Impact of Bitcoin on Gambling

By Guest Author
April 17, 2019 Updated April 17, 2019
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Ever since electronics money, such as Bitcoin, arrived in the world scene its importance and usefulness were getting bigger by the day. Cryptocurrency or digital cash’s purpose is to enable protected transactions, controlled by computer technology.  Digital transactions do not require a middleman; they are quick and usually cheap, secure and don’t request information about parties involved.

Industries Bitcoin has changed

The importance Bitcoin already has in the world of finance can be recognized in the latest movements in the banking industry. In the Music industry, fans are using Bitcoin and directly paid to the artists for uploaded music, which seriously disturbed this $15 billion worth industry. Gambling industry uses Bitcoin instead of credit cards, making the whole online gambling experience easy for the gamblers.

Transformation of the Gambling Industry

In order to achieve security, pleasure, and coziness for the gamblers, online gambling industry went above and beyond and brought together all the leading developers and operators involved in the online, multi-platform and mobile gambling space. They made online gambling available on smartphones, and players can now enjoy it, at any time, anywhere, free of identity.

The necessity of Bitcoin in online gambling

Currently, the most popular online bitcoin casinos are constantly fighting to enable trustworthiness of payment and fairness of game by constantly investing in algorithm developing. Cryptocurrency-based casino FortuneJack allows payments not only in Bitcoin but in other virtual currencies. Besides the safety in payments, Random Number Generator defines the final results of the bet on Fortunejack and make sure that all the events are completely random and uninfluenced.

Opportunities that Bitcoin offers to gambles

It allows gamblers to place bets from any place in the world anonymously, avoiding hidden expenses, conversion, or bank transfer fees, and the transfers are much faster than any other.

Bitcoin requires no permission and is free and open to use globally, cannot be confiscated and with the help of algorithm transaction with Bitcoin can’t be blocked or reversed.

Future of BTC gambling

Once you purchase your Bitcoin you are free to use it as you wish. Opportunities are endless and as the real world is getting used to it there will probably be more gamblers who will embrace this kind of entertainment. With excellent safety features and legislation not being an issue the future is bright.

There are countries where gambling is illegal and also there are people who would like to stay at home, enjoy occasional gambling while keeping the credit card in the pocket. Bitcoin made it possible and it seems it is only the beginning.

This author could be anybody, but he/she is not a member of staff and opinions in the article are solely of the guest writer and do not reflect Coingape's view.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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