Bitcoin is the biggest cryptocurrency in the world, and it is still making headlines. Growing institutional acceptance and support from high-profile investors boost confidence in its future. In the past few years, casinos have been embracing Bitcoin as a payment method. But how did it all start?
BTC is undeniably attractive to gamblers, as it guarantees the security and anonymity of online transactions. There is no shortage of so-called Bitcoin casinos in Japan — BTCカジノ has the full list. So far, the system of crypto betting has been working perfectly well.
The Use of Bitcoin in Casinos
It is difficult to describe the history of Bitcoin use in gambling, as it is based on privacy. The currency itself emerged in 2008. All transactions are recorded in the blockchain system. This peculiar decentralized ledger lists exchanges without the identities of the parties. It only reflects the result.
Experts believe Bitcoin was incorporated into gambling in May 2012. Today, almost a decade later, 25% of online casinos allow users to pay in the biggest cryptocurrency. Even land-based establishments are adopting it. For instance, this is true for Golden Gate Hotel and Casino and The D Casino Hotel. Here is why.
Advantages of Gambling with Bitcoin
Bitcoin transactions are independent of banks and conventional regulators. They are simply beyond their controls, which means your finances may not be seized. Bitcoin cannot be hacked or stolen, either. Other benefits include:
1. Complete Anonymity
Institutions have no way of knowing the names and motives of people who transfer Bitcoin. This makes it a perfect choice for the privacy-conscious. No regulator can interfere with money flows, and only the parties to a transaction may resolve any disputes. This guarantees genuine freedom and safety.
2. Enhanced Security
BTC is the most secure payment method invented to date. Gamblers do not have to share any personal information with the casinos. No credit card numbers or bank accounts are required — just the address of your wallet. This is ideal for users concerned about the safety of their data.
3. No Taxes
Bitcoin is protected against any taxation. As financial institutions cannot monitor or control its flow, taxes do not apply. It is a major advantage for players all over the world.
4. Simplicity of Transactions
Today, you can launch crypto transactions from any device connected to the internet. They are always convenient and fast —usually, instant. You can start gambling as soon as you make a deposit. Very small, if any, transaction fees apply. Casinos have low costs, which translates into the best conditions for their members.
5. Inflation Is Non-existent
In the Bitcoin system, inflation simply does not exist, as it only happens when the money supply changes. The number of coins that will ever be in circulation is capped at 21 million. There is nothing to inflate.
6. Transactions Are Never Declined
Financial institutions and payment services may decline transactions related to gambling. It is a major killjoy. Meanwhile, many casinos make Bitcoin their core currency, which makes deposits and withdrawals a breeze. There are also special rewards for paying in Bitcoin.
7. Responsible Gambling
When you use a credit card or a bank account, it is easy to exceed personal betting limits. Gamblers paying in Bitcoin are less likely to spend more than they can lose. Bitcoin helps to resist temptation.
Bitcoin is the ideal currency for gamblers. First, it is flexible and secure. Secondly, it guarantees the privacy of transactions. The introduction of cryptocurrencies was a crucial milestone in the development of gambling technologies. The popularity of crypto payments is growing globally.