Bitcoin is an online currency, known as a form of cryptocurrency. It enables owners of the currency to conduct online transactions quickly, paying for goods and services without revealing their identify if they don’t wish. The casino industry hasn’t really adopted the use of bitcoin as a payment method as quickly as some industries, but what are the reasons for this?
1) Bitcoin can be a very volatile currency, mainly due the fact there is a limited amount available and the demand for it is increasing every day. As this cryptocurrency is not governed by a central body to regulate its value, this can rapidly increase or decrease within a short space of time, based upon who owns the currency and how much of it at any given time. This is not ideal for casinos as a player could deposit a certain amount of Bitcoin, only for the value to change dramatically in a short space of time. This volatility makes the currency difficult for casinos to deal with due to the amount of deposits and withdrawals they need to process, as intense measures would have to be put in place to ensure their valuation of Bitcoin at any given moment was correct.
2) It’s not the only cryptocurrency. Whilst Bitcoin was the first on the list, it is now far from the only one and new cryptocurrency forms are appearing every single day. If casinos accept bitcoin as a payment method, how long until the demand for them to accept other forms will increase? It is possible that in a few years there will be an astronomical number of different forms of cryptocurrency. It’s not realistic to expect that casinos will just be able to accept them all as a form of payment, when every single one will have a different value and have different requirements when been handled.
3) The anonymous nature of Bitcoin transactions is also viewed as a no go for casinos. There are is a concern that anyone can make a Bitcoin transaction without being traced. This could open up the potential of money laundering within casinos, particularly land based ones.
4) For Bitcoin to be used effectively, education is needed. For a casino to offer bitcoin as a payment method, whether they are land, online or mobile casino operators, the employees must have an understanding of Bitcoin. Many people are still unaware of Bitcoin and how it works and the employees of a casino need to be educated within it so they are able to help customers with any queries. There is little benefit to offering Bitcoin if the staff don’t even understand how digital currency works.
5) Due to the lack of regulation with Bitcoin there is no protection for buyers or sellers really at present, this means that transactions cannot be reversed. This could be a problem for casinos, especially online if a mistake is made with regards to pay out. This error in transaction could not be reversed once it is processed.
Therefore, although there are many positives to cryptocurrencies, many establish online and mobile casino brands, just like http://www.mfortune.co.uk/ for example, will want to see all the issues listed resolved before any sort of discussion or decision is made to incorporate into their service.