Bitcoin has been named as the ‘top-performing asset’ of the last decade. Moreover, even a decade later, it still has its roots firmly in the ground. Merchant processors like Starbucks have also started accepting bitcoin as a payment method. In recent years, it has found its application in yet another arena: Online Gambling.
With modern technological innovations, online gambling has grown all the more popular. The global online gambling market, already valued at around 48 billion, is expected to register a growth of 11% from 2019-2025. Now, the market is expected to get a surge with bitcoin.
A number of existing operators have already started offering bitcoin as a payment method to its users. While a number of new service operators for online casinos have made an appearance in the market in recent years. This is because there are a number of advantages of using bitcoin for online casinos for players and for operators as well.
Bitcoin In Online Gambling Casinos
Let’s take a look at some of the unique features offered by bitcoin that are attractive to gamblers for online casinos
In some countries to date, online gambling is banned while in countries where it is permitted there is a lengthy procedure with banks and authorities involved. Bitcoin provides anonymity to its users without the need for creating a bank account, submitting KYC, or waiting for bank approvals.
Transactions made with bitcoin are comparatively more secure as the player does not need to input their credit card or debit card details on any portal of the service operator. The transactions are secure with cryptographic measures.
A significant advantage of bitcoin in online gambling is that players do not need to pay heavy transaction fees. Furthermore, bitcoin facilitates negligible transaction fees while withdrawing or depositing money from the player’s account
Conventional methods of online gambling took weeks for players to receive payouts with time period anywhere between days to weeks. Bitcoin facilitates instant payouts without the need for any lengthy process.
Provably Fair Gaming With Bitcoin
One of the drawbacks of current online gaming is that there is no method available to check the results of a game. Players need to trust their service providers that the end results displayed are indeed fair.
However, bitcoin has introduced a concept through which players can now vet the end results of a game. A concept known as ‘Provably Fair’, a tool solely for BTC gambling, facilitates players to check if the end results of the game are indeed valid. Through the use of bitcoin’s transparent blockchain ledger and cryptographic functions, a player can now check if the results including outcomes are correctly displayed by the service provider.
Moreover, the tool of provably fair gaming is only available for online gaming casinos.
Bitcoin has indeed changed the game for players in online gambling. It has become a popular industry that has a huge potential to scale. Additionally, the introduction of such a tool like provably fair has made online gaming fun and fair. The possibilities with bitcoin in this sector are indeed huge!