The ongoing global pandemic has hit almost every sector of the global economy but one type of business that could be set for a successful 2020 is the Bitcoin online casino.
This section of the vast online gambling industry is one of the most dynamic, and it has huge potential for growth. Some of this growth will be due to the fact that during the lockdown that has affected most developed countries, many people have been looking for other leisure pursuits, and the online casino industry is well positioned to benefit from that trend, with sites such as online-casinos.com offering a portal to reputable and responsible online casino opportunities.
The continued growth of the Bitcoin casino can be predicted despite some factors that have conspired to make it hard for this sector of the industry to thrive.
The gambling sector has several long-established operators, and it can be relatively tricky for new casinos sites to make an impact. In addition, after a flourish of media attention a few months ago, cryptocurrencies have slipped out of the news in 2020. Though out of the spotlight, Bitcoin has been steadily gaining ground and the price levels have stabilized.
It is also the case that some regulators, particularly the major European regulators in the UK, Sweden, Gibraltar and Malta, remain suspicious of Bitcoin casinos, and their strict rules on transparency, designed to target money laundering and other abuses, sometimes work as an inadvertent block on authorizing and licensing cryptocurrency casinos.
But despite these potential problems, the Bitcoin casino sector remains attractive to a growing number of online casino fans who enjoy the speedy deposits and withdrawals along with the relative anonymity that using Bitcoin can bring.
One factor that is helping the growth of the Bitcoin online casino is the willingness of operators in this sector to promote their sites by offering ever-bigger and more generous bonuses. The practice of offering welcome bonuses to attract more customers is long established in the online casino industry, with some sites offering extremely generous-looking welcome packages that involve matching initial deposits with ‘free money’ and free spins for slots games.
Many online Bitcoin casinos offer bonuses of up to 5 BTC, with a single Bitcoin at today’s prices being worth more than US$9,000. But unlike the typical casino bonus, a Bitcoin casino bonus is usually released slowly over a period of time, making it more of a loyalty bonus or reward scheme than the traditional welcome bonus. This innovation has helped many online Bitcoin casino sites to stand out from their competitors in a crowded field of operators all scrambling for customers.
Innovation and Flexibility
This flexible approach to the traditional online casino bonus is just one example of the way in which online Bitcoin casinos are able to leverage their position to attract new customers. The upside of the regulatory issues described earlier is that Bitcoin sites are often registered to jurisdictions such as Curacao, which provide more room to maneuver when it comes to innovation, compared to the major online gambling sites that are tied down with cumbersome regulations.
This has been particularly apparent during the lockdown, when sites governed by more restrictive regulations have been unable to adapt to the changing customer base caused by the widespread social distancing regulations affecting many countries. When significant global changes hit, it is the more agile operators that are able to adapt, and Bitcoin online casinos have been able to take advantage of their regulatory position to provide fast-changing and attractive bonuses, rewards, games and player tools, all of which has enabled them to strengthen their customer base.
Speed and Accessibility
Of course, this speed and flexibility is part of the nature of Bitcoin online casinos, which are built on the dynamic cryptocurrency model. While traditional online casino sites are required to implement ponderous verification checks and then operate relatively lengthy processing times, Bitcoin casinos are able to build a fast, and in many cases, instant casino transaction service.
Bitcoin casinos also have an accessibility advantage over their rivals, as they can offer a level of security and anonymity that other casino sites are not able to provide. Bitcoin casino customers don’t have to risk handing over credit card or bank details, providing an extra level of security and reassurance for those wary of online gambling transactions.
The Bitcoin Casino Future
The future of banking is likely to be cryptocurrency, and Bitcoin has been at the forefront of the cryptocurrency revolution. This effect has rippled through every sector of the economy, including the online casino industry, and the Bitcoin online casino trend is set to grow stronger through 2020.
Featured image: CryptoNewsZ