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Bitcoin Gambling and Online Casinos Growing alongside Cryptocurrency

UTC by Benjamin Godfrey · 3 min read
Bitcoin Gambling and Online Casinos Growing alongside Cryptocurrency
Photo: Unsplash

From the obvious advantages Bitcoin betting sites and online casinos present, the majority provide similar games that traditional and online casinos offer.

The evolution of Bitcoin (BTC), the world’s first digital currency, has witnessed the integration of cryptocurrency into some of the traditional industries or enterprises around today. The idea is simple, businesses want to align with new technology, in order not to watch their products, services or offering get outdated, and one of the ecosystems integrating the unique capabilities of Bitcoin is the gambling industry.

Bitcoin gambling has been around for close to a decade, and the industry is noted to be experiencing steady growth over time. Of the major aspects of Bitcoin gambling, Bitcoin casinos and sports betting sites are two of the most prominent applications with the former being more reckoned with. The underlying purpose or agenda of Bitcoin casinos, in particular, is revolutionary and aimed at upturning or redefining the offerings of both locally run casinos as well as online casino hubs.

How Bitcoin Is Reshaping Online Casinos

Above all that follows, the Bitcoin blockchain feature of decentralization and elimination of third parties per payment terms has notably offered an easy path to the financial management of Bitcoin casinos, a great hedge over other related online platforms.

While gambling is generally not out of place, and casinos are regulated in many parts of the world, the anonymity that comes with Bitcoin payment goes a long way in giving confidence and freedom to Bitcoin gamblers. Transactions, though registered on public blockchains cannot be monitored by a third-party or any other authority.

As Bitcoin casinos are out to replace fiat currencies, the customers of these platforms bypass the complications of identity checks as in most cases, getting started only involves one’s Bitcoin wallet address. The elimination of the drudgery involved in clearing transactions with intermediary financial institutions also makes Bitcoin casinos more appealing.

From the obvious advantages Bitcoin betting sites and online casinos present, the majority provide similar games that traditional and online casinos offer including Blackjack, the most popular casino game in the world, Roulette, Craps, Three Card Poker, Baccarat, and more can also be found. The odds on offer by Bitcoin casinos are also notably competitive when compared to traditional and online platforms. Payment percentages are generally higher than what existing players in the industry offer.

Bitcoin Casino Growth Amid the Crypto’s Mainstream Adoption

The growth of Bitcoin casinos has a lot of potentials when the ongoing global acceptance of the premier cryptocurrency is factored in. The burgeoning price of the digital currency has even made BTC gambling more appealing across the board as winnings have the probability of growing in value over time.

Today, Bitcoin is being backed by top multinational companies including Paypal Holdings Inc (NASDAQ: PYPL), electric automaker, Tesla Inc (NASDAQ: TSLA), and MicroStrategy Incorporated (NASDAQ: MSTR) amongst others. As the relevance of Bitcoin is continuously reiterated through increased retail and institutional purchases, industry niches including Bitcoin casinos are more than likely to witness a corresponding growth.

Bitcoin News, Cryptocurrency news, News
Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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