Do casinos accept Bitcoin?
Bitcoin is one of the most famous cryptocurrencies available out there since 2009. It enables individuals to ensure peer-to-peer transactions with businesses or each other. BTC or Bitcoin first entered into the gambling world in the year 2011. This was when the poker websites were searching for a way to ensure results with UIGEA. This is also known as the Unlawful Internet Gambling Enforcement Act but do casinos accept Bitcoin?
Several online casinos have started accepting this form as the primary payment mode. This has happened since 2011. There are some casinos that accept Bitcoin only as their mode of payment.
Here are some reasons why some casinos prefer accepting Bitcoin:
Bitcoin Enable Casinos to Deal with Restrictive Laws:
A majority of online poker rooms started accepting Bitcoin or BTC to deal with the UIGEA. The UIGEA is a gambling -related law. It was passed in the year 2006. UIGEA states that online gambling websites can’t accept payments from a few states. Especially wherein it is illegal.
Not every state out there tends to outlaw online gambling. This is why most of the offshore casinos out there continue serving the gamblers in grey markets.
Still, many gaming sites are looking for the right payment processors. This way they can serve the respective customers. The problem started right after the prominent e-wallets left the scene. A few examples include Skrill and Neteller etc.
Casinos relying on the given set of financial instruments might still face problems. They might have issues with serving the respective customers.
Bitcoin can help in offering a way around the given hassle. It serves to be a decentralized currency. This implies that bank or government doesn’t control the same. The government, in this case, is not capable of blocking BTC-centric gambling transactions.
Indeed, Bitcoin would not give a green light to the casinos for serving a few states. Especially those that would have outlawed the concept of online gambling. Yet, Bitcoins do allow them to serve the grey markets.
Lack of Processing fees:
The Bitcoin network charges fees to the parties sending payments. During the case of deposits at an online casino, the players usually need to pay a small amount. , the miners get the fees for facilitating BTC transactions. They are not equal to the processing fees from core financial companies.
Online casinos prefer Bitcoin as they no longer cover processing fees. Gamblers initiating a withdrawal or deposit are responsible for paying the miners. Players are known to ensure such deals as BTC fees tend to be cheaper. This in comparison to those linked with e-wallets, credit cards, and banks.
BTC or Bitcoin has indeed struggled gaining the true adoption since its start. But, it has finally found its ultimate home in the field of online gambling. There are some casinos that prefer using Bitcoin to stand out from the rest in competition.