9 Reasons Why Bitcoin is the Future of Online GamblingCasino
Online gambling is a dynamically growing industry that attracts more and more Arab players who want to try their luck and win something big. At the forefront of innovation, iGaming uses all the latest technologies to provide the best possible user experience. Thanks to the advent of cryptocurrency, online casino operators have even more options to make your gambling sessions entertaining and potentially profitable. Cryptocurrency also lowers the entry threshold, as many crypto-friendly online casinos have lowered the minimum deposit down to thousandths of a BTC. Cryptocurrency as a new form of money has many unique features from which both online casino operators and players benefit. And it seems like the online gambling industry is getting more and more drawn to digital assets as a payment option, as well as the use of blockchain for even more transparency. So, we're here to tell you 9 reasons why Bitcoin and other cryptocurrencies are the future of the iGaming industry.
What is Bitcoin?
Introduced in 2009, Bitcoin is a digital asset that can also be used as a payment tool to buy goods and services online. Because Bitcoin used a completely different concept than fiat money (national currencies), it did not attract much public attention. Moreover, many people did not understand the true value of money which cannot be touched or even seen. However, a lot of people realized in the mid-2010s, when 1 BTC crossed the $1,000 mark, that cryptocurrency is much more than just another payment tool. Online casino operators were among the first to add Bitcoin to their list of supported payment options, and for good reason. So, here are a few examples of why Bitcoin is the technology that will drive the iGaming industry forward in the near future.
Why Bitcoin is the Future of iGaming
To understand the value of Bitcoin, you need to learn about some of its features. Be prepared for a dramatic change in the way you think about money because cryptocurrencies work a bit differently than traditional financial products.
When you use bank cards, you know that they belong to the specific bank that issued them to you. The bank itself is the entity through which all the transactions you make with your credit or debit card go through. That is, the traditional banking system is centralized. However, things change when you use Bitcoin. Cryptocurrency circulates on a blockchain, which is a distributed ledger with no central authority controlling or monitoring its operation. The decentralized nature of Bitcoin has many other benefits, which we will discuss below.
All transactions are stored in a distributed ledger called a blockchain. In addition, these transactions are anonymous. That is, once you access the blockchain, you can view the transactions, but you cannot find out who the sender and the recipient are because the details are stored encrypted. This offers certain advantages to gamblers, especially those who live in so-called grey gambling zones where legislation regarding online gambling regulation is unclear. In addition, Bitcoin allows gambling even in countries where gambling is illegal.
Accessibility from Anywhere in the World
Blockchain, by its very nature, is a computer network. And in order to access it, you need a device connected to the World Wide Web. This means that you can make a deposit at an online casino using bitcoins from anywhere in the world.
When you use bank cards, you sometimes have to wait 3 business days for a transaction to complete. This waiting period for transaction approval is the gold standard in many countries. However, Bitcoin transactions are much faster. Typically, to transfer some BTC from your wallet to another, you need to wait only about 10 minutes for the transaction to be validated by the network. Although the waiting time can be higher if the network is overloaded, you can speed up execution by increasing the transaction fee.
Low Transaction Fees
In the traditional banking system, there are many intermediaries who charge you for services that you don't really need. As for Bitcoin, it operates in a decentralized environment with no central authority and no intermediaries. Because of that, Bitcoin transactions are cheaper than those made with bank cards or e-wallets like PayPal or Neteller. However, Bitcoin transaction fees are not fixed. If the network is overloaded and you want to increase the priority of your transaction, you will have to increase the amount of commission you are willing to pay.
When you use traditional payment instruments, you expose your personal and payment details. There is always a risk that the network will be hacked and your funds stolen. However, blockchain is an environment protected by strong cryptographic algorithms. Your Bitcoin transactions are not only anonymous but also secure, which is another important advantage of using Bitcoin as a payment method at online casinos.
Bitcoin is not just the money of the future, but also a digital asset that can change in value quickly. While there is a risk that the value of tokens will decrease, you also get a chance to increase your savings just by storing them in a crypto wallet. Let's say you won some $1,000 worth of BTCs when the price of 1 BTC was $20,000. After a while, the value of the token increased to $22,000 per coin. That means you made a profit of $2,000 without doing anything. Although Bitcoin does not show such impressive growth dynamics as in its early years, recently it has significantly dropped in value. That means there is a good chance its value will rise again dramatically.
Close to Global Acceptance
Online casino operators are not the only online businesses that support Bitcoin. There are many large companies and organizations that accept cryptocurrency payments. In addition, some governments have already legalized Bitcoin and other major cryptocurrencies. Bitcoin is a new form of money that has been around for a much shorter amount of time than traditional money. And that means it still has a long way to go before general acceptance. However, recently there has been a positive trend in the adoption of crypto, which is why we believe the future of iGaming and many other industries is in Bitcoin.
The Power of Blockchain Technology
Bitcoin is useful to the online casino industry not only as a payment method. Behind it is the blockchain, an innovative technology that can simplify a lot of processes and make them more transparent. Thus, there are already a lot of online casino games using a blockchain-based provably fair system that increases the level of trust in the generated gaming results. Moreover, there are many exciting iGaming projects that use blockchain to make online casino games even more honest, transparent and accessible to everyone.
Both Bitcoin and the technology behind it have already shown that they are viable concepts. Recently, the number of cryptocurrency users has grown exponentially. Bitcoin has proven to be a good option for storing wealth, accepting payments, and conducting various transactions for profit and as a means of payment. Today, there are many crypto-friendly iGaming platforms allowing both crypto deposits and withdrawals of winnings to Bitcoin wallets. Among the many crypto casinos available to Arab gamblers, VipArabClub is probably the best for a number of reasons. Firstly, it is a completely legal iGaming platform operating under Curacao eGaming license. Secondly, VipArabClub is home to several thousand exciting games where you can spend your crypto savings on betting. Thirdly, VipArabClub pays out winnings quickly and in full. So, if you want to try your hand at Bitcoin gambling, then VipArabClub might be your best choice.