There was a time when cryptocurrency and Bitcoin were synonymous terms. Of course, we’re referring to a simpler time when Bitcoin was the only crypto on the market. Fast forward to today, we have more than 6,500 cryptos to choose from.
But none of them has managed to replace Bitcoin or even reach near its value. The original is always the original we guess. But let’s not get nostalgic with Bitcoin. It’s because our topic for exploration today is the future of Bitcoin in Nigerian online casinos.
What is a BTC Online Casino?
If you keep your tabs on the iGaming industry, you must’ve heard the term BTC casino. If you didn’t know then, BTC is short for Bitcoin and the term is referring to online casinos that accept Bitcoin.
Essentially, a BTC casino online is a casino brand that deals with Bitcoin. Many of these casinos are full-fledged crypto casinos which means the games run on a blockchain. There are plenty of benefits of playing online BTC casino as well as some drawbacks.
Before we can discover all of that, we have to go a little back and see what Bitcoin is all about. We also need to take a look at the current status of the token in Nigeria.
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What is Bitcoin and What’s the Status of Nigeria New BTC Casino?
Bitcoin is the first of many mainstream cryptocurrency tokens to ever see the light of the day. It was first introduced back in 2008 through a whitepaper by Satoshi Nakamoto. To this day, we don’t know who that is. We don’t even know whether it’s an individual or a team of people.
The first Bitcoin was mined by solving the “Genesis” block back in 2009. And in 2010, Bitcoin got its first monetary value through the Papa John’s Pizza transaction.
However, all of these pieces of information are nothing new. But we needed to get on the same page before we entered Nigeria.
In Nigeria, every 1 in 3 people have reported using cryptocurrency. We don’t have to be rocket scientists to guess that the majority of the transactions are done with Bitcoin. It’s simply because Bitcoin is the oldest currency and it’s still the safest in people’s opinions.
The introduction of crypto has been a blessing for Nigeria. Many experts believe that cryptocurrency trading is behind the recent boom in the economy. We can’t disagree even if we want to because Bifxt has raised $15 through the Series A funding to create new jobs. Bifxt is a Nigeria-originated crypto trading company.
In the last 5 years, Nigerians have reportedly traded more than 60,000 Bitcoins. Even if you take the value of BTC at that time, that’s a massive amount to move through a country’s economy. There’s no way to doubt that cryptocurrency trading has been pivotal to Nigeria’s recent economic boom.
However, the authorities from the Nigerian government don’t seem to agree. Through a press release in 2021, the central bank banned all of the country’s national and private financial institutions to stop trading crypto. Apparently, it was to “protect the public” and “keep the country safe from unregulated entities”.
Needless to say, the ban didn’t stop the investors as well as players who play BTC casino online games in any way. The only unfortunate outcome of the ban is that many investors had their bank accounts frozen due to the presence of crypto in them.
So, Should You Play at BTC Online Casino in Nigeria?
From what you’ve read in the previous section, you might be thinking twice about whether to play at a New BTC casino in Nigeria or not. And that’s a valid concern. Because you don’t want to spend your hard-earned money only for it to be confiscated by the government.
Well, we can assure you that none of that is going to happen. As the ban is still persistent, you won’t be able to use your bank account to play live casino online with BTC anyways. Rather, you’ll have to stick to the usual crypto wallets that you can download online.
When you play live casino online with BTC at Nigerian casinos, the only information you disclose to the online BTC casino is your wallet address. That’s for the withdrawal. As for the deposit, you’re only getting the wallet address for the casino.
Also, the ban didn’t slow down the trading of BTC in any way. In fact, the trade volume jumped by almost 1200% from 2020 to 2021! It only goes to show that BTC online casinos in Nigeria are not slowing down anytime soon.
What Are the Benefits of Playing at Online BTC Casino?
From what you’ve read so far, it’s clear as day that Bitcoin and crypto, in general, have had a rough time in Nigeria. But why is that? What is the government trying to protect the citizens from, other than the volatility, of course?
Well, we can’t think of anything, to be honest. But we know the benefits you can get when you play live casino online with BTC and it goes for all the other games as well.
- Anonymity: Gamblers from all over the world are concerned with their safety. And all of you should be because identity theft is a serious issue in the modern world. When you play at a BTC mobile casino or an anonymous BTC casino desktop, you’re not risking any of your personal information! You just enter your Bitcoin wallet address.
- Instant Withdrawal: This is a feature no fiat currency online casino can ensure. Crypto wallets are pre-approved which simply means you don’t have to wait for the usual processing time for the withdrawals.
- Extremely Safe: Cryptography is currently the most powerful encryption method and Bitcoin started it all. The use of blockchain ensures that all the transactions are publicly recorded and every single user can access them whenever they want. So, you eliminate the possibilities of fraudulent transactions as well as double-spending.
Final Takeaway on BTC Casino Online
What Bitcoin started over a decade ago is not going to change anytime soon. It’s still the most volatile and the most priced token. Nigerian investors as well as casino players are aware of the fact and they’re not going to stop any time soon.
