Bitcoin is a new form of currency and a new way to transact that had a massive head start back in 2009. Today it is the best-known cryptocurrency that can be used to purchase goods or services online without intermediaries. While some may ridicule it, at present more and more organizations admit after some investigation that Bitcoin and blockchain, its underlying technology, may hold a key to the new age in global finance.
What are Bitcoin advantages for an online casino owner?
From an online casino operator’s point of view, as well as from the player standpoint, Bitcoin is the perfect “gaming coin”.
Players love Bitcoin because of:
- Low cost of transaction
- High speed of transaction
- Increased anonymity
- Bitcoin games can be made “Provably Fair”, which is a new concept of fair gaming letting players to verify fairness themselves with no doubts
iGaming operators will appreciate:
Despite a range of obvious inherent advantages Bitcoin has its own flaws, many of which are believed to be temporary.
- Bitcoin is volatile. Its price bounces up and down every day namely because of the limited amount of Bitcoins and an increasing demand for them. Though eventually its price will settle, it still is not recommended to keep significant savings in Bitcoin.
- It is experimental. Bitcoin is in its infancy and its features are still being developed. As Bitcoin usage grows, it becomes more accessible and its features and usage practices more polished.
- Not a “household” payment method. Only a limited number of places and websites accept it as payment. So you cannot go, say, to the shopping mall and buy the same range of goods with Bitcoins as you would with your good old credit card. This said, worldwide Bitcoin adoption is growing with every month.
- It is untraceable. Anonymity, viewed as an advantage by many, may draw in criminals in the sense that it is ways easier to sell illegal items when you cannot be traced.
If you decide to explore Bitcoin, try to learn as much information on its usage and security measures you need to take to keep your coins safe. SoftSwiss has accumulated substantial expertise with Bitcoin and we are able to provide you a lot of guidance on the matter. If you decide to launch a Bitcoin casino, you can count on SoftSwiss as the leading technological expert in Bitcoin as it relates to iGaming.