The online casino industry is a fast-growing market that is reaching more and more gamers every year. The industry has expanded at a compound annual rate of 9% over the last 7 years – three times higher than that of the global GDP.
Today, not only are most casinos accepting bitcoin - Grande Vegas included - and other cybercurrency payments but they are encouraging casino patrons to navigate to this type of exchange. Why have casinos come to prefer cybercurrency transactions over traditional credit card, online bank and bank transfer payments and withdrawals?
CyberCurrency
Bitcoin was the pioneer of the Cybercurrency industry. Bitcoin launched in 2008 in Japan and was introduced as digital money protected by special cryptographic technologies. Bitcoin (and other cryptocurrencies that have appeared in ensuing years) exist only online. They have no tangible analogs but users can purchase a wide range of goods and services, withdraw funds abroad, and invest money using this type of currency.
The main principles of how the system works includes decentralization and anonymity. In contrast to fiat money, the issue process for bitcoin is finite. No more than 21 million coins can ever be created.
You can get a bitcoin purse by using a third-party resource (for example, Blockchain) or by downloading the application from the official site. Brokers can assist -- there are specialized cybercurrency brokers who assist people who wish to purchase the cybercurrency, similarly to a stock broker who helps a person acquire shares of stock.
Benefits
There are many benefits to using cybercurrency, particularly for casino players at both online and land-based casinos. Cybercurrencies offer casino patrons:
- Total anonymity. Both users and transactions can only be tracked by the number of the purse. There’s no need to be identified when using cybercurrencies.
- Complete absence or minimum commission.
- Instant processing of requests for withdrawal of funds and account replenishment.
- Better bonuses for cryptocurrency players at many casinos.
- Ability to check every game and every bet for security and fairness.
- An advantageous way to use small amounts of bitcoins.
- Access to the entire transaction history.
- Protection from national authorities who can’t block or freeze the cryptocurrency purse since it is not used to store fiat money.
- The ability to play anywhere, at any time.
In short, cybercurrencies offer online and brick-and-mortar casino players speed, safety and simplicity. What are the benefits for casino owners?
- It takes less time to open a casino that will be operating with cryptocurrencies (as opposed to conventional online payment methods).
- The default principle of cryptocurrencies protects the casino from players’ fraud. There are no player-casino disputes and no claims for refunds.
- Cryptocurrencies expand the market significantly and ensure the flow of visitors.
- Cryptocurrencies are a lucrative alternative for societies with a stagnant or unstable financial system.
- Competition is lower among cryptocurrency-accepting casinos since there are fewer such casinos.
- The cryptocurrency market will almost certainly grow in the coming years.
- No licensing is required for cryptocurrencies, unlike casinos operating with fiat currencies. Licenses are not obligatory (but the casino may obtain a license to increase the level of trust among users).
- There aren’t any extra expenses associated with multiple conversion.
- It costs more to open and run a traditional casino than it does to open and run a bitcoin casino.
Bitcoins and Casinos
Today, the share of specialized Bitcoin-casinos around the world is less than 15%. But it’s assumed that, given the pace of the cryptocurrency industry development, there will be more casinos that accept bitcoins, either exclusively or in conjunction with other currencies, in the coming years. Most observers agree that bitcoin, which is a full-fledged, self-regulating system that’s protected from outside interference, meets the needs of casino visitors and the casino owners.
From the stand point of the casinos, working with cryptocurrencies substantially reduces time costs and eliminates many of the inconveniences associated with the use of fiat money
Risks
The only potential risk associated with cybercurrency transactions at land-based or online casinos involves prohibition/non-recognition of such currencies by the world’s central banks. So far however, this has not proved to be a deterrent to bitcoin use at such venues.
If you’re going to be visiting a land-based casino and wish to use a cryptocurrency payment method, contact the casino or check the casino’s website for more information.
Playing online? No worries. Grande Vegas currently accepts bitcoin for deposits as well as withdrawals! Visit the Cashier after you've logged into the casino and you're on your way to bitcoin and Grande Vegas fun!
