Ever since its origin in the last decade, the online gambling industry has grown at a truly incredible pace. Whether in the form of sports betting or traditional offerings like roulette or blackjack, online gambling has the biggest impact on gamblers from across the world.
As per statistics shared by Statista, the global online gambling market is expected to reach more than USD 94 Billion in 2024. However, today, in the age of sensitive information transfer and cybercrime, there are still questions about whether online gaming is safe or not. To address this concern, several online gambling firms are introducing new technology like bitcoin so that they can once and for all tackle the security as well as image issues of online casinos.
Let’s see in detail how has bitcoin changed and improved the online gambling industry. If you wish to play with bitcoin Here are some bitcoin casinos that you can easily trust.
Bitcoin Brings Anonymity and Security
Anonymity is something that everyone enjoys online, primarily gamblers. One of the major benefits of Bitcoin is its anonymity, which is hardly offered by any other mode of payment. While Electronic Funds Transfer and credit card payments can be linked back to the person who made the transaction, payments made through Bitcoin can never be tracked. All you have to do is give your User ID details, which necessarily doesn’t have to be your actual name— you can also use your nickname or a name that is completely made up.
Additionally, Bitcoin has also brought increased security to online games, which is extremely important for people who love to gamble online. All transactions done through Bitcoin are secured by advanced encryption, similar to the one used for military or government transactions. Furthermore, the improved software of Bitcoin allows you to keep your online wallet safe and has proved to be one of the most reliable ways to spend your money online. All in all, if you are someone who needs privacy when it comes to online transactions, then Bitcoin is one of the best options for you.
Bitcoin is a Fast Payment Method
All the players out there know that it’s always better if the payment process is faster. With Bitcoin, players can make transfers throughout the globe in as little as ten minutes. Even though this time is slightly longer than credit card payments, it is still quicker than most payment methods like Electronic Funds Transfer (EFTs).
Bitcoin Transactions Come With Low Fees
High fees are one of the major issues faced by online gamblers. With traditional payments, your winnings go through several intermediaries, credit cards and their issuers, bank transfers, and all of them require a part of your funds. So, you end up paying 5% of your money. Even services like PayPal charge high fees— if a player decides to make payment through such methods, he will be left with a significantly reduced amount.
On the other hand, most casinos that accept Bitcoin do not charge anything. Players also have the option to speed up the transaction by paying a small fee, which is still impressively lower than payment methods such as EFTs and credit cards.
Bitcoin is Fully Decentralized
Unlike credit cards, banks, and other forms of payment methods, Bitcoin uses peer-to-peer technology with no central authority. It means this virtual currency is not regulated or owned by anyone. There is just a community of developers who maintain the network and make sure that the payments are unaltered and prepared on time.
Bitcoin is Widely Accepted
There was a time when Bitcoin was only accepted by a few online casinos. This forced gamblers to opt for other payment methods that charged them enormous fees. However, the times have changed, and now Bitcoin is accepted by several online casinos. Players can make transactions throughout the globe without worrying about exchange rates or security.
The Final Thoughts
Bitcoin has a lot to offer, which is why several online casinos, as well as sports betting websites, are switching to Bitcoin. Nowadays, several online establishments accept this virtual currency that comes with security, safety, and anonymity, which is not offered by any other mode of payment. All in all, the future of bitcoin in the online gambling industry looks exciting, and it will definitely make the lives of players easier.