The Rise of Bitcoin and its Implications for Online Gambling
The last couple of years has proved positive for Bitcoin, after improved regulatory measures and payment limits seemingly brought an end to years of controversy.
Bitcoin is once again the subject of negative media coverage, however, amid claims that some miners are engaging in unfair practices that could do harm to the blockchain technology that underpins the cryptocurrency.
It may be argued that such controversy is simply an inescapable product of Bitcoin’s unique nature, of course, and more specifically its ability to drive anonymous, secure and real-time transactions. In short, its advantages will always be targeted by malevolent individuals, but this can be offset to some degree by sustained regulatory measures.
How Bitcoin Has Found a Perfect Match in Online Gambling?
Interestingly, it is these attributes which have enabled Bitcoin to become so popular in the world of online gambling. Make no mistake; this represents an extremely lucrative and mutually beneficial marriage, with Bitcoin gamblers having wagered a staggering $4.5 billion through the cryptocurrency since 2014.
This should not come as a surprise, particularly given the anonymous nature of Bitcoin and the fact that accounts can be separated from existing banks and e-wallet platforms. So, not only can gamblers access online casinos discreetly if they wish, but there is also an opportunity for them to operate more responsibly by keeping their bank roll separate to their main funds.
Not only this, but the advanced nature of blockchain technology ensures that all real-time transactions are completed more reliably, minimizing delays and potential issues in the process.
How Has the Rise of Bitcoin Impacted on the World of Online Gaming?
We have already seen the staggering sums wagered through Bitcoin over the last two years or more, as the cryptocurrency becomes the preferred payment method for many online gamblers. The currency is clearly challenging the outlook of online casino visitors, from larger high-street brands down to smaller affiliate sites such as slotsites.com, providing them with an accessible and flexible payment solution that is ideally suited to the individual platforms that they use.
The rise of Bitcoin is also impacting heavily on independent casino brands and operators, who are increasingly likely to integrate the cryptocurrency into their platforms in order to appeal to users. We have even seen the emergence of Bitcoin casinos, which trade exclusively in the digital currency (or at least offer minimal alternatives). These casinos are increasingly popular in the current climate, while those that offer multiple payment solutions are gradually reducing their range of options and driving Bitcoin as the market leader.
The Last Word: Will Bitcoin Eventually Dominate the Market?
Although the coming years will most likely see Bitcoin become increasingly popular and well-regulated in the virtual casino space, it will be a while before it comes to dominate the industry as a whole.
After all, there remains an entire generation of gamblers who are unfamiliar with the notion of Bitcoin and cryptocurrency, and attitudes must shift further before it becomes a universal, stand-alone solution.
In time, however, there is every chance that Bitcoin will evolve to a point where it dominates online casino transactions and alters the nature of the market forever.
source:btcnews