In this digital age, it is unavoidable that people start exploring processes and devices that are the result of innovation. One of the fruits is cryptocurrency, most especially Bitcoin.
What was once recognized as a niche hobby for people who are fond of solving mathematical equations has now developed into a global phenomenon that has redefined the concept of money. Bitcoin has gained increasing interest over the last five years, especially with its promise of more secure and cost-effective financial transactions.
Given the promise of Bitcoin, it is unavoidable that many industries are starting to adopt it. One of the most lucrative industries that has adopted Bitcoin is the online casino gaming industry. As we delve deep into Bitcoin, let us also explore how online casinos using it help build trust in the platform.
All About Cryptocurrencies
The creation of Bitcoin in 2009 marked the beginning of the rise of cryptocurrency. In brief, a cryptocurrency is a form of currency that exists digitally and uses cryptography to ensure efficient and secure transactions. Instead of using traditional banks, cryptocurrencies are not regulated by authorities and use a decentralized system that can enable anyone anywhere to send and receive payments in an instant.
According to Thomson Reuters, backed by a study made in 2021, there are over 46 million crypto users in America, while there are around 2.3 million crypto asset users in the UK. Just as predicted by researchers, the usage of crypto is more evident in technologically advanced countries.
Aside from the US and the UK, there is also a noted increase in the use of cryptocurrency in Australia. As of this year, studies suggest that there are approximately 6.2 million Aussie adults who own or have owned crypto.
This statistic may be because cryptocurrencies are now being offered within the Australian online casino gaming industry. Among the online casinos that have become a hit among Aussie casino gamers are Bitcoin casinos Australia that support Bitcoin and other cryptocurrencies as part of their banking options. These bitcoin casinos have become so in demand that many gaming review sites have featured lists providing Aussie casino gamers a list of options to choose from, highlighting their advantages and features.
Increasing Trust towards Bitcoin and Cryptocurrency
As more online casinos integrate Bitcoin and other cryptocurrencies as payment options, many casino gamers are discovering the advantages that come with it.
- Enhanced Security
Bitcoin and other cryptocurrencies are known to operate through blockchain technology. This technology helps these cryptocurrencies maintain a secure and decentralized record of transactions, making anyone who transacts with Bitcoin feel safe and secure.
Unlike traditional payment methods such as debit and credit cards or e-wallets that can be highly susceptible to fraud and chargebacks, Bitcoin transactions are secure and irreversible upon confirmation.
It is this security that the blockchain technology brings that casino gamers can rely on, making their betting and their overall casino gaming experience more transparent and trustworthy.
- Anonymity and Privacy
Many gamers value their privacy, and game transactions made through Bitcoin are just what they need.
Bitcoin provides a level of anonymity that traditional payment methods lack. As more online casinos offer Bitcoin as one of their payment options, many casino gamers flock to these platforms as they know the platform will value their personal information and their financial transactions will remain secure.
- Global Accessibility
Aside from security, anonymity, and privacy, Bitcoin and cryptocurrency transactions operate on a decentralized network that allows access to anyone with an Internet connection. As such, this is an advantage to both online casinos and casino gamers. It is an advantage to online casinos that look forward to expanding their reach. On the other hand, it is an advantage to casino gamers as they get to access their favorite platform despite not being within the territory it is mainly based in.
Moreover, online casinos that adopt bitcoin and cryptocurrency make it easy for users situated in locations where traditional banking services are limited. With this level of reach, it gains trust and respect from casino gamers, knowing that upon adopting Bitcoin as a payment transaction, they can always play their favorite casino game, anytime, anywhere.
Is Bitcoin the Future?
Trust is a critical component in any gaming platform. In order to form this trust, online casinos need to make their users feel secure not only in holding secure transactions but also in securing their users’ personal information.
Accordingly, by adopting Bitcoin as one of the payment options, this signals to casino gamers that the platform is trustworthy and highly values security, privacy, and accessibility, especially in this digital age. While the future is yet to be written, many people are saying that with the numerous advantages in adopting Bitcoin and other cryptocurrencies as a payment option, it may be the future at least within the online casino gaming industry.
