Online casinos to accept Bitcoin

Aiming to enhance the safety and security of payments processing options, online casinos are considering the possibility of using cryptocurrencies.

Online casinos worldwide are considering cryptocurrencies like Bitcoin a good solution to enhance the safety and security of payments processing options. Digital currencies have multiple advantages over traditional payments methods and they have the added appeal of anonymity. Leading the way is Bitcoin, but other cryptocurrencies are also available in the form of Namecoin, Clam, Litecoin, Monero and Reddcoin, among others. Coin transfers between players are possible and player to player transactions are uncapped.

Online casinos that will be adopting Bitcoin as an accepted form of payment also want to create player loyalty programs. When players wager their coins, they earn valuable BTC to be deposited into their accounts. Various rewards are available in the form of cashback, prizes, lossback etc. A Bitcoin Improvement Proposal (BIP) is underway in an effort to improve the functionality of the cryptocurrency’s blockchain. In terms of online casino gaming, one of the primary concerns among players and site operators is security and proposals such as Johnson Lau’s are quickly gaining the attention of site operators.

Ever since Satoshi Dice there has been an interest among online casino operators like 888casino to explore the potential inherent in Bitcoin operations. The benefits of Bitcoin casinos lie in the available knowledge in the preannouncement with the hash of the randomly generated number prior to the player placing a bet. If the online casino wins a wager, it will be greater clarification about the precise timing of the random number being generated. This means that credibility is assured with Bitcoin operations.