Bitcoin has enjoyed an incredible journey since it hit the market in 2009, crossing different obstacles before becoming widely accepted worldwide. Today, bitcoin is the most credible cryptocurrency on the market, despite its value fluctuating regularly. However, bitcoin has experienced a tremendous change in reputation, going from the days it was seen as a money-laundering tool to becoming a reliable currency for shopping and wagering online. Thanks to its tremendous rise, bitcoin is currently seen as a viable currency with lots of potential.
Bitcoin’s Rise Alongside Online Gaming
Looking at bitcoin’s rapid success will make you wonder whom this cryptocurrency has to thank for. Well, bitcoin’s recent success is attributable to the online gaming industry, with bitcoin gambling like in casino dice accounting for over 50% of the total transactions annually.
In 2015, land-based casinos in Las Vegas introduced bitcoin for purchasing items on the house before accepting it for wagering. Today, bitcoins are acceptable forms of payment in many leading online casinos, allowing players to wager on slots and other games.
Considering its tremendous growth, bitcoin and virtual reality have a lot in common. The two started as only fanciful ideas, but they’ve grown tremendously despite the ups and downs they’ve gone through. Additionally, both concepts highly needed practical applications, which online gaming readily presented through bitcoin betting and VR headsets. That’s even allowing regulators to develop guidelines that create mainstream technical concepts.
How Bitcoin Successfully Improved The Online Gaming Market
With the rise of bitcoin, the online gambling industry got the chance to experience bitcoin gaming’s incredible potential. Bitcoin has a strong presence worldwide, and the newfound market will reach its maturity stage with more technological advancements. The customers have also increased immensely and online gambling sites accepting bitcoin have tripled over the last year.
Bitcoin’s strong foothold in the online gaming market was predictable, and the technology is perfect for the market, especially due to its speedy payment processes when betting on the web. However, although bitcoin hasn’t reached its full potential in the mainstream, some people believe that it has secured its place in the online gaming scene. Nonetheless, bitcoin’s future success remains uncertain despite having a major impact on the business perspective of iGaming.
Why Operators Are Adopting Bitcoin
The unique thing about bitcoin is its technology. That’s also what makes it perfect for the online gaming market, as it’s also lucrative to stakeholders in the industry – including players, operators, and affiliates. Even better, there are lots of bitcoin innovations that are highly beneficial to top operators, which explains why there are bitcoin casinos, bookies, and poker rooms launched every year.
Here are several reasons why operators are choosing to use bitcoin for online gambling activities today:
- Bitcoin gaming is easy to get started compared to playing using fiat currency.
- The transaction fees are nearly zero and negligible compared to the normal processing fees charged by third-party payment processors. As a result, the operator can offer higher payouts and better odds, thanks to the reduced transaction fees.
- The operator can reach a broader market as bitcoin is usable from anywhere in the world, provided you’re connected to the internet. That’s why bitcoin casinos effortlessly attract the attention of a large pool of online gamblers. However, you might not access some bitcoin gambling platforms due to regulatory limitations.
- This peer-to-peer digital currency is usually not reversible, and you won’t get any chargebacks. That’s good news for the operators as chargebacks are dreaded in the online gaming world. That means all deposits and withdrawals made with bitcoin are considered final.
- You don’t need a gambling license to operate a bitcoin casino, although it’s crucial in earning the players’ trust.
Benefits Of Bitcoin Gaming To Online Players
In the US, bitcoin gaming has continued making headlines for years, with some states embracing this digital currency for tax payment. Here’s a complete guide on how to pay tax on cryptocurrency in the UK also. Fortunately, bitcoin betting has lots of benefits to the players, including:
- Safety and security
Bitcoin transactions are secured using sophisticated encryption protocols that aren’t easy to break. Additionally, there’s no single database for hackers to exploit.
- Fast payments
With Bitcoin, you can transfer your money all over the world within less than 15 minutes. That’s means you don’t need to wait for days to receive your winnings after submitting a withdrawal request from your casino site.
- Low or No fees
Low transaction fee is one reason why the bitcoin network has continued rising in today’s world. The players can speed up the transaction’s processing time by paying a small fee, although it’s easily negligible considering other options.
- Fully decentralized
Unlike credit cards and banks, bitcoin is a fully decentralized peer-to-peer payment solution whose code is entirely open-source. That mean’s it’s not owned, controlled, or regulated by anyone. However, the network is maintained by a community of developers, who ensure the transactions are immutable and verifiable upon payment.
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