There is definitely a current craze around cryptocurrencies, in particular the first and most famous one Bitcoin and it doesn’t look set to disappear anytime in the near future. The premise of being able to use Bitcoin as form of payment has started to gather pace recently and it is become more common now for casino sites to accept Bitcoin for deposits. But is this good idea and beneficial to gamblers and casinos alike?
One of the main issues online casinos face with the use of Bitcoin is the volatile nature of it. A player could deposit a certain amount, play a game and then hit a big win on a jackpot in Bitcoin which the casino will have to pay out. It is possible that the value of Bitcoin from the player depositing to withdrawing could have increased a lot and if the casino hasn’t taken this into consideration and adjusted the jackpot accordingly will result in a much larger payout than intended. Another concern in relation to the value of this is if players have a large win and keep the money within their online account. The issue here is by the time the player comes to withdraw the funds the casino may have to pay out a lot more due to changes in value. One way casinos can deal with this fluctuation is to convert the bitcoin funds once deposited into an equivalent value and this will then make them less susceptible to losses as a result of Bitcoin fluctuation.
Plus, a potential major issue with Bitcoin that online casino operators must consider is that it is untraceable and this can possibly be dangerous. Bitcoin transactions are anonymous, so casinos have to be careful, as it could result in players trying to commit criminal acts, such as fraud and money laundering. Once the casino has paid out to a player there would be no way to then reverse this or trace it. Casinos can try to combat this as much as possible by carrying out stringent security checks on players before allowing them to deposit via bitcoin. They may then be able to ensure that even if they can’t trace payment, the person depositing the funds can be traced.
Even though there a lot of potential negatives to the online casinos to accepting Bitcoin it is becoming more widely accepted, mainly due to the demand for this from gamblers, who themselves do see advantages to the use of Bitcoin. It should get Unibet and those forward thinking brands to at the very least, start thinking about Bitcoin. The main advantage for gamblers is widely viewed as the level of privacy Bitcoin offers, as you can deposit via bitcoin without having to provide any of your bank account or credit card details to the online casino. In addition to this, players also favour the speed of the deposits and withdrawals as well as the fact that no costs are associated with these transactions.
It is inevitable that as the popularity of cryptocurrencies rise that more and more online casinos will offer this as a payment method. Increasing numbers of cryptocurrencies as well as Bitcoin are appearing in the market though and online casinos will have to make a decision as to which ones they accept, as it will become impossible to accept every single cryptocurrency. Therefore, Bitcoin and indeed other cryptocurrencies do have a future in the online casino industry. The increasing demand for the service will no doubt encourage establish operators to seriously consider this payment option.