Why Bitcoin is changing the casino industry
WILLEMSTAD - Gambling is big business and according to a projection from the world's largest statistical source Statista, it's going to reach a net worth of $41.4bn in 2015. As of late, we can see that the online aspect of gambling is rapidly taking market shares from the brick and mortar kind. In essence, it makes perfect sense as many forms of entertainment are being transferred to the online world, and casinos are no exception.
The vast majority of the turnover in online casinos today are being done in major international currencies such as USD, GBP and EUR, but more and more people are starting to use a cryptocurrency known as Bitcoin.
What are Bitcoins?
Bitcoin is a digital cash that gives you the possibility of sending money all over the world, instantly and without a fee. They are not controlled nor issued by any bank or government, instead it's managed by the users only. This means that when transactions are made, there are only two parties involved, the sender and the recipient. It's as easy and fast to send bitcoins as sending an email, anyone can do it!
What are the benefits of using them?
There are major benefits of using Bitcoin. One of the main advantages of using Bitcoin is that it gives you a high degree of anonymity, just as the use of hard cash when you purchase something, instead of using a credit card or debit card. When you have physical bills in your hand, you're in total control of your money. The same goes for Bitcoin.
Besides this, there are plenty of other advantages for Bitcoin users, such as:
- No transaction fees
- Instant deposits
- Nobody can freeze your assets
- You can make transactions 24/7
How can Bitcoin improve the casino experience?
If you are used to playing in a brick and mortar casino, this will be a very easy transition for you. You can't hold a Bitcoin in your hand, but you can enjoy all the benefits of cash and use them just as you would in an offline casino. This is something that's previously been missing at online casinos, but Bitcoin has thankfully filled this void, giving you full control and freedom with your own money. The way it should be.
Online Casino + Bitcoin Casino = Hybrid Casino
Many are still not familiar with the concept of hybrid casino, but it's not as complicated and complex as it sounds. A hybrid is a mix of two things and when it comes to casinos, it has to do with the duality of two different currencies. Here we're talking about the mix between digital currency (Bitcoin in this case) and the major international currencies (such as USD, EUR, GBP, etc).
So, what are the advantage of playing in a hybrid casino contra one that just offers you one or the other? Well, the clear advantage is of course that you have more options in terms of payment, but there is a major advantage when it comes to cashing out as well. Since you can buy Bitcoin in any currency and then exchange them later for another one, it gives you maximum freedom as far as payments go.
With this being said, there is no longer any need of keeping your money in the casino as the withdrawals are fast and without a fee. Therefore, you can always have total control of your money, just as you would cash in at a brick and mortar casino.
The first casino to accept transactions in major international currencies in addition to bitcoins was BitStarz.com. Here, you can fund your account with Credit Cards, Bank Wire, Skrill, Neteller and of course with Bitcoin Wallets. New players receive a massive Welcome Package with both deposit bonuses and free spins, so we suggest to check it check out today: www.bitstarz.com
In summation, the major benefits of a Hybrid Casino are:
- Excellent for standard currency players as well as Bitcoin players
- Instant cashouts for Bitcoin and all other currencies
- No minimum deposit
Knowledge is key
Although the year on year growth is quite substantial, more education about how Bitcoins work and how to use them will be needed for it to be accepted by the general public, but we're getting there.
If you are interested in getting your own Bitcoins, you have to turn to an online Bitcoin exchange first. You can purchase the coins in your local currency and later transfer it to, for example, a Casino that offers Bitcoin deposits.