People are getting excited about the power of Bitcoin gambling for modern online casino operations.
More specifically, many semi professional and amateur players are getting involved, and some of the pros are, too. At the same time, the people who create and administer these platforms are recognizing the big benefits of bitcoin gambling in terms of fast and easy transactions with more security and transparency, along with a variety of benefits for the players themselves
Why is bitcoin gambling so much of a trend in online gaming today?
There are a number of answers for this, based on the nature of bitcoin as a portable cryptocurrency and its many applications to the gaming world. Let’s look at some of the reasons why BTC wagers are so common now online.
Fast and Easy Transactions
In the modern online casino, Bitcoin is king partly because it is vastly accessible to so many of the average players, and so easy to use for wagers and casino operations, like, for instance, issuing bonuses, and cashing out.
Because Bitcoin is a decentralized cryptocurrency, it doesn’t require traditional bank verification. Digital assets like Bitcoin use what’s called consensus-based verification. That means the holders themselves can verify ownership and chains of custody without consulting a central institution, such as a bank.
So to put this in gaming terms, it’s easy for a player to show up, throw down his or her Bitcoin in the form of digital chips, and cash out at the end of the night without a lot of red tape that goes along with the transformation of chips into money.
To put it another way, cryptocurrencies like Bitcoin were made to be digital. The dollar was not. Our dollar, and all national currencies, started out as paper money used to buy objects in the real world. They predate the Internet, and they predate online gambling.
That’s one reason that Bitcoin gambling is so popular now – it’s a product of its time. Already people are talking about a decentralized Internet, and cryptocurrency fits right into this picture hand in glove (as does JSON.)
Player Benefits – Anonymity, Security and Rewards
Here’s a little bit more about what players love about online gambling.
First of all, as we mentioned, it’s easy to sit up to the table with digital assets. But then it’s also easy to get extras like freerolls, rakeback and cashback offers, bonuses, and more. So online casino operators are offering these and its enticing players to get more involved.
There’s also quite a bit of anonymity and privacy attached to the average cryptocurrency transaction. Now, it’s an important disclaimer that many platforms have to maintain know your customer (KYC) requirements in order to be compliant with national regulators. But beyond that, no one has to look into your financial or banking history in facilitating Bitcoin transactions. They are designed to be frictionless and permissionless and inherently verified.
Then there’s also the cybersecurity aspect of Bitcoin gambling.
Traditional fiat money operations have been, sadly, subject to a lot of outside hacking and theft. Now, Bitcoin critics will say that the coin itself can be used for fraud and criminal activity, too – but most online gaming casinos have found ways to demonstrate legitimacy with players, and people aren’t nervous about those environments. They’re confident that they’re playing in a secure environment where outsiders aren’t looking at their hand, not in terms of cards, but in terms of finances. Platforms like FortuneJack, innovating something called provably fair gaming, use algorithms to “prove” that games are being run fairly, in a way that everyone can verify.
Also see: Is Investing in Cryptos Worth it?
All of this helps to explain why Bitcoin gambling is so much a part of today’s online casino and gaming world. In the future, we may be using a more diverse set of cryptocurrencies to play, but it’s unlikely that fiat currencies will ever become the standard online. It’s just too difficult to manage fiat currencies in a digital environment: that’s why you have so many merchant services and the labor-intensive extension of the PCI system onto the Internet.
New generations will most likely see fit to skip all of this and go with an easy digital portable type of asset that’s inherently verified for casino and e-commerce operations. Like Bitcoin gambling!