Nowadays there aren’t really many options other than integrating Bitcoin payments left to help online casino operators make their gambling businesses commercially viable in the complex environment. The thing is, those who haven’t still taken the critical decision to introduce the cryptocurrency, may be loitering the precious time away, as dozens of new Bitcoin casinos, virtual poker rooms and sports betting portals are launched every year. The potential of BTC is really great, and it’s incredibly advantageous to make payments in for both gaming website owners and gamblers themselves. So, what is so special about Bitcoin that makes it that popular among the principal stakeholders?
To begin with, with Bitcoin payments players get a unique possibility to make their transactions fully anonymized. No personal/payment details are stored or transmitted, because the Bitcoin system just doesn’t need them to function. Bank card numbers and personal accounts become a thing of the past for BTC users, as all the only necessary data they need now is their Bitcoin wallet address, plus a valid e-mail to be able to sign up and start enjoying Bitcoin gambling. Another great thing about payments in the cryptocurrency is their non-reversibility, meaning such transaction are final and cannot be called back unilaterally, which is distinct advantage over conventional real-money payment systems with chargebacks being a frequently encountered problem. Last but not least are really minimal (and even zero) payment processing charges for BTC users, which is especially beneficial for regular Bitcoin casino players.
It’s easy and quick enough for gambling operators to launch Bitcoin payments on their websites, and if they wish to they are still able to instantly convert into USD, EUR etc the deposits in Bitcoin they receive from their players, or vice versa, all thanks to conversion possibilities provided by the innovative technologies. Bitcoin is convenient and advantageous to use for both buyers/players and merchants/operators.
Unsurprisingly, today Bitcoin is an incredibly popular payment method with more than 14,000,000 users worldwide and the potential to gain some 7 million more, taking into account the ?urrently allotted amount of coins to be mined. Apart from that, BTC is rapidly claiming momentum as a means of investment. The Bitcoin market cap has been growing steadily since the beginning of January after a long-terms decline, reaching $3.7+ billion in early March 2015 and likely to double within the coming years. According to 2014 statistics, BTC accounted for about 50% of all fund transactions made in the online gaming sector, and this trend is very consistent now.
Although the cryptocurrency is predominantly unregulated in most of the world’s countries, and even banned in Russia, Iceland, Kyrgyzstan and several other states, it still has a legal status in many jurisdictions and can be used alongside real money without restraints. However, some markets still require Bitcoin casinos to obtain a gambling license to operate; similarly, they are obliged to observe all gambling-related legal acts. In fairness it must be said that there are still certain unlicensed BTC gaming websites successfully offering their services to gamblers, and accepting payments in Bitcoins only.
Bitcoin payments have been available to users since as early as 2009, but it will definitely take the cryptocurrency some more time to become a full-fledged and legalized means of payment. As we see now, it has already turned into an informal currency of online gambling, and there is probably much more for us to expect from it.