Is Bitcoin the Future of Online Gambling?
Through the last decade, online gambling has come a long way. States across the US have been loosening their grip on the laws and regulations surrounding one of the largest online industries in the world, giving opportunities for casino owners and players alike.
These relaxed restrictions even extend to sports betting, giving bettors the chance to log into a computer, check the scores and odds of their favorite sportsbooks, and place their bets from the comfort of their own homes.
However, with the evolution of blockchain, a technology that can keep a record of transactions making it impossible to manipulate or cheat the system, cryptocurrency-based casinos have been steadily rising with no sign of slowing down. The most popular of these cryptocurrencies and leading the charge is bitcoin.
What is Bitcoin
Bitcoin is one of the most desired currencies for online gambling and sports betting. When you sign up for a bitcoin-based casino, you typically only need your bitcoin wallet details and are not required to add any personal information. Not adding personal information protects your data from getting into the wrong hands and allows for a much faster sign-up process.
The most significant benefits of Bitcoin include:
- Fewer fees
- Better odds
- Fair gaming
- Bitcoin-based bonuses
- Ease of use
- Better bonuses
Bitcoin allows you to make withdrawals and deposits much faster than a traditional casino with fewer fees. Transactions are more secure as they cannot be canceled or rejected, and the history is stored securely with no ability for it to be modified.
Bitcoin in Casinos Today
As mentioned above, the high-speed transactions, lower fees, and anonymity of bitcoin have proven to be favorable perks amongst online gamblers. With the ease of using bitcoin, many casinos accept it as a payment method, with some using cryptocurrency exclusively.
Around the globe, bitcoin has given people in areas that do not allow online gambling the opportunity to log into these crypto-based casinos and place their bets. In a few easy steps, you could exchange your money for bitcoin and be on a site placing bets in minutes. These steps include:
- Picking a wallet
- Exchanging dollars for coins
- Signing up for an online casino
- Placing your bets
It is that easy. As more and more sites continue to adopt bitcoin as a method for payment, the options you will have available for finding the proper setup for you become that much simpler. If you are looking for the best sites to get started with bitcoin gambling, you should research these three key factors:
- Customer Support. Any quality business will provide excellent services and great customer support. You should have no issues tracking down a rep, whether it’s a live chat or over the phone. Customer support should have the ability to talk you through every step of the process and give you the best information you need to get started and feel comfortable.
- Variety of Games. When finding the right site for bitcoin gaming, game selection is another crucial factor. Make sure you look over the game selection to find the most suitable options for your needs. The best bitcoin sites will have a massive variety of options that will keep you entertained for as long as you need them.
- What bonuses do they offer? Whether it’s an online bitcoin site or a traditional casino, rewards and promotions are something to look for when picking the right one for you. Look for free spins, sign-on bonuses, and other offers to get the most out of your experience.
Future of Bitcoin
Needless to say, the future of bitcoin in the online gambling industry is bright. Every day, more people are becoming familiar with blockchain and its benefits. The increased familiarity has caused an increase in folks exchanging dollars for coins, which in turn increases the number of people eager to take that currency to their favorite online gambling site.
Bitcoin does face some threats in the form of Ethereum. As the second most popular coin on the charts, Ethereum is quickly closing the gap, and trading has been growing increasingly popular in the UK. Some experts even assume that it is only a matter of time before it reaches the same level as the current leader in bitcoin.
It seems inevitable that cryptocurrency is the payment choice for online gambling. The world seems to be heading in a digital direction, and the opportunities for the popular coin only appear to be growing.