Bitcoin is a prime example of what’s known as ‘cryptocurrency’, virtual currency that is produced and distributed via cryptography software. It was invented in 2008 by a mysterious Japanese entity known as Satoshi Nakamoto, and since its inception has gone from strength to strength. Merchants have a great incentive to accept the currency as fees are far lower than the standard 2-3% imposed by credit card companies, and customers enjoy the enhanced security and peace of mind that comes from utilising a currency unconnected to a physical bank account. But Bitcoin’s biggest mark has been made in the burgeoning world of online gambling. Racking up billions worth of profit, Bitcoin gambling is a major piece of the current cryptocurrency climate. The question is, has Bitcoin changed the way we gamble online?
Integrating Bitcoin as a legitimate means of payment is one of the most significant events in the history of online gambling. There are several reasons why. The first is that there are no transaction fees or exchange rates. Revenue shares aren’t diminished by transactions. It’s also extremely cheap for online casinos, as the limited fees are transferred on to customers. Bitcoin is a decentralised currency, which means it’s universal. So when it comes to Bitcoin gambling, which is a universally played sport, it’s a real advantage to affiliates to make use of this global even keel.
This also means that bets can be placed from anywhere in the world, and can be understood an computed by anyone, anywhere. Again, any and all conversion fees are also null and void. The internet is a worldwide phenomenon, so the removal of this particular barrier is a huge draw for the massive global online gambling community. On top of this, it’s transparent. Upon verification, all transactions are recorded in a log called the Blockchain, easily accessible to all parties involved. This also runs all the way up to the online casinos; traditional real-world casinos are often accused of being rigged. As the well-worn maxim has it, the house always wins. However, when it comes to all kinds of Bitcoin casino games, the affiliates market themselves as provably fair; i.e., because Bitcoin is produced via cryptography, there is consistent transparency.
While it may feature some ‘shock of the new’, Bitcoin is proving itself to be a viable, advantageous option for both players and affiliates alike. Gambling is and always has been big business; online gambling represents 8% of the current market, a percentage which is increasing all the time. It’s responsible for billions of dollars worth of revenue, and it’s clear that as Bitcoin continues to gain favour as the go-to online currency, there’s potential for it to grow even further. The advantages that Bitcoin (literally) brings to the table are numerous and will be honed and exploited as its popularity grows. It’s clear that Bitcoin’s changes to the way we gamble online have put us way into the black.
