Exploring Bitcoin Gambling
Published on February 9, 2015 at 12:38 CST
The advancement of Bitcoin as an alternative payment has caused the emergence of numerous Bitcoin gambling websites to serve a wider range of clients worldwide.
If there’s an industry that has gained so much from the rise of bitcoins as an alternative currency, it’s internet gambling. Though Bitcoin was launched in 2009, it was in 2013 that online casino start-ups started to emerge from mere ideas to realized projects. SatoshiDice, on the other hand, was launched before that. It opened in 2012 and continues to be a reliable betting site up to now.
Though Bitcoin gambling only covers a tiny portion of the overall online gambling revenues, it is expected that the former will experience tremendous growth due to the fact that Bitcoin offers a myriad of benefits, which ranges from cheaper to faster transactions to its capacity to provide anonymous gambling experience; something that almost all players seek to have.
Benefits of Bitcoin Gambling
Bitcoin gambling definitely provides a paramount of advantages. As mentioned, there’s anonymous gambling, lower transaction fees, and faster deposits and withdrawals – all of which are not guaranteed by traditional online casinos.
The conventional betting sites don’t provide anonymity, thus, requiring players to share personal information before they can basically do everything such as registering, depositing, and withdrawing payouts. Moreover, the integration of bitcoins in online gambling has led to the elimination of all barriers for anonymity. It has also lessened amounts of all transaction fees involved.
Thus, Bitcoin gambling is stronger in terms of sustaining any third party control as it is designed to be controlled by the users themselves. This is one of the primary reasons why online gambling brands that use bitcoins continue to achieve prominence among all gambling enthusiasts worldwide.
Challenges Over Regulations
Despite challenges encountered due to ambiguous regulations, the growth of Bitcoin gambling seems to be unstoppable. In fact, other Bitcoin casino, such as Seals with Clubs, is taking risks by allowing players from the United States.
It just shows that unclear regulations, instead of imposing limitations, actually provide other operators the opportunity to circumvent gambling bans. This is because the use of bitcoins in gambling sites is not covered by any banks, nor is it controlled by the central government.
Furthermore, there are signs that some places in the US are warming up to the idea of online gambling, in which such states as Nevada, Delaware, and New Jersey have already allowed internet gambling.
The growing market has kept the Bitcoin gambling industry busier than ever. As a result, Bitcoin casino start-ups continue to progress in number to cater a much wider market of gambling enthusiasts.
In late 2014, online casino providers like SoftSwiss has reported an increase in number of requests for the launch of a Bitcoin casino, which is expected to rise in 2015 despite setbacks over Bitcoin’s value.
Wider Merchant Adoption
Aside from gambling, Bitcoin’s use for other services is also evolving for the better. For instance, huge names like Amazon, Microsoft and Dell made headlines when it was announced that the said companies will be allowing bitcoins as payments for some of their products and services.
In addition, Bitcoin’s reach as an alternative payment has gone beyond the online range. It is because land-based establishments like hotels, restaurants, and even law firms, accept bitcoins as payment now.