Bitcoin – the probable future of virtual gambling?
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Contributed by Yuri Vinkel
Are Bitcoin’s numerous advantages going to turn it into a universal payment solution of the diverse online gambling industry? The chances are really high.
It has probably become a fact to quite a lot of us that Bitcoin, the cryptocurrency with the greatest potential and used by thousands people all around the globe, is on its way to turn into something much more significant than a virtual ‘money’ with rather limited scope of use. Indeed, one would probably be rather surprised having learned how rapidly BTC acceptance and recognition increase on the global scale. People’s interest towards the revolutionary fully-electronic payment method is simply incredible, with users and developers trying to find lots of new possibilities of applications for it, which is definitely one of the ways the needle should be moved in the Bitcoin industry. After all, with the help of Bitcoin, some smaller yet everyday things in our life started being the way we’ve always wanted (even dreamed) them to be, and that may just be the first steps for both BTC and other technologies towards a future to die for.
Speaking about certain industries and areas where the advancements of the cryptocurrency have so far been more obvious than in others, we should definitely mention Bitcoin gambling in the first place. Real money seems to be gradually losing its power and importance in virtual casino gaming, as BTC appears to be designed to specifically serve the needs of this greatly in-demand and highly diverse field. Of course, at the moment, bitcoins are not a comprehensively accepted method of payment in all existing Internet casinos, poker rooms, and on sports betting portals, but the virtual currency has everything it takes to become one. Today, gambling businesses try really hard to stay as attractive to their customers as they possibly can, and offer the very best choice of services, including the payment/banking opportunities. More often than not, people prefer to make deposits and receive their winnings and bonuses in bitcoins, and that is for sure something to be considered by gambling operators who are far-sighted enough, the more so that BTC has a number of clear advantages over traditional currencies.
Gambling with bitcoin is, in actual fact, something of a literal godsend to casino game lovers, especially since through bitcoins the industry has been even more popularized, as it has become accessible even to players in countries and jurisdictions where online gambling is actually legally prohibited or heavily restricted. All you need to start playing various casino games for Bitcoin is just a BTC wallet, and a valid email, that’s all. Besides that, you mostly won’t even need to exchange your Bitcoin winnings into your local currency, USD, or EUR, to be able to spend them, as these days there are many businesses, shops, service providers, and even retailers gladly (and officially) accepting payments in BTC. Yes, today you can buy clothes, electronics, plane tickets, drinks in bars, and even order pizza for bitcoins.
Apart from that, BTC transactions are completely anonymous, which essentially means, your bank or tax office will never learn you are gambling or making sports bets online, and that will significantly reduce the possible risk of them paying unwanted attention to your finances. Frankly speaking, gamblers from all over the world had dreamt of legally playing casino games and receiving winning without the knowledge of third persons and officials for years, and their dreams were finally brought to life by Mr. Satoshi Nakamoto’s creation that we all know today under the name of bitcoins.
The other thing that makes Bitcoin so incredibly popular is the unparalleled speed of transactions that the BTC system enables its users to perform. Basically, the designated amount of bitcoins or milli-bitcoins is sent from peer to peer within just minutes or seconds, and that’s probably something that is hard to imagine for holders of traditional bank cards and users of wire services. On top of that, these transactions are decentralized, meaning there isn’t any regulatory body in the system, or a central vault where all the existing BTCs are stored. Bitcoin are just generated (mined) by special equipment and sent on request whenever a transaction has been initiated.
As you see, with all these advantages of Bitcoin, the whole online gambling world is getting shifted completely to another dimension where it can drop off the state’s regulatory and control radar, and still operate on absolutely legal grounds. The thing is, Bitcoin gambling is not deemed illegal in most of the world’s states, simply because Bitcoin is not put on the same footing as fiat currencies, meaning there is less headache for business operators who have decided to switch to BTC as the primary or auxiliary currency on their portals. In a similar vein, it would be impossible for a player to be persecuted for visiting Bitcoin gambling sites and playing casino games for BTC by the state, unless bitcoins are considered illegal in their country of residence.
Summarizing all of the above, it would be very logical to assume Bitcoin is already moving towards eventually becoming the universal payment solution of the Internet gambling industry in the foreseeable future. Today, there are dozens of online casino portals accepting bitcoin deposits only from their customers, with real big names on the top of this list including BitCasino.io, currently the largest and most advanced casino wagering platform. From now on, Bitcoin and gambling will be together for a very very long time, as more and more operators will convert their regular-currency casino gaming businesses to bitcoins. If there is a demand, there is supply, they say. And so it was with bitcoins: people just wanted to gamble anonymously, more efficiently, and conveniently on the Internet, and, in less than two decades, they were provided this opportunity all thanks to the latest technological advancements. Certainly, players are not the only decision-makers in the industry, as there also other stakeholders including casino portal owners themselves. Still, so far the cryptocurrency has been a real pleasure to deal with for everyone involved, meaning the probability is great that Bitcoin will be enjoyed by much larger audience in the years to come.