Bitcoin has been the talk of the town for a while. This is especially when its value reached another all-time high in 2020. Since then, more and more people have shown interest in buying cryptocurrencies. Because of that, many businesses have also started to transact with cryptocurrencies.
The online gambling businesses are one of the first few that accepted cryptocurrencies like Bitcoin. This is even before Bitcoin made quite a noise in 2020. Many online casinos are now accepting cryptos, and some only even cater to crypto holders or users.
With the rise of cryptocurrency usage, live online casinos for the USA that accept cryptocurrencies are now gaining more popularity. Now, how do they work, and why should you consider switching to Bitcoin when gambling online? Keep on reading to find out more!
Let’s talk crypto
When talking about cryptocurrencies, Bitcoin is usually what many would immediately have in mind. After all, this is also called the father of cryptocurrencies. Bitcoin was created in 2008 by a group of people or an individual called Satoshi Nakamoto. Bitcoin was created to help with online transactions, particularly when it comes to sending people money over the internet.
It was in 2009 when it was first launched, and the first-ever Bitcoin transaction took place. During that time, Bitcoin didn’t have much value. It took a while before it did. It was in 2010 when the first economic transaction with this crypto took place. This was when a man from Florida negotiated to have two boxes of Papa John’s Pizzas worth $25 delivered to him for 10,000 BTC.
Today, people use it in different ways. There are now online and even retail stores that accept Bitcoin and other popular cryptocurrencies like Ethereum, Litecoin, Ripple, and Bitcoin Cash. Today, the value of Bitcoin is around 30,000 USD, and its all-time high is over $68,000, which happened in November 2021.
Why more people are playing real money games with bitcoin
Now, why are people switching to cryptocurrencies, especially Bitcoin, when gambling online? There are a few great reasons why they are doing this, and here they are…
Privacy and safety
When sending or receiving cryptos, there is no need to use your personal information. You’ll only need a wallet address and/or destination tag to complete the process. These days, many online casinos would use QR codes for transactions too. This is why anonymous online casinos only use cryptos when transacting with their customers.
This is simply a good payment solution if you don’t want your bank involved in any gambling-related transactions. Bitcoin and other crypto transactions are also made possible because of blockchain technology. This ensures that each transaction made with any crypto is recorded and can be easily monitored. This is why it’s close to impossible to manipulate the transactions.
Sending and receiving payments with cryptocurrencies only usually take a few minutes. Since it is a decentralized way to transact online, there’s no need for anyone to put a hold on the transactions for verification. This is why people who want to avoid the hassle of their banks questioning certain transactions would use cryptocurrencies instead.
There are online casinos that allow instant payouts, and if they do, most of them only do this with cryptocurrencies. Unlike issuing payouts to bank accounts, this requires no approval process. Casino operators will only have to verify your payout request and they can disburse the money right away.
It is generally cheaper to transact with cryptocurrencies. This is true for both customers and gambling site operators. If you notice, many Bitcoin casinos offer generous promos and bonuses to crypto users simply because they can afford to. Processing of payments always comes with a price, and this is something that online casinos don’t pay for as much compared to transactions made with credit cards or e-wallets.
Some of them no longer need the help of third-party payment processors to complete a crypto transaction. This is why many online casinos would reward crypt users more. An example is how Wild Casino would offer a crypt welcome bonus of 300%, up to $3000, to customers who’d make their first deposits with Bitcoin or other cryptos accepted on the site.
Overall, what motivates people to use cryptos when gambling online is convenience and privacy. Many people simply want to play real money games privately and don’t want to have any gambling-related transactions on their bank accounts. If you are someone who shares the same sentiments, then this might be the best online payment solution for you.
Photo credit: The feature image has been done by Urzine.