Long gone are the days when betting was either in a fancy high-class casino with rolls of notes, or done by old men in flat caps in a local bookies on Saturdays. As everything else has been taken over by computers and the internet, as too has the world of betting and gambling with more people than ever using online casinos and betting sites.
Of course, the evolution has not just stopped there. For a start, online casinos have now wizened up to the need for mobile sites and apps, which make the whole endeavor far more accessible. The most recent development, however, is the way in which the cryptocurrency Bitcoin is slowly being introduced as a method of payment on these online betting sites.
So why is Bitcoin becoming so popular in betting?
Well, one of the best things about Bitcoin is the low transaction fees which tend to be zero meaning that there is more room for better odds and higher payouts without having to fork out for fees. This is a bonus for players and providers alike.
Knowing that Bitcoin is anonymous is a big draw for a lot of players, as you don’t need to provide any personal information to be paid, just you wallet key. This will certainly appeal to a lot of people, especially in a world that feels more and more like 1984.
Another pro is the accessibility of it as a currency. Anyone with a working internet connection is able to use Bitcoin as a peer-to-peer cryptocurrency and as such, this opens the world of online casinos further for those who may not have been able to partake in the past.
Most transactions with Bitcoin are non-reversible which eliminates chargebacks for operators. Overall, this helps to combat fraud and so operators will hugely benefit from this aspect of Bitcoin usage. Payouts with Bitcoin are also instantaneous in most cases, so it makes perfect sense that
In terms of setting up a bitcoin betting site, in most countries (except Spain for example) you do not require a licence as of yet because Bitcoin hasn’t yet been formally accepted as a currency and therefore this is one of the biggest reasons for more Bitcoin betting to be made available.
As is made clear, there are more reasons to use Bitcoin as a form of currency in betting and gambling than not. It benefits the players and the casino owners alike, and so it seems that Bitcoin is here to stay, and not only that, but it is likely to grow and develop further too.