Much talk has been on bitcoin recently and how it could affect online gambling business. Bitcoin is basically an online payment system that enables users to do their online transactions using an e-currency called bitcoin. This bitcoin is clearly different from online payment methods like Mastercard and others which operates with a third party. Bitcoin, however, works without any intermediary. Another distinction is that this currency is not regulated by any central authority; this is why it is gaining so much popularity recently because of its ease of use and no law is guiding its usage.
Bitcoin has taken online payment by storm especially in the gambling industry. Although it is gaining ground, people still hold their reserve from totally trusting it as there is no regulation on its usage even in the gambling industry like casinos. Bitcoin currency is a virtual currency as it is held within a wallet (e-wallet), therefore it exists only in a complex code. The advantage of this bitcoin is that you can have as many bitcoin email address as you desire and this e-wallet can be saved with a reputable website or your PC.
The online casino industry embraces new technology very quickly and has started accepting cryptocurrency in the form of bitcoin currency. But the question still remains if bitcoin will be the future of online casino. So to answer this question in a simple way, let us take a look at the following salient points.
1. In gambling, debit or credit card withdrawals take a maximum of 4 days before they are shown in your account, but bitcoin confirms the transaction in less than 20 minutes. Bitcoin is also not restricted and there is no withdrawal limit and you can withdraw more than $5,000 when you use the VIP status.
2. Another feature of this currency is the transaction fee from other credit cards that cost nothing less than 3 to 5% of the transaction, unlike bitcoins that have a meagre transaction fee of 0.0005BTC. This is the reason why this currency is becoming the desired currency of casinos. Talk about the safety of your currency, it was on a rare occasion that Bitcoin wallet has been able to be hacked even though cybercrime is on the rise. It is not easy to hack because each transaction is protected by technology that safeguards each user’s personal details.
3. What will a player enjoy better if not a tax-free transaction? This is what bitcoin simply offers. If you win big, you go home with all your earnings without paying a dime. Because of safe transactions and anonymous nature of every user, no dime is paid on tax.
4. Also, since the government has no control over this currency and it is decentralized, this e-currency has the potential to have a bigger base of customers. For example, the Unlawful Internet Gambling Enforcement Act compels U.S banks from processing credit card payments from gambling. But since bitcoin gambling has no government influence, it has made transactions easier and people love it more than other credits cards.
5. Lastly, other cards can lose value occasionally through government current policies. This can lead to hyperinflation and collapse that can make someone lose all their savings, but this is different in bitcoin.
Although Bitcoin has been touted as the next big thing to shape the future of online casino gambling, it also has its flaws. The biggest threat to you from this e-currency is ignorance before you delve in.
