How Bitcoin Changed The Face Of Online Gambling

30 August 2016 3 minutes to read
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When Bitcoin first appeared on the scene many people were apprehensive about it for a number of reasons. They said that it’s unstable, it can easily be hacked, it’s the perfect commodity for criminals and it’s not regulated by governments making it unsafe to use.

The digital currency experienced a lot of upheavals the past few years but its really come into its own. Today, Bitcoin is used with gusto by many online casinos while some operators offer it as the only deposit method. Even the United Kingdom Gambling Commission (UKGC) has okayed it and said that operators licensed in the UK can now use it as a deposit method.

 

Why Casinos Now Accept It

The very first Bitcoin online casino, Satoshi Dice was launched in 2012-one can say it was a pioneering site since it dealt exclusively in bitcoins. It was received with a lot of enthusiasm because it allowed players the freedom to use a different currency and anonymity. Truth be told it revolutionized the online gaming world. Suffice it to say players took a liking to the crypto currency like a fish to water. The reason why Satoshi Dice was so successful it coincided with the 2012 global economic recession. People were tired of exorbitant interest rates charged by banks and governments telling them what to do with their money. This paved the way for Bitcoin and as they say the rest is history.

It wasn’t long before other operators caught wind of Bitcoin’s success, it is easy to use and it circumvents regulatory restrictions. The key feature of Bitcoin is the anonymity it offers the user. When a player uses the digital currency as a deposit method it only requires minimal information as opposed to credit cards. Credit card players must provide various personal details and jump through various hoops.

 

Why Bitcoin?

Aside from the fact that Bitcoin is convenient to players, it’s convenient to the online casino too. Setting up and running a Bitcoin site is only a fraction of the cost if compared to a traditional site. Transaction fees are practically non-existent allowing the casino to pay out bigger sums of cash to the player and to yield a better profit.

Unlike credit cards deposits, there are no chargebacks with Bitcoin since all transactions are non-reversible. Players can’t lodge a complaint or demand compensation making Bitcoin a very convenient deposit option for operators. Also, operators don’t need licenses to target players situated in other jurisdictions since Bitcoin bypasses local regulation.

There are Bitcoin operators who are legally licensed, one that comes to mind is BitStarz. Because all Bitcoin transactions are transparent, operators who use it don’t need a license to prove that they’re fair and reputable. Wrap all the positive aspects of Bitcoin under one blanket it’s going to become the currency of choice soon.

In summary. We live in a global economy that’s over regulated, people are tired of being told by financial institutions and governments how to spend their cash and where. Bitcoin changed all this because it’s decentralized and not controlled by governments. It affords the user convenience, complete privacy, transaction fees are low and the processing time is fast.

When a user registers a Bitcoin account it’s free and they can apply for a Bitcoin wallet. The wallet can be used to pay for goods and services be it online or offline. Players who use Bitcoin as a deposit method are not subjected to the casino’s security checks or a banks for that matter-they remain anonymous.

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