Like any new product on the market, cryptocurrencies were not taken very seriously at first by the gambling industry. There were not many online casinos that used them, but today this virtual money has a major impact on the economy.
Most online platforms know that they need to comply with the players’ needs so they’ve started to provide various cryptocurrencies to please their clients. By clicking here, you’ll find a list of online casinos from the United Kingdom that accept them.
The gambling industry always tries to keep up with this kind of change. Things are evolving continuously and in order to maintain the gamblers entertained, they need to keep up with the changes.
Cryptocurrencies started to grow in popularity in the past few years thanks to the benefits they bring towards the traditional banking options that can hardly raise the stake.
Due to high request and reliability, in 2016 The UK Gambling Commission added digital currencies like Bitcoin to its list of acceptable payment methods available to UKGC-licensed casinos.
What are cryptocurrencies?
Plenty of people talk about them nowadays. Bitcoin, Ripple, Litecoin, and Ethereum are some of the crypto assets used more often.
They represent a payment method, highly secured by the technology used to make payments between two persons. They are a form of electronic cash that is not managed by any institution.
Although in some countries they are not recognized as a currency, in the UK they started to gain popularity. It didn’t take long until they made its way in various domains, including online gambling.
Why we think that Bitcoin is a nice addition to online casinos and why you should consider using it, you will find below.
Thanks to the low fees and fast transactions, cryptocurrencies are finding their way in the online gambling industry. Since they come with plenty of perks, many players prefer using them.
They are not supervised by the bank, treasury or law of any state or nation. Bitcoin is not owned or controlled by anyone besides the individual who uses it.
This means you are the sole owner of your assets and you decide where every penny goes.
The fact that there are no fees when using cryptocurrencies makes the transaction much cheaper. For some methods, online casinos may charge 2.50% from your sum to make a withdrawal.
Not the case with Bitcoin. You can cash out how much you want without worrying that a part of your money will be charged.
Cryptocurrencies rely on their encryption techniques, which leads to safe passage for your funds and no risk of fraud or account tampering.
Another advantage is the fact that it takes a maximum of 10 minutes to make a transfer. You couldn’t cash out any faster!
You don’t have to worry about a complicated process either because this method is intuitive to use. Also, the anonymity and transparency make it untraceable and the mobile application makes it perfect for to-go players.
If the Government makes them regular fiat money it can affect the gambling industry due to the fact that probably a lot of taxes will be applied.
The volatility of the currency can be risky for web-based services as online gambling platforms, so this can be a big disadvantage for the cryptocurrencies.
For example, in 2009 Bitcoin value was less than $1, while in the next 9 years would have grown to be worth $20,000, at its peak. So the fact that is so lucrative, it also makes it a liability.
Lots of people say that cryptocurrencies and online gambling go hand in hand. So probably one day soon, more and more online casinos from the United Kingdom will adapt to this change and will go with the evolution of the technology.
With payment methods like Bitcoin, you can take advantage of fast payouts, little to no transaction fees and a simple withdrawal process.
Also, online casinos that provide this kind of option take pride in its wide selection of games, fun promotions, and other exciting features.