The casino industry is one of the first businesses which put a digital footprint forward. As it transformed into digital, it is accessed by more people around the world. Its profitability and popularity were soared as they cater to excellent service to millions of wagers. With advent and improvement in technology, the casino industry become user-friendly, more entertaining, and exciting. The websites which provide all the pleasure, exhilaration of casino games in digital form are hence called online casinos. They not only offer classic and traditional casino games but more varieties with excellent graphics, outstanding sound effects. You can avail of loads of bonuses and promotions they render on a regular basis. The digital casinos embrace new technologies with ease and dexterity; the mobile casino is such a classic example.
Phenomenon of Bitcoin
Bitcoin is the most popular and accepted cryptocurrency created in the year 2008 by Satoshi Nakamoto. With growing popularity, the Bitcoin foundation was established in 2012 to expand this cryptocurrency. The major advantage of Bitcoin transactions is it does not involve any other intermediaries. To take advantage of this feature, the first Bitcoin casino was created. New methods of financial transactions were introduced to facilitate the use of Bitcoin during 2015. Bitcoin started gaining popularity, and many wagers started using it as an alternative to traditional currency. In the summer of 2016, the value of Bitcoin started rising higher with the mercury of the summer; this prompted many leading online casinos to adopt this digital currency. Prior to this, the online casinos which accepted it as legitimate currency was specifically created for this payment method. By 2017 Bitcoin was immensely popular with its soaring value, and it was widely accepted as payment methods by most of the online casinos.
Advantages of Bitcoin
The transaction with Bitcoin offers an advantage to both parties. When you make a deposit to the online casino using debit/ credit card or through a check, they have to pay a fee to their banker for processing it. At the end of the day, it is quite a sum. When you want to deposit a sum using your credit card, the credit card companies try to block the transfer to the online casino. To streamline it, the casinos have to take the help of other intermediary companies and employ all sorts of processing strategies. There is also a danger some hostile government can seal the casino`s bank account, calling it illegitimate. It is extremely expensive to carry financial operations for the casino companies.
All online casinos want to offer seamless, trouble-free service to their customers. During the period of 2018, 80% of wagers used their credit cards to make the initial deposit. Out of those, only 50 to 60% of the transactions were successful. This state, using a credit card for wagering is not suitable. From 2016 all leading online casinos like; ufabet started accepting Bitcoin. The big online casinos asked their affiliates to accept Bitcoin. When all the associates accept Bitcoin, it saved them a lot of processing fees. The online casinos also encouraged players to use Bitcoin by giving them an incentive for using it.