Introduction
Online gambling is an innovative and lucrative business; it is having quite an impressive growth on a daily basis. For example, in 2003, the overall revenue from online business was about 6.6 billion Euros.
But, in 2014 the figure rose to 32.5 billion Euros. In the year 2018, the global revenue generated from online gambling is about 42.8 billion Euros, and this is going to triple according to projections of experts.
Some of the major transactions in multiple online casinos are done using major global currencies of Euros, British pounds and US dollars. But today, the game has changed, because many people prefer to use cryptocurrency especially bitcoin. The growing demand of bitcoin is unimaginably high.
On a daily basis, people use it to buy goods and conduct various forms of financial transactions, and today bitcoin has occupied a pride of place in the world of online gambling.
What is Bitcoin?
This is a digital currency that offers users the opportunity to conduct financial transactions around the world, almost instantly. Bitcoin is not issued by any financial institution neither is it controlled by any government, instead it is controlled exclusively by users.
This implies that only two parties have the exclusive right to control it: the sender as well as the receiver. If you have understood how bitcoin works, you can easily use it to send or receive money as quickly as possible just like you send and receive an email.
Major benefits of bitcoin
Below are some of the noticeable benefits of bitcoin:
- The users enjoy high degrees of anonymity
- absolute privacy
- lowest expenses for transactions
- provably fair games
- instant deposits
- Transactions can be done 24/7
- nobody has the ability to freeze your assets
How Bitcoin has transformed online gambling
Anonymity
Due to some of the problems that people encounter with series of online transactions such as providing a lot of personal data, users have become uncomfortable transacting online.
However, when bitcoin came onboard with its anonymity features people were pleased and started using the bitcoins frequently. Hence, most online gambling sites accepts cryptocurrency especially bitcoin because it assures players that their transactions are secure, safe, reliable and anonymous.
Legitimacy
For most online users, this is one of the most innovative reasons why bitcoin is relevant any time any day. It is a digital currency that is acceptable at all times. It is not regulated by any government or financial institution, and this is why it is more appealing in the online gambling industry. Most online gamblers have referred it as the real deal.
Pricing and fees
Bitcoin is priced higher than any other cryptocurrency, even when you trade it with real currencies. Also, while most payment gateways like PayPal charge about 5% for every transaction, Bitcoin charges a paltry sum of 1% per transactions. Certainly, this is a good reason why many online gamblers prefer to use bitcoin at all times.
The Rate of Acceptance
Bitcoin is soaring high in the marketplace; it has gradually even entered into the Chinese marketplace. The wide acceptance of this virtual currency has made it really lucrative for betting businesses and online gambling sites. The more it is accepted around the world, the more profit the online gambler will make from it.
Final Verdict
As bitcoin continues to soar and break new grounds as a virtual currency, it has really changed the way the world sees online gambling and sports betting, and having said this, I am confident to say that bitcoin has changed the way online gamblers work and make money online, and my assumption is that this will continue. Bitcoin games are daily revolutionizing the online gambling industry.