Why Most Online Casinos Shift Their Focus to Bitcoin
The number of available, safe, and secure Bitcoin casinos has expanded rapidly in the less than 10 years since its emergence in 2009, with more and more expected to emerge in the coming months. For a new currency to have the impact that Bitcoin has had is practically unheard of. The cryptocurrency has managed to turn even its harshest critics into firm believers. In fact, the steady increase in the popularity of Bitcoin over the past eight years demonstrates that it is a genuine currency that ought to be taken seriously.
The flurry of casinos seeking to adopt and use Bitcoin as a payment method is remarkable. This includes both older, more established online casinos, as well as the so-called new generation of online casinos. Let’s take a closer look at some of the reasons why online casinos are warming up to and embracing Bitcoin.
Rise in the Value of Bitcoin
Everyone wants a precious commodity or resource, and that includes online casinos. Anyone who spends some decent time on the internet will testify that in recent times, the World Wide Web has seen a rise in the number of reports pertaining to Bitcoin. These reports generally outline and inform their readers on how Bitcoin continues to rise in value day after day.
The top news site Reuters recently stated that Bitcoin has surpassed the $16,000 mark. Considering that early in January of 2017, Bitcoin traded around $900, this shows a huge increase in the value of Bitcoin, one that no investor with an eye on making profits can simply choose to ignore. At the end of the day, any online casino is a business which exists through the will of investors, and adding Bitcoin as a legitimate and even favored payment option makes perfect sense in this light.
Since time immemorial, one of the reasons why running a business is a tricky affair has been due to the influence of inflation. At one point, a business may be realizing great profits, and the next their funds are worthless, especially for those operating through somewhat less stable currencies. Such a scenario is always a difficulty to deal with; that is why shifting to an inflation-proof currency is a good idea for any business, online casinos included.
Unlike conventional currencies, Bitcoin has a cap, which is currently set at 21 million BTC. Once that cap is reached, there will not be any more BTC mined. This then eliminates the possibility of Bitcoin being affected by inflation, a common and potential issue faced by many so-called terrestrial currencies such as dollars, Euros, pounds and others, on a daily basis.
Bitcoin is a decentralized currency; this means that there is no central authority that oversees how transactions move from one account to another. Because of the lack of a central authority, online casinos have the freedom to conduct their operations in any way they deem fit without an overlooking body monitoring their conduct. This is also great news for players residing in restricted territories such as the USA, where certain laws governing online gambling have all but eliminated US players from gambling at online casinos.
There is an old saying that a business is an economic entity by nature, meaning that a business strives to maximize profits wherever possible while minimizing loses at every juncture. Taking this cue, online casinos as a business and as an economic “entity” are just drawing from the example of nature when they shift from using conventional currencies to using Bitcoin.
Bitcoin as a currency is unregulated; thus, no one can claim taxes from it. As there are no taxes associated with Bitcoin, online casinos are quite eager to adopt this relatively new cryptocurrency. The upshot here is that it at best guarantees online casinos maximum profits by eliminating the practice of parting with some of their profits by paying various kinds of taxes.
Another of the reasons why many online casinos are shifting their focus to Bitcoin is because of Bitcoin’s precious quality — namely, its anonymity. Bitcoin transactions are anonymous; players can send BTC from their Bitcoin wallets to the casino account and vice versa without divulging any personal information or bank details.
In an industry where online security is gold, Bitcoin’s anonymous quality makes it a darling of many players. By shifting attention to Bitcoin, online casinos are just bringing convenience to their thousands of customers all around the globe. Adopting Bitcoin as a payment method ensures that an online casino retains its customers while attracting many other new customers.
Besides protecting the customers, adopting Bitcoin makes online casinos operate without the overhanging fear of being overtaxed by the governments in the jurisdictions they operate in. This can clearly be seen in those countries that have legalized Bitcoin for online gambling purposes, such as Canada.
Only the casino knows how much they generated in a particular period; thus, it pays the exact amount of tax it owes. This, however, requires an online casino that operates in good faith; otherwise, a casino may understate its revenue. In other words, adopting Bitcoin as a preferred online casino currency option is a win-win situation for both the online casinos and the gamblers which frequent them.
Notwithstanding the fact that Bitcoin has not been embraced and adopted as a medium of exchange by many countries, it has somehow found a way to become a global currency. The main reason for this is that many people from different nations have embraced it on a personal level, using the currency in different ways; chief among them is use at online casinos as a payment method.
Due to the wide uptake of Bitcoin by people from all over the world, it’s easy for online casinos to serve their customers using Bitcoin. Additionally, transacting with Bitcoin is easy and fast. Players using Bitcoin can deposit funds, which instantly reflect in their accounts, while at the same time casinos can pay out customers’ winnings, which they can retrieve instantly.