Bitcoin gambling – Reinventing Online Gambling

By March 4, 2015Bitcoin Business
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Bitcoin gambling – Reinventing Online Gambling

Having the biggest circulation and the greatest potential, the cryptocurrency called Bitcoin made the impossible: it has established an almost independent payment industry functioning in parallel with traditional financial establishments. And there is one thing more Bitcoin is doing now – revolutionizing the online gambling area, and making it more efficient and accessible to masses, including the jurisdictions where virtual casino games and betting activities as a matter of fact outside the law. What’s so peculiar about Bitcoin gambling then? Are Bitcoin casinos capable to offer something really special to gambling enthusiasts that traditional ‘old-school’ online casinos don’t have?

Currently, there are several dozens of Bitcoin gambling websites run by various operators and offering their services to global customers. On many of them Bitcoins are available as an extra payment option offered alongside payments in ‘regular’ currencies like USD, EUR, GBP etc., while others accept BTC as the only possible payment method. Every month, at least several BTC gambling portals of various profiles are launched, and they can operate in just any country or jurisdiction of the world, without any geographical boundaries, although initially they should comply with the legislation of the country they’re based in.

The choice of betting options on most major Bitcoin entertainment portals is comparable with the ones offered by the most popular and advanced traditional real-money online casinos and sportsbooks: you get the widest selection of casino, table, and virtual slot games, online dice, lotteries, plus a whole lot of sports betting markets and championships to wager on. Speaking of today’s most popular BTC gambling websites, is undoubtedly the acknowledged market leader with its range of 600+ games of all kinds.

Just like any other website offering services, gambling portals need special software to function properly, otherwise it would be impossible for millions of players from countries all around the world to enjoy their favorite virtual games and betting activities. Sure enough, the above is also true of BTC gaming websites. The case with them is as follows: bigger casinos with substantial budgets are capable of developing their own software initially customized to suit their needs, and smaller providers have nothing left to do but purchase or rent their software from developers and getting it into shape to add uniqueness to their interfaces. The software has some additional tasks as well: firstly, it enables operators to make all gaming activities automatic, without them having to frequently interfere with the process, and secondly, it functions as the all-seeing and all-knowing casino dealer capable of serving thousands of players simultaneously.

And yes, as we are speaking about digital, i.e. remote gambling services, gamblers may find it reasonable to have a mind to verify the fairness of the gaming activities they get engaged in from time to time. This is why many Bitcoin casinos disclose the algorithms behind the calculations of game outcomes, thus claiming themselves to be ‘provably fair’. For the rest, there is nothing left but to prove their fair-dealing with the help of peer-to-peer recommendations, SEO technologies, and other formal and informal ways.

It’s an open secret that gaming anonymity is one of the main things gamers from all around the globe love Bitcoin gambling so much. This is one of the special features of the block chain technology Bitcoin is based on. BTC transactions release gamblers from having to provide their personal data and banking details when making or receiving payments, and there is nothing else than a username and a valid e-mail required from a new player creating an account on a Bitcoin gambling website. Similarly, there’s no verification of age or country of residence.

And there is more. Bitcoin payments cost nothing or almost nothing to perform for both players and casino operators, and there is no limit on the number of daily transactions, whether incoming or outgoing. Could you imagine all that playing on traditional gambling portals? No wonder so many players switch to BTC casinos and betting websites.

What we may see today is the establishment of the new crypto-powered payment industry. It is very likely to overgrow its online gambling clothes one day, and move along to other industries. Still, many things need to be done about Bitcoin to make it more ‘tamed’. Currently, the authorities have no power to track down BTC transactions, and in some states they have no other option but ban it completely, or, at the best case, refuse to deem Bitcoin a fiat money analogue. The case is slightly different in the U.S. where BTC is not prohibited, but it’s still illegal to use the cryptocurrency as a payment for online gambling purposes.

Bitcoin has already shown its real power, but if these issues are solved within the next few years, the cryptocurrency may become our path into the distant future of our dreams.

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