Bitcoin has been a widely discussed topic for recent years. Whereas digital payment technologies have developed, a large number of people have changed the way they handle their money. Bitcoin, it seems, has halted its active progression. However, there is one industry where BTC is likely to continue its growth and bring some changes. In this case, the issue at stake is utilizing Bitcoin in online gambling establishments. Thus, this article will try to explain why BTC is useful in the Internet casino industry and how it will change this field within the next few years.
First of all, it should be noted that there are many factors people take into account while selecting an establishment to gamble. Gamblers are frequently interested in how many free spins they can get at the casino and whether a gambling establishment supports some modern payment methods such as Skrill, Neteller and BTC. Thus, Bitcoin is frequently listed as one of the casino’s benefits and those who want to enjoy online gaming offers intend to know what BTC can do for them. Such an approach can be quite powerful. If the gambling establishments using Bitcoin succeed, more will probably appear, with ways in which the current digital wallets would work with possible BTC ones in order to bring changes in how financial resources are transferred around the industry.
Both players and operators benefit from Bitcoin. Let’s start with the first ones.
Casino’s customers’ benefits:
- Complete anonymity (of both users and transactions).
- Verifying your identity when using Bitcoin is not necessary.
- Minimum service fee or even its complete absence.
- Processing requests for making deposits and withdrawals occur almost instantly.
- Many cryptocurrency casinos offer users much more profitable bonuses.
- The wallet is protected from blocking by the state. No state regulatory authority has the right to block a bitcoin wallet since it is not used to store fiat money.
- Gamblers can play anywhere thanks to Bitcoin, even in countries where gambling is prohibited by law.
Read more: Cryptocurrency Ratings in 2019
As for operators, there is also a number of advantages for them:
- The process of opening a casino operating with cryptocurrency takes less time (from two to three weeks instead of two months).
- The principle of no return, which works with Bitcoin, protects the casino from fraud by players.
- Using cryptocurrency will ensure an influx of visitors, significantly expand the boundaries of the market for operators.
- The competition among Bitcoin casinos is lower.
- Unlike casinos that operate with fiat currency, operators do not need a license when working with Bitcoin. It can be obtained in order to increase the level of trust among users, but this is not necessary.
- No expenses associated with multiple money conversions.
- The cost of opening a Bitcoin casino is quite low.
At the moment, the share of specialized Bitcoin casinos around the world does not exceed 15%. However, given the pace of development of the cryptocurrency industry, in the next few years, it will grow significantly. Experts agree on one thing: being protected from third-party interference, Bitcoin perfectly meets the needs of both online casino visitors and their owners.
Currently, there is just one possible risk related to Bitcoin transactions: the unwillingness to recognize BTC and a complete prohibition of cryptocurrencies by world central banks. However, so far there are no prerequisites for this.
As mentioned earlier, according to the Chinese authorities’ report, Bitcoin has become the first successful application of blockchain technology.