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Bitcoin Circuit

Online Gambling and the Bitcoin Effect

Back in January 2009, the first ever Bitcoin transaction took place. Since then, awareness of the currency has grown and coins have greatly increased in value. Bitcoin is a cryptocurrency, a unit of value which exists in digital format only and is processed on the Bitcoin blockchain.

Despite the hacking of several high profile coin exchanges, the digital currency remains popular. One sector that has embraced the Bitcoin revolution is the online gambling industry. Several Bitcoin casinos have sprung up offering easier transactions and heightened security. It seems that Bitcoin and online go together like peanut butter and jelly.

Over the years, online gambling has experimented with a host of different payment methods. The aim of any payment method is to safely and easily facilitate a transaction between the player and the casino. No one wants to be left at risk of hacking, with bank details being exposed to the net. This is primarily why players prefer bingo pay with PayPal games. Newpaypalbingo.com is one of the sites on the web which directs players to places where they can safely transfer using the PayPal e-wallet.

PayPal is not the only e-wallet to have been taken in by the online gambling market. Neteller and Skrill are common deposit and withdrawal options at many a popular bingo site. However, Bitcoin may have raised standards even further. At its core, Bitcoin is a decentralized peer-to-peer transaction service. It is continually improved upon thanks to the efforts of “miners.” Although there are only a small number of Bitcoin casinos at present, its structure makes it uniquely suited to this industry. We expect to see far more appearing on the web in the future.

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The online gambling market accounts for a huge proportion of global earnings. By the end of next year, statistics predict that the total global value will have surpassed $50 billion. As it stands, the industry is valued at round $46 billion. It’s safe to say that it is a highly lucrative sector. Fueled by the leaps in mobile technology and its greater level of worldwide accessibility, the industry is going from strength to strength.

It seems that the sector is primed for new innovation. Bitcoin could claim this spot nicely. To process a Bitcoin payment, online casinos are charged just a fraction of the fees levied by other payment methods. So from the perspective of the online casino industry, accepting Bitcoin makes good business sense. Also, it would seem that Bitcoin users love to place a bet. Several experts have commented on the huge number of Bitcoin transactions which were being made on the blockchain to Satoshi Dice, a Bitcoin casino. Many people also favor Bitcoin because it provides a viable alternative to traditional currencies which are heavily regulated and becoming increasingly unstable.

Bitcoin is in no way the only form of cryptocurrency that is currently available. It faces staunch competition from other coins such as Ethereum and Litecoin. Although Ethereum has lost some support lately after an extremely high profile hacking scandal. Many of these currencies exist on their own blockchain but there are cryptocurrencies that exist on the Bitcoin blockchain too.

The online gambling sector has remained competitive and profitable largely due to its continued efforts to embrace technology. As we can see from the explosion of new mobile slots games, they do this very well. We expect that it’s only a matter of time before the sector fully embraces Bitcoin as a standard method of payment.

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