Bitcoins rise in the last couple of years has built trust in the total crytpomarket. Therefore, variety of industries are starting to take Bitcoin as a serious payment option, which will serve to increase the profile, popularity and value of this digital currency. Since casinos have shifted to the internet there is a need to resolve several relevant online issues related to the deposit and withdrawal process, fair results, and money security. Fortunately, bitcoin features synch well with all the concerns that a gambler experience.
Main features of bitcoins
- Bitcoins have no physical representation but anything can be bought with this digital currency just like real cash.
- Decentralization is a peculiar feature, which differentiates bitcoins from fiat currencies. No banks or government body controls the release, circulation and exchange of bitcoins.
- Transaction fees related to bitcoin transfer and exchange includes very low charges.
- Anyone can acquire and use initial code to mine bitcoins.
Read how bitcoins will revolutionize the gambling industry soon on www.ccn.com/bitcoin-will-revolutionize-gambling/
What does bitcoins offer online casinos?
Bitcoins can give online casinos and the bettor’s great opportunities.
For online casino owners
Wide-ranging customer base
Bitcoin revolution will open doors to markets like gambling because there are countries who have strange relationship with this industry. In Las Vegas, gambling is legal but in other American states casinos are not allowed and several stringent laws revolve around online gambling. According to the online gaming enforcement act, the US banks cannot process any kind of payments where gaming sites are involved.
The crucial distinction or loophole in the act is that it is unlawful for the US bank to process payment but it is not illegitimate for gamblers to make deposits with gambling site. Therefore, the US citizens look for all kinds of aversions like prepaid debit card or wire transfers, which will ultimately get blocked.
As there are no authorities to restrict bitcoins, it is the most promising alternatives for players from the USA and other countries where there are limitations and restrictions to participate in the online casino arena.
Other key appeal of bitcoins casinos is all winnings will be tax free. In majority of jurisdiction taxes are levied on both land-based and online casinos. As bitcoin payment includes anonymity aspect means it is currently not possible that your winnings will be taxed.
Better payouts are affordable
The potential gains of bitcoins are more than physical fiat currencies. These get amplified more with the fact that casinos accepting bitcoins operate at very low edge. This is affordable for them because overhead costs are low, so they can attract more revenue through advertising, promotions and data sharing.
For Players or bettors
- Less time for registering and verifying accounts
- More accessible
- Less transaction fees, so bettors can increase their winning margins
- Maintain your anonymity for security and privacy as there is no need to submit personal or bank or card details
- Avoid tax paying situation, which is certainly appealing
- Play from home or anywhere and at any time without any legal concerns
- Winnings can be accessed straightaway without delays
So, you can see the reasons how Bitcoin has affected both bookmakers and the bettors in a positive way.