Online gambling became a reality back in 1996 when the first online casino, InterCasino, started to accept real money stakes and ever since it became a multi-billion dollar with cut-throat competition. The casinos offer a wide array of casino games and plenty of attractive welcome bonuses and offers and more. Of course, since online gambling is all about the money, one of the most critical aspects of an online casino is the banking methods through which players can make deposits and withdrawals. There are plenty of ways available including Credit Cards, Bank transfers and plenty of e-wallets. The latest and most efficient manner that came into play is the cryptocurrency, the Bitcoin. Many online casinos encourage their players to use this digital company and offer them incentives to utilize it instead of the traditional methods.
Thee History of Volatility of the Bitcoin
Bitcoin became a reality in 2009 when an anonymous group mined the first ever blockchain. In its early days, the Bitcoin was worth as low as a penny, and up to $0.12. The value became worth more than one dollar in 2011 and reached even $31 before it dropped back to $2. The price of the Bitcoin kept fluctuating over the years until it hit its all-time high cost of $19,783 in 2017, but then it dipped down to $6000 in June 2018, and now, it is worth a little under 4000 dollars.
Even though Bitcoin goes through extreme fluctuations, it is still one of the standard options for millions of people around the globe. More than 22 million people have Bitcoin e-wallets, and they do more than two billion dollar worth of transactions every day. A significant percentage of these people use Bitcoin to make withdrawals/deposits at online casinos.
Why Online Casinos Prefer it?
One of the reasons is that there are very low, or in some cases, no transaction fees, which is not the case with other methods like debit and credit cards. Also, many credit card now blocks transactions from/to online casinos depending on the regulations of the country, such as the USA. Therefore, online casinos facilitate the use of Bitcoin and encourage it so they can expand their clientele base.
When it comes to the customers, Bitcoin has even more upsides. The transactions of Bitcoin are secure, and they are private as all information are kept anonymous. When it comes to deposits, almost every method is instant, but withdrawals are a different case, as most methods take from 3 to 5 business days. On the other hand, most if not all casinos will make the withdrawal to a Bitcoin e-wallet instantly. That is not all, as many online casinos offer plenty of unique bonuses and incentives or bitcoin deposits.
Therefore, despite the volatility of the cryptocurrency, it remains one of the great added values to internet casinos, and it is still one of the popular banking methods for players and online casinos.