Bitcoin is not just a cryptocurrency. It’s a revolution that changed the iGaming world at its core. When BTC was introduced for the first time, we could not have imagined what kind of changes this virtual asset could bring to the casino industry. As always, when something new pops up, the world is skeptical. Now, more than a decade later, many players can’t even imagine their online gaming sessions without Bitcoin. The gambling industry easily adapted to the new banking trends, and now we have multiple crypto-friendly online casinos offering Bitcoin deposits and withdrawals.
What happened? How did Bitcoin get from something abstract and unreliable to one of the most popular payment methods among US casino players? Here is the list of advantages, which will best explain the massive rise in popularity:
For many players out there, Bitcoin stands for a perfect solution to keep their privacy at the maximum. Various US-friendly casinos opened up to Bitcoin from its very start, in 2012, so the gamblers from the United States had the opportunity to be amongst the first players who will feel the benefits of this digital currency. What’s the deal here? When a player uses traditional, fiat banking methods, he is required to go through a long and detailed investigation by the casino. Bitcoin technology and blockchain offer anonymity – no identification is required when opening a Bitcoin wallet, and players can rest assured that no one can get their hands on their personal information. Bitcoin wallet doesn’t appear on bank statements, which is beneficial if a player seeks a bank loan. More often than not, banks avoid granting loans if there are gambling activities recorded on a clients’ bank statement.
Can’t go any faster than crypto! Many US players don’t like to waste time. Who does, actually? Nothing is more irritating than waiting for your money to appear on the account, not to mention how frustrating is to hang around while the withdrawal is being processed… Generally, when using fiat methods, expect a lot of waiting. Waiting for your account to be approved and verified, deposit to be processed, and lots more situations in which you will lose not only your time but your nerves too. When opting for Bitcoin, you are opting for time efficiency. Bitcoin deposits and cash outs have near instant processing times!
Bitcoin is decentralized; hence its transactions are not examined by the government. It has its own system of crossing from one wallet to another, which does not include any transaction fees required by banks. Simply, when players choose crypto as a desired banking option, they are not paying any taxes or additional costs to bank institutions. Additionally, if a gambler wants to convert Bitcoin into fiat currency, he/she can do it without having to visit a bank.
There is still some disagreement about Bitcoin among the gamblers, but no wonder – for many, cryptocurrencies are still a mystery.
As for US players, at this point it seems that they are accepting Bitcoin more easily than before. Since the legal question of gaming sites in the US is a complicated subject to discuss, in short, we can say that crypto-gambling is widespread in the US. Some states have tougher laws on this, but some, such as Nevada, Delaware, and Pennsylvania, opened up to Bitcoin completely. Nevertheless, it’s always smart to learn the laws of the state you reside in. While the most promising US-friendly bitcoin casinos may be situated overseas, gamblers shouldbe entirely positive that their gambling activity will not violate the regulations.