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How BTC has Changed the Gambling World (part 1)

Author: Артем Белевцов
10 October 2019, 12:14
Votes: 1

It seems that nowadays it is impossible to find at least one person that has never heard about Bitcoin. The whole world has been talking about the Bitcoin boom, which has raised expectation to quickly get rich.

How BTC has Changed the Gambling World (part 1)

In September 2015, one Bitcoin was worth approximately two hundred and thirty dollars. After a year, its cost increased to six hundred dollars. In September 2017, the value of the same Bitcoin stood at four thousand and four hundred dollars. At the end of the year 2017, the cryptocurrency could be sold for nineteen thousand and six hundred dollars. At that moment, a lot of people thought its value would go on increasing. However, they were wrong. Its price dropped by almost fifty per cent and the currency became worth ten thousand dollars. Nowadays it is possible to buy the original Bitcoin for six thousand and four hundred dollars.

It is clear that those lucky people who bought the cryptocurrency in 2015 or 2016 and then sold it managed to multiply their wealth. On the other hand, a lot of people purchased Bitcoin when its value was almost twenty thousand dollars. Having hoped to become millionaires, they only lost their money.

According to the expert in the gambling industry Michael Stevens, the above-mentioned story proves there is a link between BTC investors and casino gamblers and between these industries in general. This article is aimed at explaining how the Bitcoin currency has changed the gambling world.

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Gambling payment processing became much easier thanks to Bitcoin

Gambling payment processing became much easier thanks to Bitcoin

The Bitcoin’s goal was not to become a means for speculative investment. Its inventor Satoshi Nakamoto (it is a pseudonym since this person is still unidentified) sought to create an alternative to the present fiat currency system. Thus, the inventor focused on replacing the existing system of electronically exchanging funds, which is implemented through banks, credit card companies and payment processors. Bitcoin is aimed at getting rid of such intermediaries.

When people, for example, buy something online or play at an online casino, they cannot use cash. In that case, the intermediaries like banks or payment processors come to the assistance. Purchasing a book or piece of clothes does not usually cause any problems. However, all online gamblers know well that issues begin when the case concerns making an online gambling deposit. The transactions are often blocked by the bank and rejected by the card issuer. It has become one of the major problems among people who enjoy gambling online. Another problem concerns charging fees that sometimes reach 10%. This is because online betting sites want to cover their own payment processing expenses.

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At the same time, using the Bitcoin cryptocurrency does not require involving any intermediaries. To make a transaction, a person just needs to utilize a private key (it is a password linked to the person’s cryptocurrency wallet). Then the site uses its own private key and quickly approves the transaction. Everything is done extremely quickly and safely. Moreover, it is free of charge and there are no limits regarding the number of deposits that are allowed to do per month.

bitcoin casino

As mentioned earlier, New Zealand will legally allow companies to pay salaries in cryptocurrency. Since September 1, employers will be able to get the wages in digital currency.

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