Are Bitcoin Casinos Set to Dominate?

Posted by Harry Kane on Thursday, March 30, 2017

While you may think that all virtual casinos are similar in their nature, this is a misconception that is becoming increasingly inaccurate. In fact, we have seen a pronounced rise in the number of so-called bitcoin casinos recently, which allow transactions in the form of the infamous crypto-currency (usually alongside a selected range of alternative options).

While some have heralded this as a major development in the marketplace, others have suggested that it means little given the wide and accessible range of payment options now available at more traditional, online casinos. So, the question that remains is whether or not Bitcoin casinos have the capacity to dominate the market and supersede the alternatives?

The Pros and Cons of Bitcoin Casinos

For those of you who regularly gamble using bitcoin, you are sure to be familiar with the benefits of this often controversial crypto-currency. A transparent and anonymous payment method, bitcoin has benefited from the implementation of more stringent regulations and transaction thresholds in recent times, while its enhanced levels of privacy, security and accessibility offer an appealing combination to gamblers (and particularly the high-rollers that tend to dominate virtual casinos).

There are also drawbacks with bitcoin casinos, however, particularly given the fact that these entities are specifically designed to handle digital transactions. This means that while some may offer a small range of additional payment options, this is typically smaller than the number of platforms available through traditional, online casinos. For anyone who likes to game flexibility and utilise alternative payment options at different times, necessitating the switch to a bitcoin provider may prove unnecessary.

Are Bitcoin Casinos Necessary in the Modern Age?

Even if we place this potential drawback to one side, however, there remain concerns that bitcoin casinos are scarcely relevant in the modern age. After all, most e-wallet payment solutions (such as PayPal and Neteller) allow players to complete instant deposits and withdrawals from the same account, while also benefiting from secure platforms and 128-bit encryption software. So while the level of anonymity may not be as pronounced as it is when using bitcoin, the majority of current payment solutions are equally flexible, accessible and secure.

Additionally, the niche nature of bitcoin mean that it is a long way from becoming a staple currency. In fact, while the recent stabilisation of the currency represents the first step in its quest to enter the mainstream (along with its growing popularity among investors), there is a long way to go before it is widely used even within the gambling community. At present, casual gamers are unlikely use bitcoin, for example, with the digital currency set to remain the preserve of high-rollers for the foreseeable future.

The Last Word: Why Bitcoin Casinos Will Remain Niche for Now

Make no mistake; bitcoin will become increasingly influential over time, with a growing number of casinos likely to integrate the digital currency over the course of the next decade.

Despite this, the notion of a bitcoin casino may be a little ahead of its time, however, particularly given the niche nature of the currency and the sophistication of alternative payment options. So while bitcoin casinos will continue to evolve, their time to dominate remains some way off for now.