Bitcoin and Gambling: A Match Made in Heaven?

Cryptocurrency has become an entity that the financial sector and governments can no longer ignore. Many governments around the world have begun dedicating resources aimed at gaining a better understanding digital currency and how it can be implemented.

In 2014, many top US universities added bitcoin to their syllabuses. Now, they have expanded further to include blockchain too, with The University of Cambridge in England following suit. Many are exploring whether Bitcoin could become the future of gambling. We’re taking a look at the digital currency’s implementation in the industry and why it fits.

Cost

It’s a hard fact that when you boil down any decision, it will very often lead to cost-effectiveness. When handling payments, merchants are subject to processing fees. These apply regardless of whether they are paid to PayPal, MasterCard or to a bank. With Bitcoin, these costs are avoided. There are now casinos that will not only let you deposit in the digital currency but also let you gamble using it too. Using Bitcoin negates the need for processing fees and currency conversion fees. It make the whole process easier and more cost-effective.

Privacy

When playing paypal bingo at sites such as newpaypalbingo.com, we rest assured that a lot of time has been invested into monitoring security and ensuring player privacy. However, bitcoin offers an even more secure way of carrying this out. Unfortunately, many companies look unfavorably on online gambling. Something as small as a £20 deposit could prejudice a credit report. Thankfully, when transferring bitcoin there is no trace left behind. The blockchain is also extremely secure and constantly being improved upon.

Innovation

When you use Bitcoin, you become part of a sector that is continually innovating. Although, buyers should be aware the Bitcoin prices are quite volatile. How we use the digital currency for gambling has only just begun to be explored. However, as we learn more about it there is a chance that even greater uses will be found. The currency lends itself particularly well to the gaming sector, due to its ability to carry out micro transactions. We are only just starting to realise the full potential of cryptocurrency. At present, they stand for innovation which for the gambling sector can only be a good thing.

Gaming Quality

Unfortunately, many online casinos can get stuck in a rut. They get comfortable and fail to innovate. As a result the games lobby often suffers. When you speak to anyone who commonly frequents online casinos, it is likely that they’ll be able to tell you the names of a few key perpetrators.

If an online casino incorporates Bitcoin, it is pretty much guaranteed to have its finger on the pulse. Bitcoin’s incorporation in gambling is a relatively new innovation. Therefore, playing at one of these sites ensures that you’ll also become privy to the most recent releases on the market.

As we’ve illustrated above, gambling and bitcoin go together like peanut butter and jelly. Although the number of Bitcoin casinos is relatively small at the moment, more are likely to spring up in the future. Given that currencies are becoming increasingly threatened by political moves, digital currencies are becoming more of a safe haven than ever. A higher uptake in digital currencies in general will surely lead to a higher uptake of casinos accepting the tender.