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Bitcoin – the revolutionary solution for online gambling

By on February 28, 2015

Online gambling operators that haven’t still introduced Bitcoin payment option on their websites don’t
have that much time really to make the fateful decision. Coming down on the wrong side of the hedge
the may easily end up losing their market position. Why? Because Bitcoin is by far the best opportunity
they can use to make their businesses more competitive under current conditions. BTC is nowadays the
most popular cryptocurrency with the biggest potential, and it has several really strong advantages, for
both operators and online gamblers. Bitcoin gambling stands a good chance to outlive the online gaming
entertainment industry in its traditional form.

First and foremost, Bitcoin enables users to conduct fund transactions 100% anonymously, with no need
for both the payer and the receiver of the payment to disclose their personal data, including names. And
yes, forget about bank accounts, card numbers, and other payment details. Just the addresses of Bitcoin
wallets, that’s all. Secondly, BTC payments are non-reversible (final), which means sender cannot cancel
their transaction to recall and get their funds back without the receiver’s knowledge. That makes a real
difference with ‘traditional’ payment systems and wire transfers being somehow infamous for frequent
chargebacks issues. Also, in contrast to money wiring, with Bitcoins you get simply non-existent or
minimal transactions fees, and that’s a good way to cut down on extra costs for senders.

Consequently, it is little wonder that the cryptocurrency is so popular – at this moment, there are over
13 million users of Bitcoin globally, of the maximum 21 million possible, considering the current mining
capabilities. And BTC is rapidly growing popular, in particular as an investment medium. In light of all the above, it is little wonder that the cryptocurrency is so popular – at this moment, there are over 13
million users of Bitcoin globally, of the maximum 21 million possible, considering the current mining
capabilities. And BTC is rapidly growing popular, in particular as an investment medium. Currently, the
BTC market is worth $3.3+ billion, with the value very likely to increase within the next 1-2 years. In
2014, about half of the transactions in the online gambling market were made in Bitcoin, and that
amount is probably self-explanatory.

Bitcoin is already legalized in many states and jurisdictions, although it’s predominantly still unregulated and not deemed a fiat money analogue. In some countries, online Bitcoin casino sites still need to get a special gambling license to launch their websites, as well as consider certain legal acts and market conditions to be fully competitive, although there is a number of major Bitcoin gambling companies that accept no other currency but BTC (exceptions for altcoins are made sometimes) and have no license.

It should be understood that the cryptocurrency is still too young to have both feet firmly on the ground. It took Bitcoin five years since 2009 to become an almost ‘official’ new currency of online
entertainment websites, but is there more to expect for Bitcoin gambling in the coming years? By all
means, yes.

The thing is, for operators, Bitcoin payments are relatively easy to launch. They can still accept player
deposits in Bitcoins, even if they want these payments to be eventually converted into fiat currencies
before being transferred to their account, and vice versa. The latest technologies enable Bitcoin
payments processing services to provide their customers, i.e. Bitcoin casino operators, with multiple
conversion opportunities. In the course of time, Bitcoin is becoming more advanced and complicated for
developers, but, at the same time, more benefits and advantages are offered to its end users, the
Bitcoin gambling enthusiasts all around the world.