Bitcoin is considered the most useful and powerful payment method. There are many controversial regarding this payment method. Let’s explore more on this article.
What is Bitcoin?
Bitcoin is no stranger to Internet users in the 21st century. In theory, bitcoin is one of the first digital ‘cryptocurrency’ types to hit the market. It allows users to transfer digital cash globally and offers great benefits regarding the privacy and security of transactions.
Bitcoin first appeared in 2009, and we do not know specifically who its inventor is. The founder of Bitcoin is known only by a single alias, Satoshi Nakamoto.
BTC uses peer-to-peer technology based on Blockchain technology to execute its transactions. Therefore, when you transact with Bitcoin, you will not need to go through the regulation of any bank or government. That makes Bitcoin holders’ data undisclosed, and they don’t incur any additional transaction costs.
In fact, the maximum number of Bitcoins created is 21 million Bitcoins. No one can create or mine more Bitcoins after all these Bitcoins have been found.
That makes Bitcoin virtually immune to inflation, and its value depends solely on the market’s demand, which sees Bitcoin becoming more and more valuable over time.
When created in 2009, the value of one Bitcoin was equivalent to only $0.01. However, in a short time, by 2013, this number had increased to $1,250.
Although there are times when Bitcoin drops in price due to market fluctuations and hacker attacks on websites that trade this cryptocurrency, in general, the value of a Bitcoin is still growing sustainably to this day. Currently, the value of one Bitcoin falls around $39,000.
How bitcoin opened up a new online gambling world
As we all know, gambling is a healthy and accepted form of entertainment in many countries. However, not all governments have legalized it, because of the downsides it brings to a segment of players.
That makes it difficult for players in certain regions when they try to transfer money into their casino accounts to play.
And, when Bitcoin came along, things got easier for them. Casinos that accept cryptocurrency transactions are popping up more and more, making it possible for players to conduct transactions without following strict regulations imposed by governments.
Unfortunately, these sites tend to circumvent the rules while operating, and not many of them have high demands on players’ personal information.
That creates a concern for responsible gambling organizations.
In the US, online gambling is still in steady growth as it is legalized in 22 states and Washington, DC. Transparency and licensed websites must register with each state in which they operate and possess all the necessary customer information.
These players’ transactions are strictly controlled by the federal government and subject to anti-money laundering regulations.
Meanwhile, cryptocurrencies have also spread strongly in American society. A recent NBC News poll found that one in five Americans has invested in, traded in, or used cryptocurrency.
That’s completely understandable given that companies in this country are openly selling bitcoin, ether, and many other digital assets.
Both of the above factors explain why accepting Bitcoin transactions at casinos is becoming the hottest trend with its great potential.
These betting sites put out quality advertisements about their services and offer a variety of payment methods that are familiar to players other than cryptocurrencies.
Therefore, they are attracting more and more users. However, most such sites are not based in the US, making government surveillance difficult.
Given its limited resources, the US federal government doesn’t consider online gambling a concern as senior officials say it’s not linked to a larger criminal network.
However, that could change as the crypto casino market continues to show signs of a boom. Chainalysis, a blockchain analytics company, did research, and the results show that there are around 70 crypto-friendly casinos currently in operation, and their revenue is estimated at 2.8 billion dollars until the end of 2022.
Even so, to date, no US state has legalized online gambling transactions with Bitcoin.
What CasinoMentor think of bitcoin casinos?
Bitcoin could, in theory, be seen as a perfect alternative to online casino transactions. However, can its potential help it beat VISA, MasterCard, and PayPal as the ultimate choice for bettors? We will need to learn about the advantages and disadvantages of bitcoin casinos.
Pros of Bitcoin
Trading with Bitcoin at betting sites offers many advantages for players. These include:
- Transactions are instant: You don’t have to wait long for funds to be credited to your account like traditional methods. Bitcoin transactions allow the system to record your transactions instantly, and you do not need to provide any additional documents.
- High security: There is no risk to your information if you do Bitcoin transactions because this cryptocurrency does not require any data from the owner. Therefore, your data is entirely safe and cannot be stolen.
- Value shows no sign of decreasing: Bitcoin’s value has been on a steady rise over the years, and with the current market situation, you can rest assured that it’s unlikely to be impacted by financial crises.
- No Transaction Fees: Bitcoin transactions are not monitored by central banks or any third parties. So no transaction fees are applied here. Plus, the trades are also completely anonymous.
Cons of Bitcoin
Of course, it is also necessary to argue about Bitcoin’s cons to get a complete overview of its safety. So here are our general arguments.
- Transactions can still take days to complete: Bitcoin’s network is not unstoppable, as it wasn’t originally set up to handle such large volumes of transactions. However, with today’s advancements in technology, it is rare for your Bitcoin transaction to be delayed.
- Mining can be expensive and time-consuming: If you want to own large amounts of Bitcoin, you should look to exchanges. Mining your own Bitcoin at home can be time-consuming and power-consuming. Besides, most home computers aren’t viable for you to think about.
- Unprotected Stolen Bitcoins: Because all transactions are anonymous, you won’t have many options for help if your Bitcoins are stolen.
So, with all the information mentioned, is Bitcoin the way of the future for online gambling? The answer is yes. Bitcoin completely changes the concept of online payments and is a sign of a new monetary era where security is the highest priority in transactions.
However, if you intend to deposit in Bitcoin at an online gambling site, you should always check its transparency first to avoid the dangers of fraud.
Few words about who wrote this article:
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