Why the Gambling Industry is So Open to Cryptocurrency

If we were to ask you to name a source of funds, credit and debit cards would be among the list, so too would e-wallets. But would Bitcoin or the likes of Litecoin be there too? Both are a form of currency and extremely popular in online transactions. From bookending your next break away to the purchasing of physical goods, the popularity of the cryptocurrency has soared over recent years. This is one of the numerous reasons that online gambling operators have invested heavily in being able to accept it as a form of payment.

Of all the cryptocurrencies available, Bitcoin continues to be the most popular and this is why you’ll find them advertising as being Bitcoin friendly, despite accepting all forms of digital currency. Bitcoin casinos are gaining popularity which is hardly surprising given it is becoming so popular. However, one of the main reasons is due to the anonymity it offers its users.

The vast majority of online casinos welcoming cryptocurrency transactions do so under a no fee umbrella and when you compare that to more well-known currencies (PayPal etc) with fluctuating daily/weekly/monthly fees, it’s a no brainer!

Is It Legal?

Bitcoin is legal in all jurisdictions, but that doesn’t mean gambling with it is. Bitcoin, like other currencies, can be used for criminal activity and in some countries the digital currency has found itself heavily restricted for this reason. However, unlike traditional funding methods, cryptocurrency cannot be counterfeited, and transactions are irreversible.

Many users are under the misconception that using a cryptocurrency is complex and with it not being linked to an economy, treasury or state, the process of conversion could take some time to complete and this then means waiting for funds to clear to play online casino games. However, most gambling operator’s exchange your currency (Euro, Pounds Sterling, US Dollars etc) automatically and the same process is used for both deposits and withdrawals.

The link between gambling and crypto is not one to be associated with illegal activity. Cryptocurrency use offers the same protection to its users as traditional funding methods and that’s another reason why its popularity is gathering pace. Bitcoin (and other cryptocurrencies) offer the highest level of security as transactions are encrypted with both the recipient and the sender. The main advantages of what’s known as the ‘alternative payment method’ are:

  • Bitcoin cannot be seized nor can it be restricted as it belongs to no national state.
  • Unlike traditional bank accounts, digital currencies use allows you to keep track of betting transactions and easily see how much you have to spend without funds being confused with other payments (mortgage, grocery shopping etc).
  • Bitcoin can be converted into ANY currency making it perfect when moving around.
  • Virtually no transactions fees (check with your online casino).
  • Safe, fast and secure method of payment.
  • No additional checks needed unlike credit cards etc, allowing you to keep your identity hidden.
  • No source of funds (SOF) checks needed and this means nobody snooping around in your finances to see if you can afford to gamble.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Torsten Hartmann

Torsten Hartmann

Torsten Hartmann has been an editor in the CaptainAltcoin team since August 2017. He holds a degree in politics and economics. He gained professional experience as a PR for a local political party before moving to journalism. Since 2017, he has pivoted his career towards blockchain technology, with principal interest in applications of blockchain technology in politics, business and society.

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