By
Steve Muchoki
April 19th, 2024
Bitcoin gambling and the integration of BTC payments to online casinos are gaining good traction.
The use cases of Bitcoin (BTC) and its underlying blockchain technology are rising at a fast pace and it is gaining expressions through gambling and online casino offerings around the world, Canada inclusive. As the entire idea of the operational functioning of Bitcoin is centered around decentralization, industries that feature payments at any point stand at the forefront of being revolutionized through this alternative payment system.
As is becoming a growing trend around the world, casinos in Canada are gradually embracing and integrating Bitcoin payments for use in their gaming operations. While the entire technology backing Bitcoin is relatively new, the application of the new cash option is even newer, and tons of people have little or no awareness of these advances in online casinos yet.
For those that are relatively new to the game, a simplified introduction to Bitcoin, the payment technology, and its pros and cons with respect to its adaptation for use in casinos is explored below.
The Evolution of Bitcoin and Its Payment Uniqueness
The entire idea behind Bitcoin was first communicated by its inventor, a man named Satoshi Nakamoto back in 2008, and the first set of Bitcoins were mined in 2009. Bitcoin is essentially a digital currency that came to be through a set of advanced coding, using blockchain technology. This technology registers transactions in public ledgers that bring about transparency amongst other benefits.
The revolution that Bitcoin is ushering into the financial and monetary world is in eliminating third-party financial institutions, empowering people to transact directly without any oversight or monitoring. Instead of account numbers opened with a bank, users hold their Bitcoin through an encrypted wallet having a unique address, and with it, all forms of the user’s identity and transactions are pseudonymously shielded.
The Peer-2-peer system and anonymity provisions of Bitcoin have particularly made it more enticing to Bitcoin casinos customers.
Bitcoin Gambling in Canada: Pros and Cons
There is a growing list of Bitcoin casinos in Canada including but not limited to PLAYAMO, 7Bit Casino, 22 BET, and N1 Casino. Before deciding to patronize any of these or other platforms, it is worth knowing what you are getting yourself into, per the pros and cons associated with Bitcoin gambling in a casino setting. The major Pros involved include:
- Uses do not get to pay processing fees from banks.
- Users do not have to share sensitive personal data as necessary for normal payment modes.
- Users have all the flexibility to pay for games at any time.
- Users do not get their Bitcoin transactions censored, and no credit score is associated, and;
- User’s winnings in Bitcoin have the prospect of growing in value as the price of the cryptocurrency rises over time.
Bitcoin casinos do not only have their advantages, the associated cons involved include but not limited to:
- Limited reach, or acceptance of Bitcoin amongst existing casinos.
- The need to get comfortable with a non-conventional transaction mode.
- The irreversibility of transactions, in which case, mistakes made in transactions may be irreversible, and;
- The risks associated with using Bitcoin per Phishing and other forms of cyberattacks.
Bitcoin gambling and the integration of BTC payments to online casinos are gaining good traction. The current hype around Bitcoin following its embrace by major American companies including Tesla Inc (NASDAQ: TSLA), as well as emerging ETF products that are being launched in Canada amongst others is continually increasing the appeal of the entire Bitcoin casino set up.
With these backups and the future potentials of the cryptocurrency, more Bitcoin casinos may spring up in the near future helping to boost the general acceptability and utility of the digital currency.