While Bitcoin Casinos have been around for a number of years, their universal appeal as a singular ‘currency’ which was said to be the new way forward – has yet to take off en-mass as expected. Many believe that this type of casino still has the opportunity to grow exponentially and get even bigger but competitors are starting to spring up around them and draw customers away which cuts into the market share that was around. While some think that Bitcoin casinos are due to make a comeback and thrive, here are some ways in which customers online have stopped Bitcoin casinos from getting bigger.
Trust is a currency that once you lose, it’s hard to regain and this is especially true when it comes to how customers perceive Bitcoin casinos in general. When the market first opened many customers were enthusiastic about the privacy offered and levels of security that were outlined – but only top-level bitcoin casinos adhered to these structures – while dozens of others sprung up that hid fraudulent and suspicious dealings with consumers.
The numerous cases of high-profile cheating which occurred at bitcoin casinos, as well as almost no transparency listed regarding the software employed for the online casino games has started making consumers more wary about tapping into the anonymity that was once so appealing.
Bitcoin casinos operate on the assumption that the software they employ is fair and safe, and while many Bitcoin casinos are, many others don’t provide anyone with the opportunity to verify that they are provably fair. This has lead competitors, that use modern blockchain-based channel technology, to freely publish their source codes and give players the ability to check how legitimate their software is, in order to build consumer trust and entice them to their sites.
While users expect a seamless casino experience when gaming online, there is a noticeable lag when it comes to paying for casino games at a bitcoin casino, as well as a very noticeable lag when choosing to withdraw bitcoins for cash outs or transferring them to other currencies. Bitcoin currency itself is fairly volatile especially on most trading markets.
Some countries have taken exception to the cashless nature of bitcoin and view it as a way for people to move their money offshore and out the country without being taxed on it. As such, places such as America have outlawed Bitcoin casinos from operating in any of their territories. This has led to Bitcoin casinos springing up internationally and opening their doors to any and all interested parties around the world.
With online casinos offering promotions and bonuses, customers can freely pick and choose between offers – whereas when Bitcoin casinos first launched, consumers had little choice as to where else they could go. Nowadays, Bitcoin casinos will need to keep improving in order to meet customer needs for efficient and seamless gaming as well as go up against competitors that tap into newer gaming technologies faster.
All of the above impacts the Bitcoin casino market, and while many still trust the Bitcoin casinos as they were the first to offer cryptocurrency options, Bitcoin casinos have yet to grow to the levels expected because newer, more innovative competitors are happily cutting into their customer base.