Bitcoin has been used for many purposes and transactions, now different platforms have adapted to it as a mode of payment and investment in online gambling
A few years ago, only a handful of people knew Bitcoin. Mostly “geeks” and tech-savvy people were the early adopters who saw the potential of cryptocurrency to change the world of finance.
As dramatic as this may sound, we should not underestimate the impact Bitcoin and other cryptos can have on the world. This is perhaps not surprising after the Bitcoin price almost hit $20,000 two times since its inception. Far more people — from individuals to institutions have their eyes on Bitcoin nowadays. In parts, we can attribute the growing popularity of Bitcoin to the retail giants like PayPal and Square joining the crypto space.
The online gambling industry has also embraced Bitcoin. Cryptocurrencies are a natural fit for online casinos, bookies, poker rooms, and other gambling platforms for various reasons. If you’re interested to know more about BTC gambling, this article covers it all.
But First, the Basics of Bitcoin!
Bitcoin (BTC), often described as a virtual currency or a digital currency - is a type of money that is completely virtual. As described in its whitepaper, it uses peer-to-peer technology to facilitate instant payments. It’s stored online or offline in cryptocurrency wallets and traded on BTC exchanges.
One of the main characteristics of Bitcoin is that it’s decentralized, meaning no government or central authority controls it. All transactions occurring on the Bitcoin network are registered without revealing the identity of the person behind them.
The combination of anonymity and transparency has led Bitcoin to global acceptance. It’s the very reason Bitcoin gambling has gained wide popularity over the years.
Types of Bitcoin Gambling Platform
The initial days of Bitcoin gambling were quite simple. Operators offered games like dice rolling or the easiest-to-develop casino games. But, nowadays, the BTC gambling industry has changed. You can find everything available on a single platform right now.
For a start, Bitcoin bookmakers are all over the internet, and you can bet on most mainstream gambling sports with BTC. Many online casinos are also joining the race by introducing Bitcoin as a payment option to play multiple gambling sports on their platforms. However, some are starting from scratch using the technology behind Bitcoin.
1. Provably Fair Gambling
This type of gambling is a part of blockchain technology, and it verifies the fair play of everything related to gambling. Bitcoin’s ability to create provably fair gaming is the reason many operators are supporting the cryptocurrency.
The solution removes the need of relying on gambling commissions or other regulators for fair play as everything happening on the blockchain network will be visible to every participant.
2. Hybrid or BTC-only Operators
There are primarily two types of hybrid gambling operators. One that works exclusively with BTC or other cryptos. The other platforms have integrated BTC as the main payment method in their overall payment system.
The hybrid operators have an advantage over BTC-only operators, mainly because of the plethora of payment options provided to the players. The strictly Bitcoin option is usually raw and somewhat limited.
Benefits of Bitcoin Gambling
Bitcoin is a match for online gambling for many reasons.
- Privacy - You can keep your identity private as you pay with BTC for the games. Players around the globe can play games, irrespective of their country's stand against gambling.
- Speed - BTC deposits and withdrawals are instant because no intermediaries are involved in facilitating the transactions.
- Low Fee - The transaction fees are so low that many times the operator chooses to cover them on your behalf.
- Promotions - Some of the big names in the gambling industry are available to BTC users.
- Security - It's a widely known fact that BTC can't be hacked. If you are careful with your Bitcoin wallet, you have nothing to worry about.
The online BTC gambling world is rapidly developing, and the future seems bright with the integration of blockchain in traditional systems. If you decide to try your hands on gambling, make sure you fully understand it.
The information in this guide and the others we've linked can get you started, but it wouldn't hurt to expand your knowledge even further.
About SiGMA Pitch:
Following a very successful run, the 5th edition of SiGMA Pitch is back for Spring 2021. Over 100 startups will be selected to showcase their products and initiatives throughout the event. Each startup will have a small booth at SiGMA surrounded by top investors and mentors. However, only the judges' top ten make it to the Pitch during the final leg of the Summit. Increase your chance of being one of the top 100 by providing a 3-minute video-introduction upon participation! Apply now.