose to leave Bitcoin out of their payment options for the time being.