2017 was undoubtedly the year of Bitcoin
Bitcoin exploded into the lives of millions of people around the planet last year. What had been a relatively unknown digital currency became mainstream in spectacular fashion last year. As part of this, Bitcoin casinos have begun to offer an exciting new way of playing online.
Will these gaming sites continue to be popular in the future or is this simply a passing trend that will go away? At the moment, the majority of online casino transactions take place in US dollars, but some experts believe that Bitcoin casinos could overtake this currency in the near future. So, why it is on the rise in this way? Is it a key trend to watch in 2018?
The Benefits of Bitcoin Casinos
To understand the chances of these Bitcoin casinos being a long-term success we need to first of all look at what benefits they offer players. One of the key issues in this respect is that of the privacy and security offered by this payment method.
Anyone who plays online using Bitcoin doesn’t have to link their bank account, card or personal details to their casino account. It can also work out cheaper to play in this way due to the lower transaction fees. In addition, if the price of this currency rises as it did in 2017 then any casino winnings will grow enormously in value.
They can offer the same games as other casinos but with a more convenient way of paying. For instance, when at VegasCasino you can see a blackjack selection that covers 18 variants at the time of writing. There is no need to believe that using this currency means a restricted range of games.
The Drawbacks of Bitcoin Casinos
Perhaps the biggest reason that some people steer of Bitcoin gambling is the fear of the unknown. Someone who has never invested in cryptocurrencies may be daunted by the idea of doing so. In truth, getting hold of some coins is easy but not everyone feels confident about doing this.
The popularity of Bitcoin has also meant that processing times and fees have been subject to large variances. Finally, while the volatility of Bitcoin can be a good thing, it also leaves gamblers open to the risk of falling prices eating into their winnings.
Not Just Bitcoin
Most of the cryptocurrency news in the last few months has been about the runaway success of Bitcoin. Yet, this is just one of a number of digital currencies that could have a huge impact on online casinos in the future.
The real news here is that blockchain technology is changing the way that we move money around the globe. Bitcasino casinos could easily be joined by Ethereum casinos, Litecoin casinos, and other sites that use their own, bespoke cryptocurrency built on blockchain technology.
The idea of moving money easily and conveniently without the involvement of a third party has clearly taken the world by storm. While this is most obvious in the appearance of Bitcoin casinos, the blockchain technology that drives these sites is likely to be a bigger story in the future than the currency itself.