How Bitcoin Created a New Online Gambling Era
Gambling is likely one of the oldest pastimes known by humanity. From dice to card games to slot machines and roulette, games of chances are a feature that is popular everywhere in the world. While online gambling used to be primarily confined to lounges, casinos; and back alleys, all of that changed since the digital revolution. Nowadays, punters have the freedom to enjoy games of chance from the comfort of their own homes.
From apps to online casino websites, remote gambling has become even easier than ever before. More exciting is the fact that cryptocurrencies are now beginning to make their presence felt in the world of online gambling.
Bitcoin for example has been quickly adopted by online casinos; such as Bovada, and punters looking to move beyond fiat currencies. In fact, online casinos are regarded as one of the earliest adopters of Bitcoin and cryptocurrencies.
So, let’s take a look now at how Bitcoin has changed the landscape of online gambling.
1. BTC opened up a new market for online casinos
Due to its decentralized nature, Bitcoin is not constrained by the limitations of financial infrastructure. Because of this, it can be used by anyone with an internet connection, a smart device, and a crypto wallet.
Hence, this has made it possible for online casinos to extend their reach to a significantly larger market. In the past, punters needed to have access to financial services; such as bank accounts and credit cards to play at online casinos.
But with Bitcoin, this is no longer the case as punters only need a cryptocurrency wallet. And as such, this has driven up business for online casinos over the past few years. This situation has encouraged online casinos everywhere to start accepting cryptocurrencies.
2. Allows punters to gamble securely
Previously, security was one such reason why gamblers were originally hesitant to patronize online casinos. Many often felt uncomfortable handing over sensitive information such as credit card numbers and personal IDs.
Because of this, most punters opted to visit land-based casinos which only performed perfunctory ID checks.
However, all of this changed with the introduction of cryptocurrencies. As these digital assets are pseudonymous, punters do not have to worry about revealing any personal information. And this allows them to gamble safely and in peace.
3. Popularized online casinos
Prior to the introduction of cryptocurrencies; online casinos have been something of a niche with most punters preferring to visit land-based casinos.
But with the outbreak of COVID and the introduction of forced social distancing measures, most dedicated gamblers were forced to take their business online. As it happened, the interest in cryptocurrencies rose sharply during the pandemic, and Bitcoin quickly thrust at the forefront of things.
Recognizing the benefits of gambling with Bitcoin, many punters switched over to crypto and began gambling at online casinos. And since then, this has encouraged continual growth for the online gambling scene with more and more sites offering options for cryptocurrency.
Additionally, as gambling somewhat stigmatized by society, online casinos an ideal outlet for punters who wish to keep their activities secret. And by using Bitcoins, these same punters don’t have to worry about leaving a paper trail behind as transactions performed by Bitcoin are anonymous.
4. Encouraged new players to enter the market
Bitcoin’s popularity has served to encourage a new generation of players to visit online casinos. That’s because BTC a valued asset and gambling at an online casino seen by some as a rewarding way to get their hands on some of that sweet cryptocurrency.
Besides that, the new generation significantly more comfortable with cryptocurrency compared to their older counterparts. And this means that online casinos will have to cater to rising demands for crypto support.
While cryptocurrencies may very well the future of online gambling, its still viewed with suspicion by governments around the world. So, you would do well to keep the following in mind:
Cryptocurrency is not accepted in some countries.
In fact, Bitcoin and other cryptocurrencies actually banned in a number of countries. So always check with your local guidelines before gambling with Bitcoin at an online casino.
BTC prices are extremely volatile.
Cryptocurrencies exist in a decentralized, unregulated ecosystem. This means that BTC prices can drastically shift with little-to-no warning. Also, keep in mind that the market is also susceptible to market manipulation by outside players.
Watch out for scams.
Bitcoin’s popularity has encouraged scammers and cybercriminals to try their luck at cheating unwitting victims. Don’t let that happen to you. Always do your research and if it sounds too good to be true, then it probably is.
Bitcoin has brought about a revolution in the world of online gambling. So, whether you’re a seasoned gambler or a casual punter, it’s important for you to know your limits at all times.
By doing so, you’ll have a much better time gambling. Remember to wage responsibly, nonetheless.