‘Bitcoin Gambling’: Real Money Houses Under Attack?

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by Konstantin Lazarev · 4 min read
‘Bitcoin Gambling’: Real Money Houses Under Attack?
Photo: Michael Briggs/Flickr

It is undeniably an open secret that people have been seeing the greatest efficiency of electronic fund transfers in making them fast, seamless, easy-to-perform (much desirably, one-click) and hassle-free.

With great probability, our dreams became true with the introduction of the Bitcoin system a few years ago. The global business environment was really quick to respond – from the very beginning of Bitcoin’s existence, there have been numerous services offering various ways to improve and enhance its usability.

It is definitely worth being mentioned that the industry of online gaming entertainment – virtual casinos, poker rooms and sports betting websites – was the first to start offering full BTC payment functionality to its numerous customers.Currently, millions of gamblers in many countries can make deposits and get their winnings in hundreds of casino games in the universal cryptocurrency we all know as Bitcoin.

The number of players turning from real-money Internet casinos to Bitcoin gambling websites and betting portals is growing steadily for some considerable reasons that many are still unaware about. Now is the right time to learn a little more about them.

To begin with, all peer-to-peer transactions made by the Bitcoin users are, metaphorically saying, light years faster than the ones you’re used to in case with real money transfers. Instead of days and sometimes even weeks they take just minutes to be completed.

Now, if you wish to make a deposit from your digital BTC wallet to the Bitcoin address of your preferred online gambling website, you won’t have to wait as much for your funds to be received as you used to do before.

Likewise, the withdrawal of your winnings will be completed within the time it usually takes you to drink a cup of coffee. On top of that, Bitcoin transactions are fully anonymized and processed automatically, meaning there is no need for the casino’s staff to interfere in the process and make any onfirmations in manual mode.

Then there’s another great news: the limits on incoming and outgoing transaction amounts are basically non-existent. Bitcoin system enables you to make single bets reaching tens of Bitcoins, and that is one of the special functionalities of block-chain that BTC payments are based on.

Bitcoin users can send and receive Bitcoins within the system without any concern at all about having to provide certain personal or banking details to initiate the payments, which is so unlike conventional real money transfer systems.

All the required data on every single transaction is entered automatically into block chain register. And yes, the amounts that any single player is able to win potentially are also enormous, especially in case with video slot machines where jackpot prizes are offered.

So, Bitcoin makes your life a lot easier in terms of electronic payment accessibility, and there is another thing we are going to tell: Bitcoin gambling has turned out to be a real life saver for millions of gamblers around the world who were deprived of casino games and sports betting they love so much because of the state-imposed bans on real money online gaming in their countries.The trick is, such bans do not reach online BTC gambling, as Bitcoins are not deemed money in many states, rather a money substitute.

Now you’ll probably ask why Bitcoin hasn’t yet become the official currency of online gambling. Well, currently there may be a couple of issues related to the trustworthiness of Bitcoin gambling websites not offering provably fair games, which can be seen by players as a strong counterargument.

Then, many are unwilling to put up with the fact that Bitcoin transactions are final, i.e. their BTCs instantly become forever alienated as soon as they are sent to another party, and there is no possibility to get them back.

At all events, it doesn’t make the usage of the cryptocurrency substantially problematic for the overwhelming majority of users, as long as they can see its great power and potential. Already now Bitcoin gambling industry poses a serious threat to traditional currency gaming websites, and is capable of eliminating them completely in a couple of years.

Bitcoin News, Cryptocurrency News, Editor's Choice, News
Konstantin Lazarev
Co-Founder & CIO Konstantin Lazarev

Konstantin has always been at the forefront of the global virtual currency scene since first discovering cryptocurrencies the same year that Satoshi Nakomoto created bitcoin in 2009. Konstantin is the owner of a number of small businesses in trucking and mobile development, and co-founded CoinSpeaker in 2014. He graduated from Belarusian State University in 2009 with a degree in Mathematics and Mechanics. You can contact Konstantin via [email protected]

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