There is an opinion that bitcoin seems to be specially created for online casinos and, due to its capabilities and qualities, is ideal for gambling projects. Let's figure out is it true or not.
Bitcoin is a peer-to-peer payment system that uses the unit of account of the same name. To ensure its functioning and protection, cryptographic methods are used. All information about transactions between system addresses is available in open access.
Cryptocurrency, virtual currency, digital currency, electronic cash - bitcoin has many names, and behind all of them are the main characteristics that make it the best for gambling use:
Speed. Players often have doubts about the payment of winnings, this is one of the main criteria for trust between the online casino and their users. In the case of bitcoins, payments are made instantly and without delays. There are no intermediaries between the sender and the recipient, such as banks or payment systems, which can delay payments due to checks or other bureaucratic issues. Transferring bitcoins is done directly and is as simple as sending an email.
Anonymity. A high degree of confidentiality is ensured by the private creation of bitcoin addresses through users' wallets. In fact, only this address is associated with all transactions performed. Today, various systems already exist or are under development to ensure the absolute anonymity of bitcoin transactions, such as hidden addresses, Dark Wallet, Darkcoin, etc.
Minimum commission. Paying commission for a bitcoin transaction is a separate topic for the article, but in short, with each transaction, you seem to create an auction. That is, you indicate the bitcoin transaction that you would like to complete and the price that you are willing to pay for this transaction. After that, your offer goes to the "miner market" (mempool). If you are willing to pay a high price, your transaction will be processed instantly, if it is low, then a day or two. But even if you decide to save money and set a low price, the payment will arrive faster than using fiat currencies.
Honesty. The player is given the opportunity to check the fairness of the game. TOP Bitcoin casinos have a special Provably Fair system, which controls the fairness of the draw based on the mathematical base of hash signatures to confirm the equal chances of the participants.
Bitcoin casino statistics
As the statistics of searches in the search engine show, the popularity of bitcoin casinos in the world has grown rapidly over the past year:
The average age of the most actively using bitcoin users is 32 years old. These are men with higher education and incomes above secondary.
The target audience of bitcoin casinos is quite demanding, they are well aware of the peculiarities of working with cryptocurrency, they understand the whole procedure of bitcoin casino sites. Therefore, the software must ensure the operation of the resource without failures.
Geography of Bitcoin use
US Bitcoin casino
Bitcoin was in this country that the currency of the future, as bitcoin is also called, was born, and here it is most widely used. The United States is actively developing it, there are exchangers, exchanges, ATMs, and in some states, cryptocurrency is accepted without exchangers at all.
Another bonus in favor of the particular development of the USA Bitcoin casinos is the country's legislation. According to US law, local gambling firms cannot operate online. But at the same time, there is no ban on foreign online bitcoin casinos.
New opportunities for online casino websites
Integration of bitcoin currency into online casinos is possible in two ways:
- Development of a specialized bitcoin casino.
- Inclusion of bitcoins as an additional payment solution along with traditional ones.
Today, the percentage of bitcoin casinos is 10-15% of the total number of existing online casinos. By the end of 2021, this indicator is expected to grow to 20%.
Bitcoin casinos, thanks to their decentralized system, allow playing even those users who live in countries with restrictions or prohibitions on online casinos.
Why are online bitcoin casino sites so popular?
- Quick start of the project. The record period is 10 days since there is no need to integrate payment systems.
- Low commission fee. There is no commission in bitcoin, which is traditionally assigned to the casino.
- Transaction control. All transactions can be traced thanks to a special system.
- No need to get a license
Risks for Bitcoin casino owners:
Uncertainty of regulation. Lack of legal control and the ambiguous attitude towards bitcoin of the authorities and the inability to predict the further development of the online casino industry with this cryptocurrency. Bitcoin is not allowed in all countries, plus it is not clear how the laws of those countries where it is allowed will change. All this makes the future of bitcoin casinos a little hazy.
Hacker attacks. In 2014, there was a surge in attacks on bitcoin exchanges, during which a large amount of bitcoins were stolen. After that, the reliability of this currency was shaken. Today, there are many security systems that guarantee the reliability of the Bitcoin system.
Opportunities for Bitcoin casinos in the Future
Bitcoin casinos will evolve and change. The target audience will become more mature, as it usually happens - first, advanced young enthusiasts are interested in the innovation, and then the audience expands and includes other user groups.
Due to its decentralization, Bitcoin casinos will develop without being tied to any region, these will be projects of a global focus. In the USA, bitcoin has long been viewed as a convenient alternative to conventional currencies. The process is the same in jurisdictions for issuing licenses for online casinos.
The reputation of the currency is improving every year, new systems appear also as new technical capabilities to combat attacks, so it is safe to say that bitcoin is the future of the gambling industry.
