Most experts would agree that Bitcoin, if not already, will be the accepted currency in the online betting world. Bitcoin sites like our own are no longer just a sprung up oddity, they are the industry norm. Poker as well as sports gambling could even experience a growth in popularity and user-base in the upcoming years.
So why is a mere currency resulting in changes and innovations in the industry?
Bitcoin is a decentralized and not really bound to the laws that traditional currency and processing is. Getting a dollar or a Euro for examples requires a processor like a bank or something like Paypal which are monitored (rightly) for illegal or unsavory activity such as sending money to a random offshore account. You’ll still need to cash out bitcoins (or trade them for currency) to use them on your person, but how you acquired them is completely your own business. Plus, bitcoins can be used to buy goods online that you might have had to purchase in public. Basically, you can win bitcoins in a casino and then purchase a big screen TV online with them.
There are a number of reasons why using bitcoins increases your wagering options. For one, you’ll have a wide range of bitcoin-accepted casinos to choose from no matter what country you are placing your wager from. Bitcoin is largely a person to person currency as well which means betting markets are more popular. In normal wagering the house assumes all risks because they are taking the bet and offering the line. In a betting market you either set a spread and wait for another user to accept it or you search for available lines that you’re comfortable betting on. It’s a modern day technological take on the classic pub wager.
Better Profit Margins
The standard exchange rates for many online casinos is a 5-16% industry standard. Bitcoins however do not require a lot of central processing, verification, etc. so they exchange for only 2%. In addition, transactions are instant. Wagering in online sportsbooks or casinos in the past would sometimes require a 7-14 day hold and ID verification period (depending on your deposit method) before your money was in your account and ready to be used. That paled in comparison to withdraws, which some people reported waiting up to six months or more to arrive.
It’s Growing, But Still Low Key
Although programmers and developers are on the cutting edge of unleashing bitcoin casinos and poker halls onto the world, the general public is still much in the dark. This is actually a good thing. If you find an underrated stock the last thing you want to do is draw attention to it until after you buy it. Bettors can now enjoy fully-functional bitcoin casinos and markets that contain experienced users. Users can get in now what is essentially the ground floor of bitcoin wagering and evolve with the industry as it changes and expands.
It’s Getting Safer
One of the great things about bitcoin is that it is unregulated by out-of-the-loop federal agencies. Unfortunately what makes that so appealing is also one of the biggest risks. If somebody scams you out of your bitcoins, you can’t exactly go to the FDIC. Bitcoin casinos are a tight-knit community though that want to see their technology grow without outside intervention. Bitcoin gambling standards now include provisions such as provable fair technology to show that the outcomes are truly random. Bets are publicly recorded and outcomes can be verified online. Plus, forums and evaluators such as Online Casino Bluebook review are calling out scammers and promoting legit operations.