The internet and the tech that drives it is always changing and evolving. New technology and trends affect how people use these services, and online casinos are no exception.
The rise of Bitcoin and its increasing acceptance as a trusted currency have rocked the online casino Playluck industry. More providers are accepting the once misunderstood crypto-currency as a payment method. We consulted with Kate Richards, an expert in the industry to understand Bitcoin’s impact. You can find her profile here.
Entering the Mainstream
According to Coindesk.com, the first online casino to accept a deposit in Bitcoin was Vera and John. A large gambling website registered in Malta. In 2014 the company began taking deposits in Bitcoin and converted them to Euro values. This allowed the software to operate without adaptation. Users would have to exchange their winnings back to Bitcoin to cash out. Since then, the number of online casinos accepting the currency has continued to grow.
In 2017, Bitcoin’s value surged, sparking both interest and distrust from investors, who branded it a “bubble.”
Soon after this considerable rise, a sharp decline in value confirmed fears that this bubble had burst. Since then, Bitcoin has steadily risen once again, resulting in economists viewing it as more stable and trustworthy.
How Bitcoin Has Affected Online Gambling
Blockchain technology offers users a high level of transparency and anonymity. The laws governing online gambling vary in different areas of the world. However, the UK’s Gambling Commission regulations are more consistent with those from countries across the Atlantic.
Privacy is a hot buzzword all over the internet at the moment, and Bitcoin satisfies the concerned gamer’s need to remain anonymous. Using a digital currency for gambling reduces a user’s digital fingerprint, creating the anonymity that they seek.
Blockchain currencies, in general, are more prone to value fluctuations than traditional fiat currencies. This adds to the appeal of funding online gambling with Bitcoin. Any winnings left in your casino account may well grow exponentially as the value of the currency continues to rise. However, there’s also the real possibility of it decreasing in value.
It’s no secret that online gaming has been vastly in favour of the house in the past. As a result, it’s warranted some distrust from potential players. A bitcoin casino not only provides anonymity to its users but is also transparent regarding the house edge. These factors make it a more appealing option to the distrustful players.
Another attractive aspect of gambling with crypto-currency is the lack of fees and limits on daily transactions. Casinos using traditional currency enforce deposit and withdrawal limits and fees as standard. It’s easy to see why cash-conscious Bitcoin owners enjoy this new style of transacting.
Traditional online casinos depend on authorities to vouch for the fairness of their games. Players often have nothing more to go on other than this verdict before starting a new game. With Bitcoin casinos, players can determine fairness for themselves. What better opinion to follow than that of a fellow player’s first-hand experience?
A Much-Needed Shake-Up
Bitcoin’s adoption as a mainstream currency has levelled the playing field for online gamblers. The cryptocurrency has shifted the balance of power from the authorities into the hands and wallets of the players themselves.
Crypto investors, by their very nature, are not averse to taking risks. There’s a thrill when you play at a casino for Bitcoin, and it’s provided the thrust to take online gambling into the digital age.