Bitcoin and Its Influence on Online Gambling
Bitcoin is becoming a big part of the online gambling community with some online casinos now accepting Bitcoin and other cryptocurrencies as a form of legitimate currency. Online casinos are popping up that only make use of cryptocurrency such as Bitcoin, and are referred to as Bitcoin Casinos.
With Bitcoin being unregulated, it makes for a more appealing form of trading currency for people seeking more privacy regarding their transactions. This could be the jolt the online gambling community requires, to get out of its stagnation.
Bitcoin casinos are ideal for the younger digitally inclined generation. Cryptocurrency online casinos are set to grow in 2018. The fact that Bitcoin has no set value range, as yet, makes it even more exciting when gambling, although many people still prefer the traditional way of depositing currency and gambling with that, so the current online gambling sites aren’t likely to fade away anytime soon.
The online gambling community is currently moving in all sorts of directions. Bitcoin casinos may be the nudge the industry needs to spark a change in how the world views its regulations on online gambling, especially the US.
Gambling with Bitcoin Pros and Cons
Let’s start with the cons. The main concern with Bitcoin is that it has climbed in value so dramatically over the past year, and has yet to establish a stable value. With its unstable value, it is still too great a risk for landbased casinos to introduce gambling using Bitcoin or any form of cryptocurrency in large quantities.
Another drawback is the processing times and fees, which is longer than the traditional way of depositing and withdrawing of funds from online gambling sites.
On the flip side with cryptocurrency being difficult to trace, it will make it more appealing to participants from restricted territories to partake in online gambling without the worries of being prosecuted. Bitcoin casinos appear to be the way forward for 2018, with trends from last year carrying over. These new online casinos are set to increase in numbers, as cryptocurrency is not yet regulated, and is not likely to happen in the coming year, thus allowing for an influx of new sites to pop up. Another plus point of using Bitcoin is that an online gambling site can be set up in a relatively short period of time.
Lastly, the concerns of fairness of various casino games that have been previously been brought forward, will likely become a thing of the past. With Bitcoin, every transaction is recorded on a digital ledger, which is open to the public, so every transaction with every spin and the randomness thereof is available, thus ensuring that the correct winnings are paid out.
Will Bitcoin casinos thrive and bring about a change to the online gambling community and set it free from many of its current restrictions?