This is a guest contribution by Chris Evans, Editor of The Bitcoin Gambling Guide. If you would like to submit a contribution please contact Bill Beatty for submission details. Thank you.
Online gambling improved the betting experience by a mile. It enabled players to wager on games without leaving their homes, and it opened the doors for non-stop entertainment. But online gambling is not perfect.
Delayed payments and information theft are some of the issues online bettors face, and these caused some to question whether or not the birth of online gambling is truly something worth celebrating.
Then Bitcoin happened.
Bitcoin, a cryptocurrency that took form in 2009, led to the creation of digital currencies that aim to provide fast, anonymous, and secure transactions. Bearing the name cryptocurrency, which stands for cryptographic currencies, this new form of Internet money continues to challenge today’s financial systems, and it has successfully penetrated select industries. The iGaming sector is one.
Cryptocurrencies expand the gambling markets
Bitcoin may be the first cryptocurrency used for online gambling, but several others have already joined the party. Not only do bettors have access to Bitcoin gambling websites, they also have the option to use alternative cryptocurrencies or altcoins for wagering.
Altcoins like Litecoin, Dogecoin, Darkcoin, and Namecoin are just some of the widely used digital currencies other than Bitcoin in the iGaming industry.
The availability of the popular casino games, sportsbooks, bingo, lottery and poker that accept these digital currencies truly highlights the advantages they bring to the business and to the online gambling community. More than that, the cryptocurrencies are now available in Forex platform, Binary options and other sectors in the market, while the bitcoin casinos remain on top spot both in value and volume.
For one, both the players and the operators can skip the taxing steps involved in setting up an online gambling website or signing up for an account that are practiced within the real-money online betting setting. Cryptocurrencies also promise faster deposits and withdrawals, with some gambling websites ensuring instant payments in on- or off-chain betting.
On top of these, all parties involved can make the most of the anonymity in using the digital currency while players can find themselves at an advantage with the provably fair games. These simply mean losing personal details and succumbing to manipulated games are but an old tune in the world of cryptocurrency gambling.
More importantly, Bitcoin and altcoin gambling can operate in unregulated markets, making this niche accessible to everyone who has access to the Internet.
New challenges and opportunities at hand
In the advent of cyber threats, however, security is one thing that could be improved to create a friendlier and safer environment for online gamblers.
While this is not unique to Bitcoin gambling, cryptocurrency-powered websites tend to be among the easier targets for hackers not only because of the websites’ vulnerabilities but also due to the power of Bitcoin on today’s market.
Strengthening the security of the business, as well as that of every player and his funds, is the next step this growing industry should develop. After all, online gambling enthusiasts are already assured of top-quality gaming entertainment each time they use Bitcoin and altcoins to bet on the popular and exciting games online.
Bitcoin gambling itself already transforms the gaming landscape at present, but the presence of its fellow cryptocurrencies only intensifies the opportunities of witnessing a truly revolutionary medium dedicated to gambling.
