While Bitcoin may have existed under something of a crowd since its inception back in 2007, this trail-blazing cryptocurrency is finally delivering on its immense potential.
Not only is it now well-regulated and laying the foundation for similar digital currencies to emerge, but it has also found a lucrative application in the form of online gaming and gambling.
This has come at the perfect time, with the online gaming market boom and virtual wagers now accounting for around one-third of the entire gambling industry. But what impact will Bitcoin have and how exactly will it change the way in which we gamble online?
Anonymous, convenient and Cost-saving – The Core Benefits of Bitcoin
To understand how Bitcoin will really change the way in which we gamble online, we need to look at its unique properties and the advantages that it offers to players.
The most striking of these is Bitcoin’s decentralised nature, which enables individuals to gamble anonymously and with complete privacy. This will definitely appeal to some, as while there is no longer a social stigma surrounding gambling it’s fair to say that consumers have a right to indulge their favourite pastimes away from the prying eyes of others.
With rising concerns surrounding the use of data in the digital age, this is an even more pressing concern that enables users to trust Bitcoin platforms.
Similarly, Bitcoin’s unique structure lends itself to instant transactions. This means that players can access their currency in real-time through both online and mobile platforms, whether they want to instantly credit their account or make an immediate withdrawal. Such seamless and effortless transactions also lend themselves to lower usage costs, meaning that there should be no commission costs applied to using Bitcoin or any other variation of cryptocurrency.
With the UK Gambling Commission (UKGC) have recently censored some online casinos for making it unnecessary complicated for gamblers to access any winnings that have been earned through a promotional offer, the widespread adoption of Bitcoin would enhance the experience for players and make it far more rewarding.
Will Bitcoin Eventually Eliminate the House Edge?
A growing number of casinos are increasingly keen to leverage these natural advantages on behalf of players, with progressive platforms like No Deposit Friend starting to list Bitcoin-ready casino games.
Beyond this, the emergence of new cryptocurrency networks like Ethereum has also encouraged innovators to consider the superior transparency afforded by this type of technology. More specifically, there is talk of Ethereum serving as the foundation for a completely transparent and decentralised casino, and one that would negate the house edge for players.
This would represent a major breakthrough for the online gambling sector, which has already taken huge strides to enhancing how it is perceived by customers. In the autumn, the UKGC unveiled five key strategies that will help to safeguard player interests further and protect vulnerable gamblers over the course of the next four years, so the development of a transparent casino platform would play into this perfectly.