Bitcoin has been around for a long time. There are many real world uses for this digital currency. This includes retail store payment through the use of digital gift cards.
In the online gambling market, Bitcoin is a widely used form of payment. Many licensed operators have offered Bitcoin casino bonus incentives in order to bring in more people who only use fiat money. The recognition of the UK Gambling Commission (UKGC) in Bitcoin as a form of payment has helped many UK operators.
UKGC’s recognition of Bitcoin has seen a major progress for the currency. The prospect of Bitcoin can be improved further if other global regulators have started accepting it as a payment method. Malta Gaming Authority (MGA) has been considering this for some time.
Exante from MGA has stated the importance of accepting Bitcoin as a payment method. According to him, this action could further popularize the use of the digital currency among many online casinos. There is a good chance of seeing many operators offering Bitcoin casino bonus instead of the usual fiat currency rewards.
At this time, though, MGA is still on the fence in letting their licensees accept Bitcoin transactions. There is barely any rush since only a few operators have sent their requests for the acceptance of Bitcoin. MGA wants to make sure they are able to cover everything before they recognize the use of Bitcoin. This helps to avoid any potential risk in the use of the digital currency.
There is a large growth of players who are using Bitcoin instead of traditional payment methods in the online gambling market. This is due to the convenience offered by the digital currency in comparison to fiat ones. Bitcoin owners can enjoy faster transactions and little to no transaction fees. Even with promotions, most people are likely to choose Bitcoin casino bonus instead of fiat cash.
BitStarz, a casino based in Malta, believes in the possibilities of Bitcoin being adopted by many online operators. Their marketing manager, Sasha Jade, said most of the established fiat based casinos are not accepting the digital currency. This is the reason Bitcoin is not able to spread throughout the market.
Certain casinos are able to attract fiat users with the right bonus for Bitcoin casino and other incentives. However, the approval of MGA could further increase the number of Bitcoin owners than typical rewards.
If MGA is able approve the use of Bitcoin, there a good chance of a large usage of the digital currency among online casino players.