Technological advancements have significantly shaped the gaming industry over the years. One significant technological advancement that has improved and revolutionized the gaming industry in the 21st century is the introduction of Cryptocurrency. A cryptocurrency is a digital form of money that is accepted as a legal tender here in Portugal.
The growth and development of cryptocurrencies have greatly influenced the gaming world, such that there are online casinos that do not accept any other form of payment apart from Cryptocurrency. One of the most popular and rising cryptocurrencies is Bitcoin. Bitcoin was among the first known Cryptocurrency whose value has continued to grow thanks to its popularity and usage worldwide.
Portugal is home to numerous Bitcoin casinos where the only accepted form of transaction is Bitcoin. All other aspects of an online casino are similar to other online casinos, including the games offered and the game’s strategy. The only difference is in depositing and withdrawing from the casinos. According to our expert, Victoria Oliveira, here are some of the reasons for the rise in Bitcoin casinos in Portugal.
Fast Deposits and Withdrawals
One of the limitations experienced when playing in most online casinos in Portugal is the issue of delayed deposits and withdrawals. The delayed deposits and withdrawals are attributed to the limitation of transactions that come with fiat. Online casinos are constantly faced with numerous bulky transactions from numerous online casino players who want to deposit and play their favorite casino games.
The system will shut down entirely at times or process the transactions slowly, leading to the delayed reflection of your deposits. Bitcoin casinos, however, do not face the issue of delayed transactions as Bitcoin is more advanced.
Bitcoin transactions take less than ten minutes to process, unlike fiat transactions which can take days or weeks. For this reason, most players prefer playing in the Bitcoin casinos as they are assured of fast deposits and withdrawals when using cryptocurrency unlike when using other transaction methods.
You can always check reviews of the best casinos Bitcoin that you can access as a Portuguese player at the bonus casino.
Low Transaction Charges
The cost of transacting Cryptocurrency, specifically Bitcoin, is relatively low compared to fiat transactions. Fiat transaction charges are directly proportional to the amount of money you want to deposit. It means that an increase in deposit money leads to an increase in transaction fees.
Bitcoin transactions, on the other hand, are constant. It means that if you want to transfer 1 Bitcoin and another person wants to transfer 5 Bitcoins; both transaction fees are the same. Due to the increased speed of Bitcoin transactions and the subsidized transaction fees, Bitcoin casinos are slowly becoming favorites for many online casino players in Portugal.
Bitcoin Transactions Come With Incentives
Unlike Fiat money, whose value is constant and regulated by the government, Bitcoin’s value is volatile. The volatility attribute of Cryptocurrency means that there is no specified value of the crypto, but the value keeps rising and falling. It means that you may have 1 Bitcoin on Monday and If1.05 Bitcoins on Tuesday without gambling as the value rises.
You should invest in knowledge to understand the best time for depositing or withdrawing, and how to manage your funds. The best recommended time for a Bitcoin deposit is when the value of Bitcoin drops. It is recommended that you hold your casino winnings for some time until the value of the Bitcoin rises. Since it is possible to earn more money even without gambling, more and more players are joining the Bitcoin casinos to take advantage of the incentive.
Ease of Transacting
It is easy to transact using Bitcoin as compared to other methods of transacting in online casinos in Portugal. All that is required to transact using Bitcoin is a Bitcoin wallet where you store your Bitcoin and a Bitcoin address for the receiver of your Bitcoins.
The whole process of depositing and withdrawing Bitcoins is a simple one that everyone can understand. Other online casino transaction methods are complicated to use as you must fill a lot of paperwork to deposit or withdraw money. Thankfully Bitcoin casinos eradicate this problem.
Portuguese crypto casinos are gaining popularity due to the reasons discussed above. Bitcoin casinos are hence expected to improve and increase soon.