In the advent of anti-gambling laws in different countries like the US, Bitcoin is still expected to flourish and to continue providing more ways to enjoy wagering anonymously online.
Making up about half of the overall Bitcoin transactions, Bitcoin gambling can be perceived as one of the digital currency’s lifeblood. This explains, then, the efforts of some authorities to restrict or control gambling activities performed on the web.
However, many analysts and Bitcoin enthusiasts believe this is far from happening—or if it will ever push through—mainly because to stop online wagering with bitcoins is to shut down the Internet.
Bitcoin, which runs through a secure and transparent network, has been equipped with technologies that are designed to cater for various aspects to guarantee convenience and freewill. Censorship is one aspect that the Bitcoin ecosystem is prepared for.
The US authorities, for instance, with its strict rules against online gambling activities, have cracked down a number of Bitcoin gambling sites due to the wagering services offered. However, Bitcoin can withstand or even evade such laws, making it the clear hope for online gambling bettors living in countries with laws against the act.
While the digital currency empowers everyone in the world to wager online without revealing any bit of personal information, the operators of Bitcoin-powered betting sites are also at the advantage.
Not only does Bitcoin widen their potential customer base, but it also helps them avoid fraud, which is prevalent among bettors in traditional online casinos. Aside from this, the digital currency also increases the operator’s revenue significantly through the concept of micro betting.
Although there are not too many mainstream gambling operators that incorporate Bitcoin into their payment system, online bettors can resort to specialized betting sites that offer micro transactions. This kind of gambling sites often feature only one game, where players can wager small amounts of the virtual currency.
Meanwhile, many see the Bitcoin price volatility to be not much of an issue among online gamblers because betting with bitcoins is not exactly their means of increasing their investments, but rather as their way of having fun and getting entertained.