Has Bitcoin Overgrown Its Virtual Gambling Clothes?

| Updated
by Konstantin Lazarev · 3 min read
Has Bitcoin Overgrown Its Virtual Gambling Clothes?
Photo: Curtis Perry/Flickr

With every passing day, online gamblers abandoning old-school virtual casinos in favor of advanced Bitcoin gambling websites are growing in number.

Nowadays more and more people, both experts and average users, acknowledge that Bitcoin – the most widespread cryptocurrency having the biggest potential – is fully capable of moving the future industry of electronic payments into completely another dimension.

The possibility for BTC to gradually supersede ‘traditional’ currencies we use now for cash settlements must not be ruled out either. Still, if neither of this happens, and the cryptocurrency will retain its current position as a supplementary payment method, the degree of its impact on the existing areas of the world’s financial system is more than just obvious.

Actually, it’s no less obvious than the fact that Bitcoin was able to revolutionize the industry of Internet casino gaming and betting within just a few years. With every passing day, online gamblers abandoning old-school virtual casinos in favor of advanced Bitcoin gambling websites are growing in number.

The case is the same with the new platforms for players – in just two years, the number of BTC gaming portals tripled, putting the very reason of real-money casinos and sports betting websites under threat.

One of the reasons for players and gambling operators to change the trends may lay in the numerous opportunities that the cryptocurrency offers to both stakeholder groups. Yes, Bitcoin definitely takes some time to get used to, but when you finally manage to fully take control of it, you understand its real power.

Perhaps, there are no online gambling website managers left who haven’t thought about upgrading their businesses to Bitcoin casinos and adding the cryptocurrency to the list of possible payment options, or, alternatively, switch to BTC payments completely. It is especially essential for operators still not having a gambling license, as, running a Bitcoin online gambling portal you don’t even need one to operate in most jurisdictions.

Apart from that, there are still millions of (potential) online gamblers all over the world that do have the Internet access and love virtual casino games more than anything else in their lives, but for some reasons related to legal restrictions on Internet gambling in their countries they cannot access these games on real-money gaming portals. In such cases, Bitcoin may be the only solution.

Additionally, BTC transactions are anonymized, non-reversible (chargebacks are the real headache for just any house), and very-very cheap to perform if you compare them to electronic payments and wire transfers in fiat currencies: the commission fees are almost non-existent for players (and BTC casinos usually pay nothing at all for the transactions their gamblers make), which is simply a once-in-a-lifetime opportunity for operators to attract thousands of new gambling devotees to their websites every month.

On top of all that, many Bitcoin casinos are provably fair, meaning they want to be completely cheat-free, and enable their players to verify the fairness and randomness of their gameplay outcomes (usually, in online games like blackjack, roulette and dice) using the built-in tools based on cryptographic algorithms. The benefit is mutual for both players and operators themselves, as owing to fairness provability technologies they don’t need to trust each other the way they used to before. Only proofs, nothing more.

At this rate, the cryptocurrency has really great chances to become the universal global currency, just the way it has become the almost “official” currency of the online gambling industry. Bitcoin has everything it takes to become one, including the revolutionary technology behind it, and the only barrier left for it jump is made of fat-cats, mercenary politicians and anti-BTC lobbyists. Is Bitcoin strong enough to leave this barrier behind? Time will tell.

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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