Bitcoin technology steadily conquers new markets — from the traditional finance sphere to entertainment industry. This truly disruptive technology not only entered business mainstream, becoming an integral part of it, but also opened up fresh opportunities for entrepreneurs, often changing the essence of traditional business models. The quality standards, distinguishing bitcoin casino from traditional online casino, were already discussed in this article. Now let’s take a closer look at some particular aspects.
Innovative technologies touched upon the gambling industry that is thriving on the Internet within the past few years. Currently, there are dozens, if not hundreds of cryptocurrency casinos. Let’s take a closer look at 7 crypto-casino advantages.
One of the most notable bitcoin features is anonymity or confidentiality of personal information. The majority of traditional casinos request identity documents or mandatory bank account binding with its further verification. Not all users agree to share their personal details and some of them just do not have such opportunity. Moreover, the Internet and bureaucracy — is not the best combination.
Your money – always yours
Another weak point of traditional casinos is security service that can block user’s account at the slightest suspicion of fraud. It is enough to play at the same table with scammers, who launder money acquired illegally, to lose access to one’s account once and for all. In that case, the security team will block the account and freeze funds in favor of the casino.
The chance of user’s cryptocurrency casino account being blocked due to questionable origin of funds is negligible. Thus, one of the key principles of bitcoin — user’s money belong exclusively to the user – effectively works across bitcoin gambling platforms.
As it is known, 1 bitcoin is equal to 1 million Satoshi. Therefore, the cryptocurrency casinos can benefit from this divisibility property of bitcoin. Well, it’s not just about bets of less than $1, users can play on 0.0000 1000 BTC (1000 Satoshi), that currently is $ 0.006. The crypto-casino’s door are open not only for big prize hunters, but also for those who want to bet small amounts on their favorite games.
Intense competition in newly emerged market
In comparison with bitcoin exchanges, where the number of players is growing relatively slow, the entry threshold is much higher and customers often do not have any other alternative, the situation with bitcoin differs. The launch of crypto-casino does not cost a great deal, consequently, market offer growth is pretty high. Competition in this industry is tough, thus, bitcoin casino operators struggle to acquire clients.
It should be noted that the biggest and well-established players, operating more than ten years, but dealing only with traditional payment instruments, are present in the online gambling market. It is an additional factor contributing to the development of the cryptocurrency casino industry. Therefore, to praise away gambling enthusiasts from traditional services with digital currency payment option, is not that easy.
All of the above-mentioned stimulates bitcoin casinos to work on ongoing improvement of their service quality and individual approach to every customer. Those companies who put a priority on client’s comfort will become successful within this industry.
A favorite topic for critics — high volatility of bitcoin price – cannot be left out in the cold. For the players the bitcoin price increase is an obvious and pleasant bonus. Let’s imagine that at the end of October 2013 there are several bitcoins on user’s account, but already in November their value increases 10 times. Currently, bitcoin costs about $609 and according to the community representatives it is not the maximum.
Casino without limits
In some countries land-based and online gambling are prohibited. Moreover, some respectable online casinos will not allow gamblers to play for real money. Surely, it is possible to use the IP address of another country; however, upon money transfer from credit card or during the identification process the system most probably will reveal the scheme. Even if client uses different IP address to play in bitcoin casino it will not cause any problems. Bitcoins will not reveal its owner’s identity and origin.
High technological effectiveness
It is notable that giving preference to bitcoin casino over the traditional gaming services one chooses new technologies, encouraging their development and expansion. Besides, newcomer automatically becomes part of one of the most interesting and active online communities.