Bitcoin is a digital currency that allows users to make purchases and complete transactions on sites that allow it. Perhaps one of the main reasons why it has grown so much in popularity is the fact that the software is open source and can thus be used by just about any company.
Bitcoin can be exchanged for real money or be used as is, to pay for goods and services. This is how it has become one of the main funding option in online casinos. Online gamers are able to put in money and cash out winnings without spending any of their own money. Bitcoin is very popular in many countries around the world and there are many high profile people with strong convictions that the spread is only just beginning.
Why has Bitcoin Become a Favourite Amongst Online Casinos?
Gaming platforms including those kasino på nätet (online casinos in Swedish) listed on Kasinoland are patronised by people that value their privacy and want the best value for money. Bitcoin offers these benefits. When Bitcoin is used in online gaming, the transaction fees are negligible when compared to options like credit and debit cards and PayPal. Additionally, the ubiquity of Bitcoin means gamers are able to fund their online gaming accounts on any device, from tablet computers to smartphones, without compromising fund security.
Apart from the reduced charges, a major draw for online gamers using Bitcoin is that it allows them to do transactions anonymously. It may seem like a negligible advantage but many gamers would welcome being able to fund gaming account without any entries being made to their bank or card statements. This is an important advantage for some gamers.
What Does the Future Hold for Bitcoin in the Gaming Industry?
Whilst a good number of online casinos have incorporated Bitcoin into their online gaming funding options, many more are still reluctant to take up the digital currency. This can be put down to the entrenched scepticism in the digital currency world about the platform and regulations in different jurisdictions. However, experts in the industry believe it is only a matter of time before more online gaming platforms see reasons to embrace it.
Another reason why the future of Bitcoin and online gaming is bright is the fact that online gaming platforms already using the digital currency are constantly looking for new ways to increase engagement. For instance, some of them now fund loyalty programmes with it thereby exposing more players to the possibility of using Bitcoin exclusively for their online gaming experience.
With the increased obsession for anonymity over the internet, it is expected that over the next few years, Bitcoin may become as popular as PayPal as a funding option online gaming portals.
Images courtesy of Steven Wagner via Imgur, Bitcoinist.net.
