The invention of cryptocurrency may still be a novelty for older generations, but the young and the ambitious are rapidly picking up on it! Regulators across the world are trying to crack down on digital currencies and crypto exchanges, but that does not mean they are leaving any time soon – on the contrary, crypto currencies seem to be the future.
On the other hand – or better, hand in hand – online gambling, particularly thanks to the extraordinarily circumstances induced by the global pandemic, is having its momentum. These two occurrences make a perfect business combination: bitcoin gambling! If you’re not sure whether this is something you should invest in, let’s dig deeper into it.
1. Is Bitcoin Money?
Bitcoin, just like any other cryptocurrency, is less and more than money at the same time. The most important feature is that many countries in the world do not consider cryptocurrency as legitimate legal tender, and as much as this sounds sketchy, it is actually the key to the success of cryptocurrency, because there are no financial institutions involved, but the currency can still be converted into legal tenders.
The moment it was first introduced to the public, the price of Bitcoin was under a dollar. However, since its popularity grew exponentially, so did its value. With its approximate value of $65 000 per coin and a high potential for an even higher increase considering the laws of demand and supply followed by currencies, the gift of Bitcoin gambling keeps on giving.
2. What is a Bitcoin Casino?
Any casino accepting Bitcoin currency is a bitcoin casino. So called hybrid casinos are those accepting both fiat and cryptocurrencies.
3. What is So Special about the Blockchain?
You have probably heard of the term blockchain throwback and forth when talking about cryptocurrencies, but what is it exactly and what does it do? To break down the term, the blockchain ledger stacks, stores, and keeps track of transactions as an independent third party. Due to the digitized time stamp system upon which the blocks are built, the chain is irreversible – it works in a form of a chain, with each additional block reinforcing the verification of the previous one, and so on.
However, this may sound complicated, the essence is that the blockchain is public, and as such, completely secure. Despite all the Internet rabbit holes and cyber panic, blockchain assures a completely transparent, simple, and efficient service for each financial transaction.
What’s more, users stay anonymous, but transactions are accessible to the public, making it difficult – almost impossible – for anyone to cheat the system or hack. Tellingly, this is what makes cryptocurrencies great for gambling businesses. Providing customers with such a sense of trust is crucial for the successful gambling industry.
Moreover, the storage of records – how players gamble, their winnings and losses, casinos’ RTP, etc. – is very important for casinos, and it should be always transparent and secure. Although online casinos are turning to different forms of encryption in order to keep data safe, they are often targets for malicious users. With blockchain, there are no risks of this kind.
4. Benefits of Bitcoin Casinos in Comparison to Traditional
Besides the transparency, Bitcoin gambling offers numerous advantages when compared to old school casinos, or even their online counterparts. While usual casinos require players to give away their personal information, including their banking details in case of online gambling, bitcoin casinos are free to enter on an anonymous basis, since there is no personal information required to one’s Bitcoin wallet.
Staying anonymous is a huge asset and a bait for many players who are not comfortable giving their information or having the public see them gamble. Another benefit is that there are no betting limits. Many licensed online casinos are not able to offer max bets due to legal and financial regulations, while Bitcoin casinos, these rules do not apply, and nor do the betting limits – so if a player feels like gambling everything is away in one night, let them be.
Lastly, but no less important, bitcoin casinos can offer more bonuses without harming their regular income. In comparison to traditional casinos, bitcoin casinos make far more money because they get to keep more of the profits as they are spared of many of the costs and taxes casinos are usually required to pay. This means that some of those ‘’savings’’ can easily be turned into amazing bonuses to lure in new and sleepy players!
5. Be Ahead of the Game
The future of Bitcoin in the online gambling industry is bright, and you better take your chances and make it your present before everyone else out there claiming their part into it. The popularity of cryptocurrencies is getting bigger and bigger with each day, and the world leaders in investment do not fail to notice it.
With Bitcoin being at the center of attention and far ahead of other cryptocurrencies, Bitcoin casinos are the hottest targets for investors. If you’re looking for a big time investment, there is no wiser choice.
6. Investing in Bitcoin Gambling is a Gamble Itself
Despite all the great advantages of doing the bitcoin gambling business, the truth is that cryptocurrencies bear with themselves a dose of a gamble. Many people started using crypto for the very purpose of gambling and hoping to get rich overnight – and some really did.
However, this is something that needs to be considered to a greater extent when deciding to go big and invest more time, energy, and money into it. Needless to say, any investment requires a certain level of risk. As long as the investor is precautious, takes time to educate themselves, and calculates the risks in advance, there are ways to make strategic choices and play within relatively safe domains.
In line with all the above, usage of digital money is getting more and more common, particularly among investors. Tellingly, it is no surprise that representatives of the gaming business are one of the most eager ones to implement the most popular cryptocurrency, the Bitcoin. Besides the aforementioned level of risk taken with each of the investments involving cryptocurrencies, investing in bitcoin gambling can be a brave, bold, and brilliant choice.