Bitcoin in The iGaming Industry

Bitcoin and Gaming

Bitcoin is a digital currency that operates on the Blockchain online ledger technology. The Blockchain technology has been lauded by many, because of its transparency in transactions, while still ensuring the anonymity of users’ identities.

These two aspects of the Blockchain technology and its accepted cryptocurrency have made it appealing to many online gambling sites. These betting platforms are adopting Bitcoins in order to ensure the safety of their clients’ identities and also to encourage openness when it comes to online transactions. In this article, we explore the effects that Bitcoin adoption has had within the online gambling scene.

Online Gambling with Bitcoins

The traditional method of money remittance to online gambling casinos by use of credit cards and mobile money transfer posed a lot of threats to the client and casinos in question.

The possibility of identity theft through hacking which could result in the diversion of funds was one of the challenges that online gambling sites were faced with. The adoption of Bitcoin, however, enables the clients to change their money into the equivalent amount in Bitcoins, and thus, from there on, their identity is anonymous.

The likelihood of hacking this transaction and directing the money elsewhere is also impossible, since the hacker has to hack the entire Blockchain thread from start to finish to achieve this. And it’s good to know, that no single person can hack an entire Blockchain transaction, due to the complexity of the code at each transaction. This makes Bitcoin, the most secure means of transacting money for online casinos.

Bitcoin Gambling Sites

Since the onset of Bitcoins and Blockchain technology, which is almost a decade ago, many online gambling sites have come to adopt the use of this technology after learning about the benefits that it offers to both gamblers and betting platforms.

According to research carried out by Casino Reports, in 2013, 50% of all the online gambling transactions involved the use of Bitcoin. The number of betting firms that were going to adopt this cryptocurrency was predicted to continue rising from then onwards, and it’s evident in the presence of these sites.

Reasons for use of Bitcoins

The following reasons have contributed largely to the use of Bitcoins in online gambling:

Super Fast Transactions

Many online gambling casinos are opting for the use of Bitcoin technology because of the swiftness of transactions. A Bitcoin transaction occurs within seconds and thus is suitable for easy and instant loading of money to gambling sites and also in facilitating the payouts.

Anonymity & Security

The data of the individuals involved in a Bitcoin transaction is encrypted and thus, their identities remain anonymous. This is suitable for safeguarding individuals against online fraud and also in helping them not to harm their credit scores when applying for mortgages. Financial institutions are known to refuse to lend to individuals whose credit and debit cards show a history of involvement in gambling activities.

Easy Management of Funds

The use of Bitcoin technology helps betting firms monitor and manage funds that come in and go out of the site very easily. This helps avoid incidents of fraud by staff members.

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November 14, 2018 - Offer valid as of date published. T&Cs apply.