January 3rd, 2009, is a seemingly unimportant date to most. However, it’s actually the day when Satoshi Nakamoto mined the first Bitcoin—the world’s earliest and still most-popular cryptocurrency.
Bitcoin (BTC) has become notable in many niches, especially in the multi-billion-dollar online gambling industry. The last few years have seen BTC rise to prominence at online casinos, sportsbooks, and poker rooms.
So has Bitcoin changed online gambling for the better or worse during its meteoric rise? We’ll discuss this matter below, including BTC’s good and bad points at gambling sites.
Bitcoin’s Influence on Online Gambling
Nakamoto didn’t create Bitcoin to improve deposit and withdrawal processes at real money online casinos and sportsbooks. Instead, the anonymous BTC inventor wanted to produce a decentralized currency free of bank and governmental control.
In doing so, he has also showcased blockchain technology, which forms the foundation of Bitcoin. Blockchain has several attributes that can help both gambling sites and players, including the following:
Bitcoin and other cryptocurrencies don’t tie your name and identity to transactions.
No single entity controls a public blockchain (i.e., open and visible to the public), such as Bitcoin.
Bitcoin is one of many secure public blockchains that have never been hacked.
Anybody can see and verify an (anonymous) transaction on a public blockchain.
Again, Nakamoto had broader goals with Bitcoin and blockchain beyond gambling. However, his invention has indirectly helped online gambling thrive and deal with customers more efficiently. The blockchain attributes covered above are what make BTC so attractive to gamblers.
We’ll cover the Bitcoin effect on online gambling in the following sections. Simply put, every casino player or sports bettor can appreciate anonymous and peer-to-peer transactions. The operators, meanwhile, can offer a convenient way for customers to deposit and withdraw money.
Bitcoin’s Positive and Negative Impact on Online Gambling
The Bitcoin effect on online gambling seems mostly positive, especially considering the good qualities covered above. However, BTC’s relevancy in mobile gambling also has a few negative aspects. You can see how Bitcoin has improved and created problems for the gambling industry below.
Direct Link Between Operators & Players
Thanks to Bitcoin, gambling operators, and customers can make peer-to-peer transactions. They don’t need to rely on third-party approval from banks and credit card processors when dealing with each other.
Lost Player Funds
Gamblers who input the wrong Bitcoin address when depositing will lose their funds without recourse. After all, no third party retrieves errant funds like with a bank or eWallet.
Fewer Fees on Both Sides
Bitcoin cuts out the middleman and only requires small fees, which go to miners who process transactions. Therefore, gambling operators and players avoid the high costs incurred with traditional banking options.
Rise of Unlicensed Gambling Sites
Most online sportsbooks, poker rooms, and casinos obtain licensing and, thus, are subject to third-party oversight. However, thanks to its decentralized nature, Bitcoin gives operators more room to operate without a license.
Many online gambling sites have been generous with the money they save through reduced payment processing fees. They’ve passed these savings on to players with huge bonuses.
Volatile Bankrolls & Revenue
BTC has been volatile since hitting the market in 2009. This volatility makes it hard for players (bankrolls) and operators (revenue) to manage their funds.
Benefits of Using Bitcoin at Online Casinos
You can see that the overall Bitcoin impact on online gambling is a mixed bag. However, the advantages of a player using BTC outweigh the downsides. Below, you can see the benefits of depositing and playing at Bitcoin online casinos.
Bitcoin is a highly secure method of monetary exchange because it makes hacks and thefts virtually impossible. Furthermore, all Bitcoin transactions are anonymous and preferable if you value privacy when gambling online.
Dubbed the “currency without a nation,” BTC is a decentralized exchange method free from government regulation. This decentralization also ensures that your online gambling site deposits never get rejected by third parties.
Bitcoin deposits and withdrawals are fast and compete well with other payment methods. You’ll enjoy fast cashouts with BTC, often receiving your money in hours or even minutes.
Traditional banking methods charge 2% to 15% for processing deposits and withdrawals. Bitcoin only requires small fees (generally less than 1%) for the miners who facilitate transactions.
Bitcoin casinos offer some of the industry’s largest bonuses, delivering up to 1 BTC or more. You’ll typically find that these massive bonuses come with fair terms and conditions.
Casinos that incorporate provably fair technology ensure that their games are unbiased. When integrated with BTC, this technology provides players with increased transparency and fairness in their gaming experience.
Best Bitcoin Online Casinos
These are some of the bitcoin casinos we’ve tried and recommended. Each one of them offers crypto offers, including Bitcoin ones.
|# OF GAMES
|# OF GAMES 699
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|# OF GAMES 549
|BONUS 125% up to $3,750
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|Red Dog Casino
|# OF GAMES 911
|BONUS $8,000 Welcome Bonus
Bitcoin’s Positive Impact Will Persist
Bitcoin isn’t perfect regarding its overall effect on online gambling. However, it has positively impacted the gambling industry—especially for players.
You can enjoy speedier banking, lower fees, and safe transactions when playing with BTC. You also don’t have to worry about seeing your deposits rejected by a third-party bank or payment processor.
In summary, Bitcoin is a great addition to online gambling’s ecosystem and should remain popular among players for many years.