Why Casinos Started to Pay Out in Bitcoins? - page 2.

EdenHazard

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Quote from: Junko on August 12, 2017, 05:48:46 PM

Bitcoin casinos don't have to deal with credit card chargebacks or credit card fraud. They also don't have to deal with any of that pesky AML KYC compliance stuff.

but they have to deal with the high fee now and also a long time to get confirmed.

but yes it is far better than have to use fiat as currency to gamble. at least it is much more easier and safer to use bitcoin. you could always move your funds from a casino to another easily right? there's a lot of benefit using bitcoin in online gambling world.

Jewell

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Quote from: Junko on August 12, 2017, 05:48:46 PM

Bitcoin casinos don't have to deal with credit card chargebacks or credit card fraud. They also don't have to deal with any of that pesky AML KYC compliance stuff.

in fact most of the casino has now providing opportunities tor online gambling therefore it is more convenient for them to use using bitcoin which is already using in all over the world and in fact bitcoin has the same price through out the world therefore they are using bitcoin instead of any other currency.

npredtorch

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IMO it's because of the reason that bitcoin is the first and foremost coin to be accepted by the community (if the question will be why bitcoin and not some alt coins). It's already been a routine for people to use bitcoin as a bet for their gambling activities and will stay as it is as of this time. Moreover, bitcoin is widely known for its availability of rich contents/tutorials on how to use it which give bettors an easy access to start betting.
As for the bitcoin vs fiat, I guess the biggest reason why they choose bitcoin is that it have a faster confirmation and don't require any third party to cash in/cash out.

Junko

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Bitcoin casinos don't have to deal with credit card chargebacks or credit card fraud. They also don't have to deal with any of that pesky AML KYC compliance stuff.

FlightyPouch

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I think rather than those five, another reason is that they trust bitcoin and it will be more profitable in the near future.

Many casinos started the same time bitcoin is starting to build up it's popularity. Many gambling sites sees bitcoin as a digital currency that will be used widely online, it is volatile so it is obvious that they predicted that the price will be having a lot of pumps.

Tenderino

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One reason to offer bitcoin deposits and withdrawals is surely because operators don't need a license for this processing method and the fees are lower compared to Fiat money payment processors.

Alone to possibly save the license fees will give the gambling site a huge financial advantage!

Mike Mayor

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It's not so much about what they paying out but rather what they are paying in. The casino can earn money faster and players can gamble faster. This is why casinos can have such a low house edge. It's well compensated for by the sheer volume and speed of bets.
I also say it's more about paying in because paying out doesn't need to be a rush but paying in it does because you can't play until it's deposited and confirmed which with Bitcoin is relatively faster.

tyz

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In July 2017, Bitcoin hit a new all-time high against the USD, earning any Bitcoin bettor a whopping $3,000 for every coin traded. According to the CoinDesk Bitcoin Price Index, BTC crossed the mark sometime in the month to set the all-time high against most of the major currencies. And with an increasing number of people continuing to use the Cryptocurrency globally, the value is set to increase more.

Considering the near global and industry adoption of the currency, favored mostly because of its decentralized system, it’s no surprise that there are people, and bettors are continuing to adopt this method of payment for online casino games, too.

Check out five reasons why casinos started paying out in Bitcoins.

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