Bitcoin is the internet’s currency of choice. It’s digital currency with its own value independent of the currency that’s sanctioned in the world economy.
What does this have to do with online gambling? Well, quite a bit. First, let’s unpack why bitcoin is gaining popularity in and of itself.
Why Is Bitcoin So Popular?
Bitcoin has gained popularity because, depending on the digital wallet used, you can save on transaction fees that plague monetary payments online. Plus, Bitcoin payments are practically instantaneous. This is because the virtual currency uses peer-to-peer technology for transfers.
In contrast, on sites using regular currency, withdrawals and transfers are carried out through standard means. This includes wire transfers, direct deposits, and pre-paid Visa cards.
Bitcoin, however, is different. It’s a completely virtual concept. A person’s Bitcoin wealth exists only online, in the form of online “ledgers.” These are accessed through “keys” – long strings of encrypted letters and numbers.
If you have Bitcoin, you give out your public key so people can send you Bitcoins. Meanwhile, your private key keeps your balance safe and is used to authorize transactions.
But, exactly why is all this great for gamblers?
3 Reasons Why Bitcoin Is Great for Gamblers
Bitcoin is great for gamblers because they can bypass governmental regulations set in place. They can also enjoy fresh innovations in the gaming, betting, and gambling worlds.
1. It Circumvents Regulations, But Isn’t Illegal
It’s illegal for U.S. gamblers to process internet poker payments using U.S. banks. In general, internet gambling in the U.S. with real money is illegal except in a few states.
However, since Bitcoin isn’t tangible currency regulated by any government, Bitcoin gambling breaks no laws. People are free to play Texas Hold’em with virtual currency on the internet till their heart is content – and it’s especially popular in places where online gambling is highly regulated.
2. New Gaming Innovations Keeps Things Interesting
Along with bypassing gambling regulations, Bitcoin is ushering in new gambling and gaming innovations. Using Bitcoin’s unique principles based on networking and cryptography, new games are springing up that are becoming even more popular than old standbys like Texas Hold’em, Omaha high/low, and stud poker.
3. You Get No-Cost, Speedy Transactions
As we already mentioned, Bitcoin transactions are instant and safe thanks to the technology. Plus, they aren’t privy to fees that go hand-in-hand with transferring regular old currency.
This makes using Bitcoin a tempting way to gamble, since you essentially keep all the Bitcoins you win.
These reasons and more are what makes the combination of Bitcoin and online gambling so tempting for many.
What Are the Challenges?
Though Bitcoin sounds perfect, nothing is without its challenges. For this virtual currency, the main issue is that transactions aren’t verified, so once you send a payment, you can’t cancel it if it was accidentally sent to the wrong account.
While it’s perfectly secure for individual transfers, those who want to move to a different level – say, open up Bitcoin casinos – are hesitant to put their trust into a large-scale Bitcoin operation.
Despite these setbacks, it looks like Bitcoin gambling isn’t going anywhere in the foreseeable future.