Reasons Why Bitcoin Gambling is Skyrocketing in Popularity
Conventional online casinos require players to wager on games with real money. This might get you wondering what all this fuss is about? When one makes the decision to gamble, they are also prepared to either lose or win. So essentially, what is the difference in using real money or cryptocurrency? Well, players have a different say.
Starting off, there are a plethora of benefits that come from using cryptocurrencies such as Bitcoin and Ethereum, over fiduciary currency such as US dollars and British pounds, amongst others.
Since 2012, Bitcoin gambling has rapidly gained momentum. Today, the world of online gambling is filled with an extensive range of reputable casinos that accept Bitcoin payments. But this again raises the question, why the uproar about Bitcoin casinos? Does transitioning from fiat currency to digital currency carry such significant benefits? This article will take us into cyberspace, exploring elements such as privacy, security, and transaction speeds.
Here are the top three reasons why Bitcoin gambling is skyrocketing in popularity.
1. Looming Privacy Concerns
To grasp a clear understanding of how Bitcoin can have a positive effect on privacy, it is vital to first comprehend how it actually works. Bitcoin works on a completely decentralized network where funds are relocated from one node to another. Transactions on this chain are anonymous and completely secure with no intermediaries. All you have to do is mine or purchase Bitcoin, and then proceed to transfer the funds to the site’s address. Bitcoin eliminates plenty of concerns normally brought by fiduciary currency. And in privacy, we get to see that no identification criteria are used apart from the receiver’s address.
2. It is the New Trend and Next Step in Online Gambling
It is undeniable that everyone desires to get a piece of the action when it comes to Bitcoin. It thus goes without saying that we are set to explore plenty of possibilities as blockchain hits the online gambling scene. Remarkably, in 2017, interest in Bitcoin reached the ceiling with its value going as high as $20,000 for each coin. It thus comes as no surprise to see parties such as software developers bent on introducing Bitcoin options to people. This currency does not depend on traditional systems or institutions for transactions. It puts you completely in charge of your own money from deposits to withdrawals.
3. Navigate Geolocation-Based Constraints
The regulatory practices of location-based online casinos inevitably prevent players outside the jurisdiction from immersing in their favorite online casino games. Following DGE rules, locations such as New Jersey (NJ) don’t allow players outside the state to register and play at their online casinos. Bitcoin, on the other hand, is not bound by these regulatory constraints. Meaning players can place bets from anywhere across the globe. Additionally, many renowned online casinos are progressively adopting the idea of adding Bitcoin to their banking options. But it is a tug of war between merits of compliance and the benefits that come with adding Bitcoin as a payment method.