Over the last few years, Bitcoin has enjoyed some success in the online world, especially in online gambling, and although bitcoin gambling makes up a small percentage of the online gaming revenue there is a great deal of room for growth in the casino, poker & bingo industry.
In fact, many believe that bitcoin is perfect for gambling online for a few reasons. Firstly, the cryptocurrency is safe and secure and can be used on some of the best bingo sites online. Secondly using this form of payment option is anonymous and can be used just about anywhere in the world.
This means that the currency can be used safely away from gambling jurisdictions like the ones in the United States.
The act of having a bet online whether bitcoin is used or not has grown in popularity within many countries, but some, like the US and Russia, have very strict regulations and rules surrounding online gambling.
The anonymity of bitcoin makes it very difficult to trace back to the players, which means that there is a chance they may be able to play at a site despite legal restrictions. It must be remembered though that there have been some instances where some sites have been seized.
Using bitcoin provides a lot of protection for those who enjoy a bet online. Not only can they gamble and not be recognized but no personal details will be shared. Casinos that use bitcoin are not linked to any type of identification as there is no need to provide identification when signing up or withdrawing any winnings.
Another great plus point for using bitcoin is the speed and ease of withdrawals and deposits. You will also find that there are no fees charged, a far cry from having to wait hours, days or even in the worst-case scenario, weeks to withdraw funds.
With bitcoin, a transaction should really take no longer than 40 minutes, with the majority of them taking place almost instantly.
Although reports have mentioned that bitcoin has only managed to capture a small part of the online gambling market, this small percentage actually adds up to 4.5 billion dollars in the last four years, and as increasing numbers of casinos accept the currency as well as casinos that deal solely with the cryptocurrency evolve then that percentage is sure to rise.
Interesting Fact: Between May 1st 2014 and May 1st 2017 there were 266 bets made per second with 2.45 bitcoins being wagered every minute.