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Is Bitcoin and Blockchain the future of gambling?

Bitcoin

Cryptocurrency is here to stay whether you like it or not. Crypto and bit-coin has survived everything that has been thrown at it and comes out the other side stronger than ever before. Yes, at some point the Blockchain will have to increase in size to accommodate the growth in volumes. If the internet can survive changing from dial-up to broadband, I am sure will continue to thrive with new games such as Bitcoin Dice and 3D Bet casino websites.

The online casino industry was one of the first to start implementing Cryptocurrency, and this side of the business is quickly expanding. Over 50% of transactions carried out on the Blockchain are gambling related. There are many advantages for the gaming sector by using Crypto such are anonymity, speed, and cost. The fact that it is border less helps it avoid onerous regulations and laws which are very attractive to Bit casino operators.

Casinos that use fiat currency have many disadvantages compared with Bitcoin. The process of a new player signing up is a drawn out procedure. Full information including your banking details is needed before the casino can complete the transaction. For Bitcasino sites, a new player simply has to enter their wallet address.

For a player to withdraw money from a fiat casino, the process it long and drawn out. A copy of ID, proof of address and full banking information is required in many cases. A typical period of up to two working days is the industry standard. A transaction carried out from gaming sites such as Bitcoin Dice is completed instantly. The payment in some cases is even transferred the moment that the player wins.

There are some extra risks the player is taking when using a fiat casino. Traditional operators will need to hold personal information on file such a banking details. If these are stolen or sold, you could be in deep trouble if they fall into the wrong hands. Bitcasinos do not need any of this information and you will only be required to use your BTC wallet address which is completely secure.

The fact that casinos can now pay their players instantly with almost zero cost has led to many new features. BTC dice is the most popular Cryptogame and is fast becoming an internet sensation. It is easy to use, exciting to play and players can place as little or as much as they like. Due to no credit card fees being charged to the operator, they can pass the profits onto the player. It means that less money is taken by the process along with virtual no staffing requirements. Coupling this new way of betting with other contemporary methods such as matched betting will boost any current betting system profit. It is easy to see why this is such an attractive proposition for gaming companies as they pay billions in bank charges and staff costs each year to keep up a fiat based company.

Bitcoin casino sites have provably fair systems implemented. Due to running costs and financial transaction fees at a minimum, they operators can offer a 1% Edge. With fiat based companies at least 3 – 5% of the transaction is taken up on banking charges, so they can not offer their customers the same return.

Bitcoin casino websites are here to stay, and once the massive fiat based operators make the shift, the industry will be completely transformed. Due to the many advantages for both the player and the operators, Cryptocurrency along with the Blockchain are a dream match for the gaming industry.

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