After an all-time high bitcoin value of $19,768.06 at the end of 2017, the price began to fall to as low as $6,000 in early 2019. At the same time with the bitcoin fall, bitcoin gambling sites and online casinos are still growing in popularity. There are plenty of reasons, but the driving force behind bitcoin gambling is in the technology and anonymity that is perfectly suited for gambling.
Top reasons online gamblers using bitcoin
Online casinos are gaining popularity and the lead in the gambling world over physical casinos. The obvious advantages like 24/7 availability, loose rules, no tipping, and general convenience are pushing the enormous profits through the roof.
If you like to dress up, and socialize classic casino is definitely better for you. But outside the custom personal service, the biggest drawback of online casinos is the withdrawals. They are questionable because of security, and it can take days to process, even more than a week. That is where bitcoin comes into the rescue.
Cashing out times are really frustrating for most online gamblers. But, if you use digital currency the whole process can be over in around 20 minutes. Another advantage for bitcoin transactions is in lower fees in comparison to standard money payout.
Bitcoin supporting casinos don’t have limits on withdrawals, which gives them an edge over the standard casinos. You could also invest directly in-game, without costly money transfers with high fees. New Zealand gamblers started using best NZ casino for bitcoin as a safety guarantor, as well as Germany, UK and the USA. Anonymity is for online gamblers very appealing, and bitcoin gambling allows just that. To gamble in online casinos that accept bitcoins usually you’ll need only bitcoin wallet address. For all of those who worry about phishing and other security threats in the online casino industry, this is a big advantage.
Why online gamblers shouldn’t worry about bitcoin price fall
It all sounds great for online gamblers from the convenience viewpoint, but what about the instability and the value of bitcoin. Shouldn’t that worry players? Well, all the indicators behind the curtain would suggest there are no problems with the cryptocurrency world. Although the price of bitcoin falls irregularly, the number of transactions is on the rise.
The number of bitcoin transactions is on an all-time high in 2019, despite the changing price of bitcoin. A similar situation is with the bitcoin hash rate. Simultaneously with the hash rate drop back in September, the price of the bitcoin collapsed. The market recovered quickly and the hash rate is again over 90 EH/s.
Analysts also still predict that bitcoin scarcity will make its price surge in 2020. The number of BTC mined reached 17.960,000 at the beginning of October which means that 85% of all bitcoins are now on the market. Despite trading around $8200 which is lower than in past few months, it’s still a significant uptick compared to the last year’s October and the $6500 value.
The most popular digital currency still suffers from occasional volatility and ups and downs in terms of value but looking it long-term bitcoin price is on the rise if we look at the big picture.
Last, but not the least, an important indicator that the community revolving around the top cryptocurrency is still very active can be seen on the GitHub. So the players of Canadian bitcoin casinos, who according to a survey experienced the most stress because of the cryptocurrency fluctuation, can rest assured.
How does that reflect an online gambling world? It means that bitcoin network is still alive and kicking, and has enormous benefits in comparison to standard money bank payments. Fast, secure and anonymous transactions are more appealing than potential drawbacks in sudden value drop. As a reassurance, the overall price of bitcoin is still going up long term. In a day to day transaction, online gamblers can change their bitcoins to dollars in cryptocurrency exchange like Coinbase, bitcoin ATM or through P2P exchanges.
Online casinos offer cryptocurrency transactions more often in the last years. Avoiding state and banking system regulations on the one hand and benefits for the players in fast transactions, on the other hand, are sparking this change in the online gambling industry. According to the numbers, despite fluctuations in bitcoin value, the market and the number of online gamblers using bitcoins as a mean of payment is on the constant rise. Online gambling sites are pressing the standard physical casinos in revenue, which means that more tax money is going to the government.
Not every online casinos accept cryptocurrency, but the appealing thing about online gambling with bitcoins is there are no borders. If bitcoin gambling is not available in your country, just play in the online casino that accepts cryptocurrency for payments and withdrawals.
The benefits are clear. Bitcoin withdrawal is much faster than standard money transfers time in online casinos. It’s similar with lower fees in bitcoin payments, and if you add a layer of anonymity and the security-transparency combo, we can see why online bitcoin gambling websites are on the rise.