From its inception in 2009, Bitcoin and the blockchain technology been known to disrupt many industries one of the most affected is the gambling industry. The gambling industry has been on constant growth and improvement since the 90s when the casinos went digital.
However, Bitcoin has been the force to reckon with in the transformation of how online casinos work. This is why; Bitcoin has changed the rules of the game through its core architecture model which is decentralization. That means no government intervention over your money.
By doing away with government influence over your money, that meant all the middlemen were done away with and bitcoin gave the coin owners complete liberty and sovereignty over their money. In essence, players were given the liberty to play on any bitcoin-accepting casino without verification and censorship.
By introducing bitcoin to online casinos, the provably fair algorithm was born. Provably fair means allows players to verify that the game was fair even before the game was dealt. Provably fair meant that players would enjoy the following benefits.
- Instant payouts
- Fairness in gaming
- A public ledger
While it may seem to be a noble idea to introduce bitcoin to online casinos, bitcoin isn’t a holy grail to gambling since it is associated with some downsides. For instance, bitcoin gives room for underage persons to engage in gambling.
Bitcoin is also associated with hacking however if stored off-line and the private keys are kept private and with a strong password, bitcoin becomes the most secure payment form available to online gamblers.
Some experts put bitcoin use in gambling at 50% of all Bitcoin transactions which shows just how much confidence and popularity it is gaining as an accepted means of payment in the Bitcoin online casino industry.
Bitcoin Is Revolutionizing the Online Casino Industry
Online gambling is the fastest growing gambling niche. Players have over the years complained about the cost they have to pay in order to deposit and withdrawal funds from their player accounts due to the third party payment processors. Bitcoin has come to take care of all these misgivings.
With Bitcoin payment third -party interference is eliminated, transactions are permanent, anonymous but at the same time transparent that one can track their activity easily. Use of Bitcoin also eliminates accidental and erroneous payments because inputs from the same Bitcoin wallet cannot process payments to a similar block recipient.
Why Use Bitcoin for Online Casinos?
One of the main reasons Bitcoin is being used for online gambling is the fact that the Bitcoin casino industry does not require anyone to sign up to start placing wagers. For those not comfortable gambling without registration, instead of multiple verification documents when using Bitcoin all that is needed is email address verification.
Bitcoin online casino industry has also been famed for its fair play. Due to its cryptography technology deployed, a third party cannot interfere with it ensuring that the houses, as well as the players, don’t cheat.
Bitcoin transactions are also almost instantaneously processed. This means that players’ don’t have to wait several days to access funds in their accounts either for withdrawal purposes or for wagering.
The Growth of Bitcoin Online Casinos
Online Bitcoin Casino Industry has been accelerated by the need to beat the legislative and jurisdiction challenges experienced by the regular online casino industry. In addition to this, the near 100% guarantee on player safety and fair play has gone a long way in boosting confidence in the Bitcoin online casino industry.
The fast deposit and transaction times, as well as the anonymity offered by the use of Bitcoin, are all the things being sought after by online gamblers. All this means that the online casino industry Bitcoin usage can only continue growing bigger and better with each new adoption and invention.
Critical Ways Bitcoin Makes Gambling Online Better
- Near Zero Transaction Costs
- Borderless Gambling in The Online Casino Industry; due to its anonymity and decentralization.
- Facilitates direct Peer to Peer Gambling
- Identity Protection through anonymous playing at Online Casinos
- Provides an avenue for instant transfers
- Facilitates for fair play; cannot be interfered with by third parties
Do Bitcoin Casinos Have An Advantage Over Competitors?
- Don’t require any personal information in order to sign up and play (some don’t require an email address)
- Secure, anonymous, fast & cost-effective fund transfer: relatively low cost of transaction as compared to all the other payment means.
- The rewards & bonuses offered by bitcoin casinos
Pros and Cons of Bitcoin Casinos
- Best alternative deposit method in countries where gambling is not completely legalized
- Instant deposits and withdrawals: most of the bitcoin-based transactions are completed in real time.
- Bitcoin is not a subject to taxation
- Bitcoin casino also allows for permanent records
- Highly volatile as a currency form: the price fluctuation is very variable
- Anonymity, which leads to unsolvable issues in case of wrong deposit funds or account hacking
Step by step guide to making bitcoin deposit to online casino
Making your first Bitcoin deposit to an online casino might be a daunting task especially if you haven’t had experience using Bitcoin. To avoid making errors, it is important to follow the following process when making a deposit:
- Shop for a Bitcoin wallet provider and set up your wallet. Be sure to download the wallet from the official website of the wallet provider.
- Verify your account
- Deposit funds into your wallet
- Make sure the online casino of your choice accepts Bitcoin as a payment method.
How to Get Involved in this Burgeoning Bitcoin Online Casino Industry
The first thing that a player needs to do to take part in the online Bitcoin casino industry is set up a Bitcoin wallet. This involves registering for a Bitcoin wallet, funding the wallet, and ensuring that your wallet is secure.
After setting up the wallet, a player can then shop online for online Bitcoin casinos. These are online casinos that allow their players to use Bitcoin as a deposit and withdrawal method. Some of these casinos even allow players to trade in Bitcoin amongst themselves.
Discover the Future of the Casino Industry - Bitcoin!
Bitcoin is only 10 years old as of 2020, however, its impact in the gambling arena is felt and it seems to revolutionize how online gambling works. Online casinos are quickly accepting bitcoin and other cryptocurrencies as forms of payment and players are seemingly getting interested in gambling with bitcoin as a result of the above-mentioned advantages.
If the trend continues like that then it correct to forecast in the near future, that online gambling deposits will shift from fiat to bitcoin. Its undeniable fact, that bitcoin has sealed many of the loopholes that fiat money and if continued to be used, there are many more innovations that players will likely to experience.