Bitcoin in Online Gambling
Online gambling has been one of the most forward thinking industries in the world over the last decade. It was one of the first industries to utilise live video streaming in an interactive manner. It’s taken Virtual Reality and Augmented Reality and created some of the most impressive games on the market. Online gambling has been an innovator for the world and it’s not something that looks like slowing down.
Another area where online gambling has been ahead of the curve is cryptocurrency. There are many outlets across the world that still don’t offer the opportunity for consumers to use cryptocurrency as a payment method. Online gambling isn’t one of them. There are many online gambling sites that allow players to use cryptocurrency as a payment method. This extends to both online sportsbooks and online casinos. There are online gambling sites that allow both traditional payment methods and cryptocurrency and there are even some sites that are completely dedicated to cryptocurrency.
This all means that players have a wider range of choice than ever before when it comes to payment methods. But how exactly has Bitcoin impacted on how online gambling sites run their business, and what does it mean for players?
What Bitcoin has Added to Online Gambling Sites
The first, and most obvious, thing that Bitcoin has added to online gambling sites is versatility. Adding more options for consumers is always a way to get more people to use your products. There are a lot of reasons why players might prefer to use Bitcoin to other payment methods, which we will cover in more detail later on, but by offering this opportunity it means that online gambling sites are giving customers what they want.
It’s not just a method to take older customers away from other gambling sites though. It’s a method to bring new players to the table. Bitcoin has opened the door for lots of new players, all of whom are willing to try online gambling for the first time, purely due to the presence of Bitcoin as a payment method.
It’s not just the ability to pay with cryptocurrency that has been added to online gambling sites though. It’s also created an increase in the number of new games. With developers fighting for the opportunity to be amongst the first to offer new innovations, games that are catered for the crypto audience have become more and more popular recently. They have come in two distinct flavours.
Firstly, there have been games created that just allow for both traditional currency and cryptocurrency to be used as a payment method. Secondly, there have been games created that are specifically designed for crypto players. These often have themes that are related to cryptocurrency, which makes them a little bit more interesting.
How Bitcoin works
Bitcoin operates on what’s called the blockchain. This is an online ledger that stores everything about the location and value of all Bitcoin. When Bitcoin is sent between users it travels across the blockchain. It’s on here where all of the important action takes place. It’s the essence of the blockchain that makes Bitcoin so safe and secure. Because all transactions have to be confirmed when the Bitcoin is sent and when it is received, it means that the Bitcoin can’t be hijacked while it is being sent. This immediately stops hackers from being able to steal Bitcoin from users.
How to use Bitcoin
Using Bitcoin isn’t quite as simple as more traditional payment methods. It requires the user to sign up for an e-wallet in order to hold the currency. There are plenty of different e-wallets on the market at the moment. Each one has a different advantage for users, it’s up to you to check over what’s available and what works best for you. Two of the most popular options are Skrill and Neteller.
Once you have your e-wallet you will have to add some funds to it. You will do this by exchanging some traditional fiat currency into Bitcoin, or whichever cryptocurrency you prefer. Once this is done your e-wallet will be funded and you’ll be able to use it to fund whichever online gambling account you are using.
This is done in different ways at different online gambling sites. It’s important that you check through the instructions that your site offers before you attempt to make a deposit or withdrawal. The last thing you want to do is make a mistake and send the Bitcoin to someone else by mistake. If you don’t know who they are, then you might never get it back!
Bitcoin can also be used in much smaller increments than standard currency. So if you want to send 0.000001 BTC to someone, you can. This makes it a lot more versatile and allows for far more accurate spending.
Benefits to using Bitcoin
There are an incredible number of benefits to using Bitcoin. We’d have to cover a full book if we were going to go over them all, so we’re just going to cover the most important ones. Firstly, Bitcoin is a lot more safe and secure than traditional currency. This is due to it being unable to hijack payments. It means customers will feel much more secure using Bitcoin than any other payment methods.
Bitcoin is also significantly faster than any traditional payment method when it comes to making withdrawals. You can have your withdrawal within minutes when using Bitcoin. When using a traditional payment method, you’ll be lucky to have access to your money in under three days.
Bitcoin also allows customers to be anonymous in regards to how their money is being used. For example, with bank accounts, some loan providers don’t like to see gambling related charges on the account. If you are using Bitcoin to play at an online gambling site then it means there will be no charges on your bank account. This is a huge bonus for players who don’t want their leisure time to be judged critically by outside agents.
The anonymous nature of Bitcoin also offers another advantage. Because fewer of your details are stored when using Bitcoin, it means that there are fewer details available for fraudsters to try and take advantage of. Bitcoin protects you from identity theft, which in the modern world is a serious issue. Ensuring that you are fully protected is one of the most important aspects of using any website on the internet.
Bitcoin can also increase in value. This means that if you get a big win on one of the casino games you’re playing, if Bitcoin has a spike then it will be worth even more. Of course, there is a downside to this, which we will cover shortly.
Disadvantages of using Bitcoin
Of course, Bitcoin does have some drawbacks. Firstly, just as Bitcoin can increase in value, it can also decrease in value. This is essentially another gamble if you choose to let your Bitcoin ride. It’s important to take it out at the right time, so that you can make sure you make the best of your investment. It requires you to keep an eye on the markets and to be aware of fluctuations in the price. For people who think this is too much effort, it could cause them to decide against using Bitcoin.
Bitcoin can also sometimes be hard to use. Not everywhere takes it currently, although there are some special bitcoin casinos. So if you find a great online gambling site and it doesn’t allow you to use your Bitcoin, it could mean having to play at an inferior site. While this might seem like a big problem, it’s one that is becoming less of an issue as more and more outlets allow customers to use Bitcoin.
Overall Thoughts
Bitcoin is the future of gambling online. It allows for a faster, safer and easier transaction process at every level. While there are some minor disadvantages at the moment, these are issues that will iron out over time, especially as more people become aware of the potential that Bitcoin offers.
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