Bitcoin gambling is gaining popularity, as is the integration of BTC payments via online casinos.
Bitcoin (BTC) and its underlying blockchain technology are gaining traction in a variety of industries, including gambling and online casino offerings all over the world, including Canada. Because the entire concept of Bitcoin’s operational functioning is based on decentralization, industries that feature payments at any point stand to benefit the most from this alternative payment system.
Casinos in Canada are gradually embracing and integrating Bitcoin payments for use in their gaming operations, as is becoming a growing trend around the world. Although the technology that supprorting Bitcoin is still relatively new, the implementation of the new cash alternative is even newer, and many people are unaware of these advances in online casinos.
A simplified introduction to Bitcoin, the payment technology, and its pros and cons in terms of its adaptation for use in casinos is provided below for those who are new to the game.
The concept of Bitcoin was first presented by its founder, Satoshi Nakamoto, in 2008, and the first Bitcoins were mined in 2009. Bitcoin is a digital currency that was created using blockchain technology and a set of advanced coding. This technology registers transactions in public ledgers, which provides transparency and other advantages.
The financial and monetary revolution that Bitcoin is ushering in is the elimination of third-party financial institutions, allowing people to transact directly without any supervision or monitoring. Instead of opening an account with a bank, users hold their Bitcoin in an encrypted wallet with a unique address, which keeps all forms of the user’s identity and transactions confidential.
The Peer-2-peer system and anonymity provisions of Bitcoin have particularly made it more enticing to Bitcoin casinos customers.
PLAYAMO, 7Bit Casino, 22 BET, and N1 Casino are only a few of the Bitcoin casinos that are growing in Canada. Before deciding to patronize either of these or other platforms, it’s important to understand what you’re getting yourself into in terms of the advantages and disadvantages of Bitcoin gambling in a casino setting. The following are some of the most important advantages:
- Banks do not require users to pay transaction fees.
- Users are not required to exchange confidential personal details, as necessary for normal payment modes.
- Users have full control over when and how they pay for games.
- Users do not get their Bitcoin transactions censored, and no credit score is associated, and;
- Users’ Bitcoin winnings have the potential to increase in value as the cryptocurrency’s price increases over time.
Bitcoin casinos do not only have their advantages, the associated cons involved include but not limited to:
- Limited reach, or acceptance of Bitcoin amongst existing casinos.
- The need to get comfortable of transacting in a non-traditional mode.
- The irreversibility of transactions, which means that errors in transactions can be irreversible; and
- The risks associated with using Bitcoin per Phishing and other forms of cyberattacks.
Bitcoin gambling is gaining popularity, as is the integration of BTC payments into online casinos. The current hype surrounding Bitcoin, as a result of its embrace by major American companies such as Tesla Inc (NASDAQ: TSLA), as well as emerging ETF products being introduced in Canada and elsewhere, is growing the appeal of the entire Bitcoin casino setup.
More Bitcoin casinos may spring up in the near future as a result of these backups and the cryptocurrency’s future potentials, helping to improve the digital currency’s general acceptability and utility.