How convenient does it feel to gamble on a desktop from the comfort of your home? Or to place real-time bets on events such as sports from your mobile phone while you are on the move?
Of course, few around the world will not agree that this is the way to go with betting and gambling.
In the recent years, the gambling industry has seen a significant growth in online and mobile gambling solutions in the form of platforms and applications. This development has resulted in increased numbers of bettors as well as the amount of money that flows in and out of bookers and casinos.
Betting has also been diversified in the area of games and sports, which has made it possible for more people to feel comfortable enough to gamble, as there is always something for everyone.
Conventional payment methods have been of service but not efficient
It must be said that the industry has been taken care of well by the traditional payment methods such as PayPal and credit cards. However, developers and bookers have always been constrained by the available options and the delicate process of incorporating them into the ever-changing online gambling environment.
These bottlenecks have existed chiefly due to the fact that the form of currency used was designed long before anyone knew what the Internet is, not to talk about online gambling.
As a result, the conventional payment methods have had to come at a very high cost to bettors and online casinos.
And that is not the only disadvantage.
There have also been points of weaknesses in terms of security. Online casinos and bookers have had to spend a fortune on creating secure platforms, as well as managing chargebacks.
On the other hand, those betting have had to put up with exposing their personal data to third parties, which often is used for other functions other than the initially intended. In some cases, the data is even stolen from the custody of merchants and used to breach their accounts elsewhere.
Bitcoin is effective for online gambling since it was invented for the Internet
With the arrival of Bitcoin and other crypto coins, these weak points in online gambling and betting occasioned by conventional payment methods are easily fixed.
The new digital currency was mainly designed for the Internet environment and therefore it hardly has any inherent weaknesses standing in its way.
Since the number of remittance middlemen is significantly reduced, its use for ecommerce and in particular online gambling does not come with exorbitant fees.
Moreover, the time it takes to move money from one account (or wallet) to another is significantly reduced.
But with Bitcoin, it is not only the process of placing bets and gambling that is made simple, but also the incorporation of payment methods into online and mobile betting games, especially the in-game Bitcoin payments.
This opens space for development of smarter and more sensitive apps, platforms, and other products in the areas of privacy, efficiency and cost.
Bitcoin gambling spreads across the gaming scene
With Bitcoin at the forefront of making innovations in the online gambling industry, the players are bound to embark on a journey that will be filled with new experiences, offerings, and technologies. These significantly enhance the gameplay in Bitcoin casino brands, sports books, and other gambling sites.
The availability of the provably fair system, together with the addition of more exciting games that allow anonymous, direct betting, and instant withdrawals further bring this niche closer to creating a stronger presence in the industry.
From one perspective, Bitcoin gambling has already come a long way. However, there is more to come, and its potential to boom in the industry is something the Bitcoin ecosystem and the online gambling community patiently await.