Over the past two decades, we have witnessed a significant advancement in technology. This trend continues to accelerate among various online casinos operating in today's market. Nowadays, casino players are seeking to utilize alternative forms of liquid assets, namely cryptocurrencies. They not only wish to make deposits using these digital currencies but also withdraw their winnings, particularly in Bitcoin, which is currently the most popular cryptocurrency in the casino market. New bitcoin casinos are emerging regularly, and it's only a matter of time before the majority of popular casinos start offering this payment method.
What is Bitcoin really?
To put it simply, Bitcoin can be described as a type of virtual currency, meaning that it does not exist in physical cash form but rather only in digital form. Bitcoin first started gaining market share in 2011, and during that year, one could purchase a Bitcoin for a price of 20 SEK, which was generally perceived as quite risky and expensive.
Looking ahead a few years, the current price of Bitcoin is approximately 80,000 SEK per unit, which suddenly gives you a different perspective on its value. One of the primary issues with Bitcoin has also been the scarcity of technical platforms that can accept payments in this particular currency. This situation changed dramatically two years ago when casinos officially joined the game and started accepting Bitcoin as a currency for deposits and withdrawals.
What is the reason for its popularity?
There are numerous benefits associated with Bitcoin. Enumerating all of them would necessitate a separate article, but let's mention a few. The primary advantage is that you can bypass transaction times, regardless of the time of day. Furthermore, there are no intermediaries or banking regulations involved, meaning that your transactions at your preferred online casino are always processed with lightning speed. It's worth noting that these benefits extend beyond just speed. Bitcoin also offers enhanced privacy and security, ensuring that your financial information remains confidential. Additionally, the decentralized nature of Bitcoin means that it is not subject to government control or manipulation. This provides users with a sense of financial autonomy and independence. Lastly, Bitcoin has the potential to revolutionize the global financial system by enabling quick and low-cost cross-border transactions. As you can see, the advantages of Bitcoin are not limited to a single aspect, but rather encompass a wide range of benefits that make it a compelling digital currency option.
When utilizing Bitcoin as currency for your gambling activities, there are also no additional fees involved, meaning you get to keep the entire winnings for yourself. As we have already mentioned, there are no intermediaries involved in handling Bitcoin, which also prevents any banks from deducting transaction fees from your hard-earned money. Last but not least, you remain completely anonymous, ensuring that as a casino player, you never have to worry about anyone snooping into your affairs.
How do you get started playing with Bitcoin?
To even have the opportunity to participate in Bitcoin gaming, you must initially acquire Bitcoin currency from one of the reputable crypto platforms that offer it. However, first, you need to obtain a digital wallet that supports Bitcoin. Once you have this digital wallet, you can purchase Bitcoin and then use it to make a deposit. The topic of obtaining Bitcoin is beyond the scope of this article, but we refer you to the various sources available in the market today, which are typically quite easy to find using your default search engine.
What types of games are typically found at a Bitcoin Casino?
To your great disappointment, you will discover that it is actually not possible to use your Bitcoin to play all the various casino games offered, even if the casino itself is a Bitcoin casino. The truth is, at the time of writing, there are only a few providers that accept Bitcoin as currency, which is the main reason for the limited selection of games. The providers that currently support digital currencies are as follows:
- NetEnt
- BetSoft
- MicroGaming
- NextGen Gaming
- Playtech
- Amaya
- Amatic
- Endorphina
- iSoftBet
- Novomatic
- Playfors
- Pragmatic Play
It's worth mentioning that very few Swedish suppliers offer support for Bitcoin gambling. However, most are receptive to the idea, and in the near future, you may have difficulty finding a casino that doesn't accept cryptocurrencies in various forms.
What does the future look like?
We firmly believe that Bitcoin and other cryptocurrencies will become the standard at many of the most popular casinos in the near future. Providers of various casino games are gradually offering opportunities to accept payment via Bitcoin and other cryptocurrencies. Of course, casinos are open to this because they welcome all types of income to finance their operations. What we find particularly interesting is the fact that there are already casinos that exclusively accept Bitcoin as a form of payment, which was unthinkable just a few years ago.
What about the support for other cryptocurrencies?
In this article, we have primarily focused on the discussion surrounding Bitcoin casinos and have been able to observe that even though some casinos offer Bitcoin as a deposit and payment method, it is still in its infancy. However, we have noted the emergence of more casinos focusing on alternative cryptocurrencies, aside from Bitcoin. One of these cryptocurrencies is Ethereum, which has gained popularity due to Bitcoin's success. In the future, it is certain that more casinos accepting other cryptocurrencies such as Monero, Dash, and Litecoin will emerge, but Bitcoin will likely remain the most widely used cryptocurrency in most online casinos.