Bitcoin is not a buzzword in the gambling industry any more as a matter of fact it’s now the currency of choice for many online casino players.
Bitcoin is popular with gamblers because there’s very little transaction fees involved, withdrawals are cleared almost instantly, the games are provably fair, it’s highly secure, convenient and it gives the user a degree of autonomy. To wager online the player needs a Bitcoin wallet with bitcoins in it, provide an email address and user name-it’s as simple as that.
”Anonymity is the major reason why players prefer Bitcoin.”
Word on the street is one of the globe’s foremost investment companies, Goldman Sachs went out on a limb by stating that the price of one Bitcoin will punch the $8,000 mark before 2017 is out.
The digital currency is well on its way by becoming one of the best investment opportunities for the man in the street. It even surpassed gold which has always been the number one commodity investors flocked to in times of political or economic uncertainty. Earlier this week Bitcoin was trading at $7,700 but dropped to $7,100 earlier today.
A Strong Bitcoin is good for the Online Gambling Business
“This break indicated potential for an impulsive advance, one that could reach at least 7,941. This is the minimum target for a 3rd of 5-waves up and should therefore be a level from which to watch for signs of a consolidation.”
It’s clear as daylight that many of the world’s top investment firms are beginning to warm to the cryptocurrency where they shunned it in the past. Countries like Japan, Singapore have regulated it while Malta and numerous other European countries will oon follow suit. It’s safe to say that folk are becoming extermely vocal about Bitcoin and other crypto currencies (Ethereum, Litecoin, etc).
In 2014, Bitcoin’s price tipped the scales at $1,000, in 2016 it started hitting the high notes and in 2017 it surged to a cracking $7,700 per coin. despite it’s phenominal rise the cryptocurrency still experienced peaks and throughs just like fiat currencies.
”A research report indicates that online gambling represents at least 10x the transaction volume of Silk Road and the other Bitcoin drug marketplaces.”
As of 2014 more than $4.5 billion in Bitcoin wagers have been made which clearly demonstrates the digital currency’s potential in the online gambling business. Players can gamble in a privacy-centric environment that allows them to get their funds quickly in and out of the casino without any hassles.
The virtual gambling industry topped $45 billion in 2016. Although Bitcoin captured a small fraction of the market it’s going to grab an even larger slice of the pie in years to come.
Interesting Bitcoin Stats
Based on the statistics of 60 crypto gambling sites, Bitcoin casino players placed 337 bets per second and betting on average 3 bitcoins per second. Since its inception in 2008 Bitcoin gambling has increased by a significant margin across the globe except the United States.
Presently the U.S is one of few countries that still outlaws gambling online thanks to its UIGEA (Unlawful Gambling Enforcement Act) of 2006. This is why many of the major online and Bitcoin casinos still refuse to set up shop on U.S soil.