Is Bitcoin the Way Forward for Online Casino Gambling?
Bitcoin and other virtual currencies (known as cryptocurrencies) are rapidly growing in both popularity and value. Naturally, all industries are trying to get in on the Bitcoin-Altcoin rush as early as possible, and the gambling industry is no exception.
Online gambling websites have long been trying to make incoming and outgoing payments as seamless and convenient as possible. As more people became interested in crypto, it was only a matter of time before websites integrated a way for you to use it for deposits and withdrawals at the casino utan licens med trustly. Nowadays, there are a lot of crypto casinos, but not all of them are safe. Check Betworthy bitcoin casino reddit to be aware of what websites are good enough to use.
Bitcoin’s growth over the last decade has coincided with the widespread growth of the internet itself. The online gambling industry has benefited from this popularity, so the two are a match made in heaven.
Gambling expert Carlos Norbergn, shared his expert opinion about the history of cryptocurrency and what he thinks the future holds for Bitcoin and online casinos. This article is a summary of his opinions and ideas.
The History of Casinos & Cryptocurrency
Though the exact origin is unclear, Bitcoin began popping up as a viable casino option around 2013. Compare that to today, where you’ll find the option available in over a quarter of all casinos.
The earliest traces of land-based casinos accepting Bitcoin were found in December 2013 with the Golden Gate Hotel and Casino in Las Vegas, Nevada. Las Vegas was a pioneer city in terms of cryptocurrency, being the first to allow crypto purchases of everyday items like food and drink from certain vendors.
The Benefits of Bitcoin
The main benefit of Bitcoin is the exact reason it was created: its decentralization. When a currency is decentralized, there is no single administrator. Instead, transaction records are held on a public ledger bounced between “blocks.” Together, these blocks create a chain known creatively as a blockchain.
Bitcoin, in this way, isn’t tied down by the traditional limitations of currency. The value is decided by the masses rather than a single government. When someone invests in Bitcoin or another cryptocurrency, they can assist in driving the price up.
Initially, the price of Bitcoin in 2009 was only a couple of cents. It sits, at the time of writing, just $28,626.80 per coin. The future of Bitcoin’s value is foggy, but recent public endorsements by various companies like Elon Musk and Tesla helped in the cause to the crypto wave in terms of public perception and value.
Plus other coins (altcoins) are making their move as well. See top cryptocurrencies in the world.
When it comes to online payments and gambling, many prefer the anonymity that crypto allows. Your bank won’t question you for playing a few rounds of blackjack, and you can immediately transfer wins to either your crypto wallet or straight to cash.
There’s also an aspect of safety that online casino players appreciate. As Bitcoin keeps a permanent record of all transactions, you can always ensure the casino you’re playing on is fair and that all bets are settled.
The Crypto Gambling Foundation
The Crypto Gambling Foundation (CGF) oversees crypto-based casinos, including those based around Bitcoin, to ensure fairness and build trust. This organization is attempting to bring the murky world of crypto gambling into the light.
Going by the model “provably fair,” the CGF is just one of a growing list of professionals trying to make crypto safe and accessible. You can access a variety of articles on the subject directly on the Crypto Gambling Foundation website.
With creative thinkers like the CGF on the forefront of crypto transparency, the future is brighter than ever. Only time will tell, however, if these types of initiatives can garner enough traction to become the norm with such an unregulated and unprecedented currency.
Is Bitcoin the Future?
Annoying as it may be, the answer to this question is uncertain. Many points are positive for Bitcoin gambling and cryptocurrency casinos in general. They allow a decentralised and anonymous betting experience that keeps a permanent public record.
Unfortunately, many businesses are wary even to get their feet wet due to the fluctuation in prices. For those who offer Bitcoin as a payment option or an in-house crypto processing platform, the struggle becomes getting people to use it.
Those who are deeply ingrained in Bitcoin and crypto are doing so to make a profit; the overlap between this demographic and those who gamble is slim.
Even further, with the overwhelming jumps in value in Bitcoin, especially over the last few years, many feel it’s a waste of investment to spend it on something that could accept the regular currency.
As Bitcoin becomes more widely accepted and demystified, more people will begin to invest in it as a form of currency comfortably. When that happens, you can expect the gambling industry to benefit from it. However, only time will tell how much.