Bitcoin makes gambling more accessible
Even if the gambling industry is big enough, online gambling has not yet reached its potential – its share in the gambling industry is about 10%. Over the past few years, bitcoin has become a popular choice for many people. The analytical company H2 Gambling Capital reports that the online gambling market in 2016 brought players $ 40.54 billion.
Indeed, gambling using Bitcoin is a tiny part of the overall profits of online gambling. But those who follow the industry believe that Bitcoin has great potential and this currency can become next generation currency, and several organizations are considering the possibility to work with bitcoins. And due to Bitcoin’s advantages in terms of price, transaction speed and digital currency game, it is likely that many gambling companies will consider to work with bitcoin in the near future.
In one article on the Bitcoinist resource, John Matonis wrote that Bitcoin is like “digital casino chips: they are instant, personal and cannot be canceled”, which improves the gameplay, and the ability to avoid paying back payments is one of the key advantages of crypto currency in gambling. At the conference ICE Conference 2015 Matonis predicted that in about five years, five of the ten major online casinos will work exclusively with Bitcoin.
Why does Bitcoin fit online gambling?
Many supporters of the digital currency say that Bitcoin can change gambling, since online casinos have an advantage that does not need to hire many employees, create beautiful buildings or attract players to marketing tactics. Online gambling in the USA works in the “gray legal zone”, and to avoid problems, many online casinos are based on servers abroad (Like for example, in Costa Rica).
Bitcoin gives people the opportunity to bypass the existing legislation concerning Internet gambling, which will eventually force regulators to change their attitude to online gambling. For example, in 2006, the US Department of Justice submitted a law on illegal Internet gambling (UIGEA), which was supposed to stop the advent of online gambling sites. Under this law, US players cannot process payments using US banks. Nevertheless, Bitcoin gambling gave courage to some entrepreneurs who openly allow players to gamble using the Crypto currency, avoiding prohibitions. It does not involve banking services, because everything happens in one site. It’s just a site with exclusive use of bitcoins, so for many people this is a good choice to go.
I am going to highlight some of the best benefits of using bitcoin on gambling.
- Complete anonymity
In the bitcoin casino, the user cannot enter personal information (name, country, bank card number, etc.), since financial operations with bitcoin can be performed anonymously. This is a significant plus for players who do not want to disclose their personal data, which means your competitive advantage.
- Withdrawal of funds is guaranteed
The properties of bitcoin guarantee security: casinos that work with this currency are protected from scammers. Therefore, the situation is excluded when a user account is blocked because of unfair visitors playing. The absence of blockages is a guarantee that the player will be able to withdraw money at any time.
- Progressive audience
Bitcoin-casino is chosen by the most active and “advanced” members of the Internet community. These are people who are versed in high technologies, often employees of the economic and IT spheres. Such players are deeply immersed in the game process and often make significant bets.
- Playing at the lowest possible stakes/odds
Bitcoin-casino is ideal for those who do not pursue a big win, but want to enjoy the game process. The creator of this crypto currency provided for its division into the smallest parts: in one bitcoin 100 million Satoshi. A player can bet one satoshi, which is approximately $ 0.002. Therefore, the translation of the casino into bitcoin will attract to you a new segment of players.
- Bitcoin volatility
This crypto currency has been growing steadily since its inception: over the past three years it has risen unmeasurably! Therefore, the players will have a great incentive to start the account and replenish it in bitcoins, because after a while the currency on it will noticeably “grow older”.
- A game without borders
In the cryptocasino is not determined by the IP player, so he can play in any country and withdraw money from his account – even where gambling is strictly prohibited by law. Supervisory authorities will not be able to track and block the player. The audience will always be extensive.
As you can see, the advantages of bitcoin-casino pay off all the difficulties of the transition period, which you may encounter. But Without a doubt, Bitcoin’s future in online gambling seems very promising. And it depends on several factors: regulation, political will and innovation. But still there are big obstacles: people can send money through Visa and MasterCard, not understanding how the payment network works, and using Bitcoin requires some level of technical knowledge.
Anyway, using bitcoin make life easier, with less stress and less fees to pay intermediaries like bank or financial institutions being able to save or just spend more money on things that you like.