The very first online casino went live as recently as 1994, and since then, there has been no time to look back. Or, to put it more accurately, there has been no need to. The trajectory in the popularity of online casinos has been as much about public knowledge as it has been about the rise of the internet and the exponential growth of technology. As popularity has increased, service providers knew that competition would be stronger than ever, and that they would need to provide a quality product in order to survive.
The online casino industry has embraced technology in order to thrive in a crowded marketplace, which has in turn has resulted in an array of top-quality online casinos and casino games. The open armed approach to technology within the online casino industry naturally invited the world of cryptocurrencies, and more specifically Bitcoin, into the conversation, and it has proved to be a match made in heaven.
The online casino industry, like every industry in the modern age, will continue to evolve alongside digital technologies, and it is clear that Bitcoin will be heavily involved in this evolution. Knowing this, we thought it was the ideal time to take a look at both how and why the meeting of online casinos and Bitcoin has been such a success already, something you can read about here in a Bitcasino review, as well as take a look at what it might mean for the future of the industry. So, without further ado, let’s get started…
A Currency For The Times
Before getting into the specifics of the benefits of Bitcoin in relation to online casinos, it is worth focusing on the modern-day consumer, as they are the ones who are choosing to use these services. We will have all heard of Generation Y, or millennials, or digital natives as they are often referred to, but what exactly does that mean?
Well, they are individuals who were born in the 1980s and 1990s, and are typically perceived as being increasingly familiar with both digital and electronic technologies. This is the modern-day consumer. As a direct result of being brought up with the internet, digital natives have different wants and needs when compared to previous generations. They expect to be able to get what they want, when they want, and where they want. While there has been a tendency to label this attitude as spoilt, this couldn't be further from the truth. It is simply an understanding of what is possible in today’s world.
Knowing just how much technology has influenced the wants and needs of the modern-day consumer, industries have had to adapt their services in order to appeal to them. While online casinos have had an obvious connection to digital technologies from their inception, the industry, as a whole, truly can be held up as the ideal example as to how to stay in touch with a modern consumer’s wants and needs. The latest adoption, in terms of technologies, has signalled the rise of Bitcoin casinos. With so many already available, let’s take a look at why Bitcoin casinos have proved to be so popular...
As mentioned before, the modern-day consumer prefers convenience above all else. Of course, the quality of the service is key, but once this has been established, ease of use is so important in the digital age. In general, Bitcoin is rising in popularity due to the fact that it is a convenient, simple and fast method of withdrawing, depositing, sending and receiving funds.
Traditional bank transfers can often take 1-2 working days in order to be processed, which in today’s fast paced world is simply too long to wait for a large proportion of online casino game players. Unlike traditional banking, Bitcoin can be deposited and withdrawn instantaneously, allowing you to play what you want, when you want.
When it comes to your hard-earned money, you want to make sure that any service you are using online is safe and secure. Bitcoin casinos are fully licensed and regulated, so you can rest assured that all of your deposits and withdrawals are fully protected.
In essence, Bitcoin is actually the ideal currency for online casino players as it relies on peer-to-peer software and cryptography. The blockchain ensures that your Bitcoin transfers are secure due to the fact that it means every transaction occurs within a fully open and transparent system.
Following on from the safety aspects of Bitcoin, it makes sense to move on to anonymity. Bitcoin transactions do not involve or require any central banks or government authorities, thus offering you a level of anonymity that traditional currencies simply cannot achieve.
Modern day consumers want to be able to keep their private information private when it comes to their dealings on the internet, and bitcoin is the ideal currency to do just that. As part of the aforementioned blockchain, the only information a service provider will have access to is your wallet ID number.
Furthermore, this allows players to avoid location-based restrictions, enabling them to play their favourite online casino games no matter where they may be in the world.
The Bottom Line
It is clear that Bitcoin has a role to play in future societies, and the way in which it has been embraced by the online casino community signals only the beginning of this. Online casinos have firmly established themselves within the entertainment industry, and even though they could be still said to be in their infancy, Bitcoin casinos have now done the same.