This question could be rephrased as: Why do online businesses like to do business in bitcoin? Slots Play Casinos researched this question and we have a few interesting insights to give you.
Most of the Casinos We Recommend Use Bitcoin
Actually, all of the casinos we recommend use bitcoin for deposits and most also allow gamers to withdraw in bitcoin. One recent casino that has begun to give withdrawals in bitcoin is Everygame Casino Red.
It’s all well and good to report that the online casinos that we recommend use bitcoin as a deposit and withdrawal banking medium, but what is it about bitcoin that is making it ever more accepted and popular?
Bitcoin is Money
This alone seems hard to many people which is why the term cryptocurrency was created. This term is often shortened to crypto and it has both a positive and a negative connotation!
For the purposes of this article, we will look at cryptocurrencies only in a positive light. That will help us understand why bitcoin and other cryptocurrencies are becoming so popular.
How is Bitcoin Money?
The classic definition of money is: Money is a medium of exchange. Throughout history, many different physical entities have been used as media of exchange with gold and silver winning the traditional currency sweepstakes hands down.
That is, until now!
What Happened?
Governments stopped backing their paper money and cheap coins with gold and silver!
You might say that it was inevitable that an alternative to government money would be developed and that is the role of bitcoin and the many otter cryptocurrencies out there.
Bitcoin is money if people are willing to use it as a medium of exchange. It is truly that simple. It doesn’t matter as far as whether bitcoin is money that it is entirely digital. It also doesn’t matter that people understand mining for metals and don’t really understand digital “mining” for bitcoin.
The only thing that matters is that bitcoin and the other cryptocurrencies “exist” and are being used in the market as media of exchange.
What Do Bitcoin Offer Online Casinos and Gamers?
First, bitcoin is money so it offers gamers the ability to play online casino games for real money. Second, it gives the casinos the ability to sign up gamers who don’t want to use any of the other more traditional banking methods. Third, it gives gamers absolute privacy in their deposits and withdrawals.
Why is it Significant that Everygame Casino Red Accepts Bitcoin for Withdrawals?
One of the banes of many online casino gamers is that a lot of casinos have many ways to deposit but restrict their withdrawals to a much smaller number of banking methods.
Bitcoin is the most private way to transfer real money online and now that more and more online casinos are accepting bitcoin for withdrawals, these casinos will get more gamers since there has always been a number of gamers who would not play online because they were not comfortable with any of the other withdrawal methods.
Bitcoin is Similar to an Ewallet
Bitcoin is not an ewallet but it bears some similarities to them. First, bitcoin is real money while an ewallet simply transfers money from one eEnterprise to another. An ewallet might transfer money from one individual to another to effect an online trade.
An ewallet transfers real money while bitcoin is real money.
However, ewallets were developed to give people more anonymity in online purchases. Every gamer or consumer who uses an ewallet to effect a trade has his or her own individual reasons for preferring the ewallet over their bank or credit card.
Money Transfers Have Evolved
In the early days of online casino gaming, a person could transfer money with a certificate of money. They would bring cash and get the certificate. These were accepted by online casinos but very few accept them anymore since so few people would ever go to the hassle of getting such a certificate to pay for gaming or to make any other purchase.
Ewallets Were Much More Convenient
Ewallets came into being to provide privacy and speed. Now bitcoin has taken over from ewallets in terms of speed.
Bitcoin is lightning fast. Since the bitcoin market of exchange is entirely digital, there is no middleman to slow down any transaction in bitcoin. Thus, another reason that gamers like to use bitcoin for withdrawals is that they don’t have to wait at all to get their money through bitcoin.
Aren’t Cryptocurrencies Highly Volatile?
Yes, they are.
As a result of the volatility of cryptocurrencies, a lot of gamers have not yet come to feel comfortable using them for deposits or withdrawals. The same applies to bitcoins for any purchase and it also applies to bitcoin as a “safe” way to safeguard the purchasing power of one’s money.
In short, government money used to buy bitcoin might be worth less a few months down the road or it could be worth more. Cryptocurrencies are a lot more volatile than government money except where the government is actively debasing the money by printing enormous sums of it.
This does not preclude the desire of some gamers to maximize their financial privacy and also to achieve greater speed in the withdrawal side of online casino gaming.
Big Picture: Bitcoins are Here to Stay and Will Become a Withdrawal Banking Method at Many More Online Casinos
The evolution and development of bitcoin was anticipated by some. The rest of us are reaping the benefits of bitcoin’s speed and privacy and the unknowable future of bitcoin as a safeguard against the potential volatility of government money.
Slots Play Casinos congratulates Everygame Casino Red on its new acceptance of bitcoin as a way for gamers to withdraw money. We also salute all online casinos, which includes the majority of the casinos we have reviewed and recommended for their decisions to do the same: accept bitcoin for withdrawals.
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