Bitcoin emerged in the world in 2008. Since then, cryptocurrency has managed to break numerous milestones and become a widely accepted method of payment in different industries. Until 2017, not a lot of people knew the real capabilities of Bitcoin but crossing the $20,000 mark was something extraordinary.
Digital coins make everything different and in some cases, they are seen as replacements for real money. No wonder, as they possess numerous advantages compared to traditional payment methods. The trend is only growing and with time we could only see a frequent usage of Bitcoin. One of the main industries where Bitcoin is rapidly gaining a foothold is online gambling. At the moment, more and more online casinos and bookmakers adopt BTC as a way of payment. Let’s have a closer look at some of the main features of Bitcoin and its effect on online entertainment.
Bitcoin Has no Borders
In numerous online casinos, there are geographical restrictions. Some players are not allowed to play in foreign casinos, while Bitcoin-powered gambling establishments have no such limitations. What makes Bitcoin so special is the ability to play from any part of the world, without being afraid to be detected. In these Bitcoin casino reviews, you can find out all the bookmakers that offer their customers the possibility to play from any part of the world.
There are only a few exceptions, when online casinos may restrict players from accessing their websites. Usually, such establishments are traditional operators that initially were focused on standard gambling with real money and later introduced Bitcoin as a method of payment.
Bitcoin is Secure
Nowadays, when the world is so dependent on the Internet, security plays a huge role not only in gambling but other industries as well. Security is a concept that is often neglected and it is necessary to have everyone safeguarded from hackers and malicious software. Bitcoin which is based on the network of Blockchain is pretty much safe from illegal interference. Especially when we talk about gambling, there are chances that your money could be stolen or frozen. Digital coins are well-secured from such events.
Bitcoin Will Become More Prevalent in Gambling
If we take a look at the events happening in the past and the situation happening now, more and more people are switching towards Bitcoin which is not unexpected. Fast transaction speed, a high level of security and of course anonymity is what makes Bitcoin more demandable among customers. As the current trends show, traditional money will be less required in gambling and Bitcoin will probably replace it in several years.
Bitcoin-Games are Provably Fair
Provably fair is a concept that is used to test the fairness of different Bitcoin games. When you are playing traditional slots, poker or blackjack games these games cannot be tested and sometimes online casinos fraudulently fake the results. With a provably fair system, everything can be checked and you can find out whether your results were correct or not.
Bitcoin is an Investment
Normally when you start playing in online casinos with Bitcoin you need to deposit money on your account. Considering how volatile Bitcoin is, even without playing you can make profits. The recent history surrounding Bitcoin showed us that its price can rapidly go up and you can make a lot of money without even spending a single penny playing different casino games or betting. Because of that Bitcoin is a perfect way of investment which is why numerous players can choose it over traditional payment methods.
How Will Blockchain Impact the Industry?
It is difficult to estimate which blockchain projects will carry weight on traditional playgrounds located in Las Vegas or Macau. Real places are attractive to tourists not only because of the gambling themselves, but also because of the atmosphere, interiors, and the audience.
However, the potential impact on online gambling is huge. Although the need to buy cryptocurrencies can complicate implementation. In the casino, you also buy chips or put money on an electronic card for slot machines. But payment gateways open channels for money laundering.
Given the pace of growth in the gambling industry in recent years, as well as the steady growth of cryptocurrency, it is entirely possible that cryptocurrencies could be one of the top choices in casinos.
One of the best aspects of blockchain technology is its transparency. This means that a business that uses a public chain can make its activities completely open. Each user can check the promises made by the company, etc. One of the potential uses for this kind of openness is gambling and online casinos with cryptocurrencies, also known as the gambling industry.
Since everything is powered by smart contracts that can be verified, honesty is heightened. This is potentially much more honest and open gambling and cryptocurrency casinos. In addition, the ability to use cryptocurrency instead of fiat opens the industry to thousands of new players.