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Off the beaten track: Bitcoin as a payment method for online casinos

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Off the beaten track: Bitcoin as a payment method for online casinos
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The basic principles of Bitcoin as a so-called cryptocurrency are very well known by now. We learnt all about how it works and what it is all about and people all over the world use it for all kinds of transactions on a daily basis. Some like the advantages of the blockchain and the security it comes with, others value the anonymity it offers to its users. For whatever reason people decided to make their payments with a Bitcoin transaction, the currency remains a true success story.

That becomes even more evident when looking at the recent spike in value that the Bitcoin experienced. Now, let’s take a closer look at this fascinating product and all its perks – did you know for example that you can use Bitcoin to win money online when playing casino games such as fruit machines?

Bitcoin is accepted as an official payment method

Over the past few years, Bitcoin has been adopted as an official payment method by a growing number of stores and countries. However, products and services cannot only be paid for with cryptocurrency on the internet, it is also accepted as a payment option by physical businesses. You can for instance pay for your brand new car or making an investments with your bank using Bitcoin. You can use Bitcoin to pay for almost anything, restaurants, airlines, insurance companies and real estate firms. It is even possible to donate to well-known NGOs via Bitcoin.

The rise of the currency started, however, in the online world. Here, the foundation for the current success has been laid. One area we are sure you did not know about before is online gambling, also called iGaming. Due to its high security standards, independency from governing bodies and super-fast speed, Bitcoin has proven to be the ideal method of payment for many gamers and gamblers in the casino community. Until recently, Steam, one of the biggest gaming service providers, had Bitcoin listed as a payment option on their website. Even providers of online casino games started to accept that Bitcoin is here to stay and added the currency for payments and withdrawals from and into players’ accounts.

Hitting the jackpot with Bitcoin

Gambling with Bitcoin can be massively rewarding. The cryptocurrency has established itself next to prestigious payment service providers such as VISA, Mastercard or eWallet like PayPal, Skrill and Neteller. Players benefit from fast and secure deposits and withdrawals completely free of charge. A recently introduced Bitcoin lottery even allows players to win in Bitcoin and receive a potentially skyrocketing sum for their win in the future.

Bitcoin can also be used to play fruit machines and popular card and table games such as blackjack, roulette and poker and can even be selected as a payment method for placing sports bets with certain providers and bookmakers. Jackpots in online casinos regularly climb up to over 20 million euros with every bet placed contributing to the overall prize pool.

What’s in store for the future

As Bitcoin kept on climbing in both popularity and acceptance as a payment method, there were also bumps on the road to the top. Since the currency started a rapid decline in value last year, the words “crash” and “Bitcoin in free fall” have been adopted by the media hinting at what was about to come. People stopped investing in Bitcoins and some even avoided using it at all.

Companies like Nvidia reported a decrease in sales for cryptocurrency equipment and cryptocurrency service providers informed that only $ 60 million have been paid into accounts in May 2018. But there is also good news. There are clear indications that the currency is on its way to recovery. On January 15th, within one day the entire crypto market went from $ 120 billion to $ 123 billion. Many analysts predict a time of recovery and accumulation for 2019, similar to the path the market took after the crash in 2015.



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