Ongoing adoption of cryptocurrency across industries points to platform currencies like Bitcoin (BTC) becoming increasingly mainstream. Still, for many, cryptocurrency remains a relatively new form of the payment transaction. It has been left to some industries to fly the flag for this burgeoning financial sector. One of those industries that have been quick to adopt Bitcoin is the iGaming realm.
It’s arguably a natural fit. Online casinos emerged as a disruptor to land-based casinos and their enduring popularity has been built on an underpinning of technology. In those respects, the iGaming industry is similar to the current cryptocurrency sector. These days, when customers visit casinos online, they are spoilt for choice in terms of venues and ways to pay.
For iGaming venues, it makes sense to be flexible in terms of how payments are accepted. The whole point of online casinos, at least from a business viewpoint, is to make money. One of the best ways to do that is to attract as many customers as possible. Giving people choice is a good way to get them through the door.
These days, casinos have branched their payment options far beyond the traditional methods of bank accounts and credit cards. In the modern iGaming world, casinos now allow customers to deposit and withdraw money using e-wallets like PayPal, and even cryptocurrencies.
Of course, Bitcoin is the most widespread and popular crypto, so it is BTC that has become widely adopted by online casinos. So much so, an interesting market is developing in iGaming that is entirely focused on Bitcoin.
This leads us to the so-called Bitcoin casino. Many people may have heard this term but understanding what it means is a little more complex than it first appears. That’s because there are two forms of Bitcoin casino:
It’s worth noting, online casino fans will not notice anything fundamentally different about the Bitcoin casino experience, aside from the payment method. These venues still allow iGamers to access casino classics like roulette, blackjack, poker, sa gaming, and slots.
For the person who watches the rise of Bitcoin and the wider crypto market, the idea of a Bitcoin online casino is interesting. It marks one of the first consumer-fronted markets that is totally tied to BTC and its ongoing success. If crypto fails, the concept of the Bitcoin casino will fail alongside it. In many ways, the BTC casino is an experiment to see if crypto can stand on its own two feet, without fiat currencies picking up any slack.
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