Bitcoin and Online Gambling: What does the Future Hold?



Given the present trends of the gaming industry, the future surely is digital. As gaming has been shifting towards digitalization, payments will not be left behind. The cryptocurrency is soon getting adopted as the digital cash alternative to real monetary transactions. Casinos have always been innovative and open to newer ideas. The introduction of crypto-currency is certainly globalising its reach.

Players can now enjoy their favourite games using the digital currencies such as Bitcoins, Litecoins, Ethereum and more. These currency forms are being developed and dedicated to casinos. These, no doubt, meet the growing challenges and requirements of the industry. Also, they play a vital role in enforcing anonymity while betting. The question is whether Bitcoin could work as a faster and cheaper way to fund player’s accounts?



Bitcoin and gambling at online casinos- Connection

Bitcoin could eventually make an ideal alternative deposit option for the online casino games. With several advanced and regulated gambling sites, online casino and mobile casinos once open to adopting it, it will soon be a recognised currency option. However, one needs to understand the convenience of transactions on the cashier page of the gambling website. Will Bitcoin outdo the other current convenient payment modes like MasterCard, VISA or PayPal? There is also a certain level of ambiguity attached to the relevance of Bitcoin and its value in future. What if the bubble bursts?

Bitcoin as significant for the gambling industry

You could be juxtaposed by the arguments against the use of cryptocurrency in online casinos. Here are some pros of using Bitcoin.

  • Bitcoin transactions are easier and instant: Whether deposit or withdrawal, Bitcoin transactions could be instantly done as it arrives in the player’s wallets. Unlike a bank transfer which could take up to a couple of days.
  • Bitcoin is expected to appreciate: The Bitcoin value has been ascending exponentially since a year. The price does not indicate an immediate sign of dropping anytime soon and thus we can expect some stability in value.
  • Bitcoin is not yet controlled by the international banks: As on date, Bitcoin is not hampered by central banks and financial institutions. Most importantly, the transactions are secure, tax free and encrypted. However, with the future growth, eminent authorities may get involved.
  • It is mostly free of the fee baggage: Most one-to-one Bitcoin exchanges have no levied charges and the transactions are also completely anonymous.
  • It can be transacted via e-wallets and other online businesses: E-wallets such as PayPal seek to allow Bitcoin transactions with a minimal fee attached.

Future of cryptocurrency in online gambling

Are you looking for options to play online casinos games with Bitcoins? Your dream could become a reality within a few years. If the value of Bitcoin can meet the low-betting needs of gamblers, the cryptocurrency will automatically experience a rise in its worth. Currently, a Bitcoin contains hundred million Satoshi’s. If these can be used by regular customers, it would certainly be in favour of the use of Bitcoin.

At present, one Satoshi is worth a negligible fraction of a dollar. Thus, it is not yet viable for use. However, experts believe that with Bitcoin rising almost 300% in the last year alone, its use at all major casinos may not be far from being a reality.

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