Is Bitcoin revolutionizing online casinos?
It seems like just yesterday that Bitcoin and other cryptocurrencies were introduced to the world. The initial interest rate frenzy ebbed away, leaving many wondering what it was all about.
But on a few gaming sites and you will find that Bitcoin is still accepted as a payment option. Although, even if a real online casino accepts Bitcoin, has the cryptocurrency ever caused the expected revolution or has it simply receded into the background?
Ask the average citizen if he would ever use Bitcoin in top-notch online casinos, and he will probably shrug his shoulders. It is not as if using an alternative currency has any obvious advantage. Apart from that, some websites offer an online casino bonus if you do use cryptocurrency. Beyond that though, what is the actual point of this new-fangled digital money?
Bitcoin benefits
It turns out that Bitcoin actually comes with a few advantages. Maybe not enough to get the average player in online casinos to take the chance to make a switch, but still enough to get a bit of interest.
First and foremost, these alternative currencies are safer. A real online casino may mean a lot of security effort, but cybercrime can and will still happen.
Simply put cryptocurrency is much safer than traditional forms of payment by using a system known as blockchain. Blockchain is almost as well known as the currencies themselves, with the term constantly repeated by various tech enthusiasts. Details don't have to be repeated here, but of course blockchain is as secure as one could wish.
The next big advantage is anonymity. Since Bitcoin does not require the disclosure of sensitive information to accept a transaction, the increased anonymity speaks for itself. All you have to provide is the address of an eWallet, after which the payment proceeds smoothly. Don't worry, an online casino bonus will continue to be awarded, no matter which payment method is used.
In summary, the cryptocurrency simply eliminates the middleman: there is no need for banks, no need for third-party intermediaries, and as such, in theory, complete financial freedom is achieved.
The Impact
All of this sounds great, so why hasn't this alternative form of money taken hold at online casinos?
The fact is that the adoption rate has not exactly exploded to this point. Bitcoin's value has risen and fallen at an incredible rate, soaring to new highs, then falling to lows within days. This is not the kind of value stability that makes a good investment, and many financial advisers still recommend staying away.
Yes, some online casinos will accept cryptocurrencies as a means of payment, but that does not necessarily mean that it is a good idea to dump a ton of traditional currency on the market. Dabbling in the field is fine but basing a future on it is still a very questionable decision.
The problem with the financial markets is that they are essentially a gamble of their own. Investments assume that there will be an increase in value, and even a casual glance at a Bitcoin value chart casts more light on how risky everything is. Where will this value line lead next? To the moon or the ground? Nobody knows.
The Future
Word has spread that more and more online casinos are accepting Bitcoin as a payment method, and that seems to be the case. However, assuming that this form of currency will soon become the accepted norm is a pretty far-fetched notion. Most are still satisfied with traditional transactions and only a handful are convinced that they need an alternative in their lives.
However, there are signs that there is a future for cryptocurrencies as a concept. The more the players become aware of the benefits, with anonymity being the key, the more they opt for the alternative market. Time will tell how big this market is growing, but it will certainly be interesting to see what happens either way.
Final Thoughts
Many focus on the cryptocurrency itself, seemingly forgetting that another, much more tangible breakthrough has been achieved: blockchain. Blockchain is itself a truly breakthrough technology that makes digital transactions significantly safer, not only in online casinos. There is no question that this system is being rolled out globally and is revolutionizing banking as we know it.
In this respect, a major revolution is imminent in the near future. Whether the currencies will be transformed is another matter with a much more uncertain answer. It is a matter of waiting, even if some have already jumped on board and bought into the digital currency on a large scale.