Online Casinos and Bitcoin Casinos are taking over the Gambling Industry and they are doing it fast. A large percentage of the Gambling Industry is being taken over by Online Casinos offering convenient ways for people to play. People are no longer forced to go to physical locations to enjoy slot machines, poker or other games. Pokerstars was the first gambling site that showed the true potential of Online Gambling, by taking over a large chunk of the Poker market and opening their platform to almost the whole world. The true potential of Online remains to be seen, but the convenience it brings is a winning selling point for many.
PayPal accepting Online Casinos
When we are talking about Online Casinos, PayPal is the most preferred payment method, when it comes down to Internet transactions. And the Online Casino Industry knows that, as they are offering PayPal more and more for withdrawals and deposits. And why not! PayPal is one of the most secure payment methods, at the same time one of the fastest and easiest. Millions are using PayPal for their online transactions and if you ever used PayPal for online transactions you know how convenient it is.
The PayPal network is packed with a security system that you can trust, so worrying about your transactions isn’t relevant. It is easy and simple, so the user experience is always positive. It’s easy to register an account, with instant processing and easy to move money directly in and out of your account. And the best thing of all, PayPal operates globally and is available in almost all countries.
Of course, PayPal’s system isn’t perfect with some people experience verification difficulties and some PayPal policies are complicating the process, but benefiting transaction security in the process. PayPal is not perfect, but they are way ahead of their competition so they are one of the best payment methods out there.
Blockchain’s Influence on Online Casinos
Many of the PayPal accepting Casinos are now accepting Bitcoin and other Cryptocurrencies as a payment method. Also there is an increasing trend of Bitcoin accepting Casinos and even Bitcoin only Casinos poping up every month. These Casinos or betting platforms are accepting digital currencies like Bitcoin and Ethereum for bets and are paying out the winnings in Cryptocurrencies. There are Bitcoin Casinos that allow you to deposit Bitcoin for bets and withdraw your winnings in fiat currencies of your choice, according to the exchange rate at the time of the transaction.
Physical Casinos that accept Bitcoin exist from a lot of time now, which is not surprising considering the fact that in some places you can pay your taxes with Bitcoin. You can use Bitcoin to play in Casinos, Poker rooms and sports betting. Bitcoin transaction fees have dropped significantly than few months ago, so depositing and withdrawing your Bitcoin is probably cheaper than PayPal. It is 100% faster though, because your transaction can process and finish in 5 minutes or less. With Cryptocurrency transactions, there is no need for a third party to verify everything, which complicates and delays the transaction for about 24 hours.
With Cryptocurrencies, the Blockchain handles this in a matter of minutes, with some Cryptocurrency networks finishing transactions in seconds. Bitcoin is also somewhat anonymous and thus many players can find this appealing and want to gamble anonymously. This can prove helpful in many regions, in which online gambling is prohibited. But a question arises. Are Bitcoin Casinos even fair? Aren’t they incentivized to scam people?
The Best Online Casinos want to build their Brand, not to scam you
Well some are and people need to do their research, before trusting an Online Casino with their hard earned Crypto. But the Online Casino industry also knows this and the major players are working to earn your trust, because their aim is not to scam you, but to build their brand. That’s why if an Online Casino looks shady, feels shady and people mostly say that it is, then yeah it probably is. Some platforms are provably fair to use, because they display their randomizing algorithm, so people can see that it is truly random.
You can mostly figure out the Best Online Casinos by the community around them. If an Online Casino has a great community and credible partners, then that’s the one. Bitcoin Casinos require:
- Less time to register and to verify your account
- They are more accessible than regular Online Casinos
- Bitcoin Casinos have lesser transaction fees so you can maximize your winnings margin
- Bitcoin Casinos are anonymous for your privacy and security
Gambling winnings are fully taxable by most country’s laws and Cryptocurrencies anonymity allows you to pay a lesser tax percentage or to completely avoid taxation in some situations, which is definitely appealing to some people, I’m not here to judge.
The many benefits that playing with Bitcoin brings is the turning point for many people, combined with the convenience of playing in Online Casinos from your home, is a great example of how technology is changing many business industries. Cryptocurrency Casinos have the potential to win over a majority of the gambling market and at the same time improve user experience.
Bitcoin Casinos will evolve
Cryptocurrency Casinos are just the next example of how Technology is changing our lives. Convenience, security and benefits will always overshadow past business models and the Technological Revolution has just begun!
This article is an informative peace on the Online Gambling Industry and it serves informational purposes only.
- Security Token Offering (STO) Guide: Everything you need to know about STOs - Feb 28, 2019
- Coinbase Pro is adding Ripple (XRP) support for trading - Feb 27, 2019
- Top ICOs of 2018: Initial Coin Offerings that beat the Crypto Bear’s market - Feb 26, 2019
- Ethereum hard forks Constantinople and St. Petersburg scheduled by the end of the week - Feb 25, 2019
- Ethereum founder and CEO, Vitalik Buterin revealed his non-Ether holdings and revenue sources - Feb 22, 2019