The rise of Bitcoin in recent years has seen the popular cryptocurrency usher into a new dawn with various realms of financial investments. One of the sector holding the strongest ties with Bitcoin is online casinos that has been the first industry to understand and accept the full potential of it. Even though Bitcoin continues to be in a very volatile state with recent fluctuations in its market value, it’s clear that the rise and the fall change to a large degree every time and with more and more demands of Bitcoin casinos there will be no slacking away anytime soon.
One of the primary reason for the interplay of casinos and Bitcoin is the convenience and safety assurance. Starting 2014, 337 of total bets are wagered in Bitcoin every second raising more than $4.5 billion since 2014. In 2013, Bitcoin casinos accounted for over 50% of all BTC transactions. Though the Bitcoin payment system was introduced in 2009, it became more of a requirement than an alternate option starting 2016. The demand has been rising and thousands of new gambling users will eventually cause it to explode. At present less than 0.5% of the international population has truly ventured into the cryptocurrency industry.
Bitcoin casinos offer players best games that are provably fair, provide quick cash outs and also an improved gambling encounter. Suffice to highlight that the direct deposit and withdrawals, easy and secure transactions have to lead to crypto becoming widespread. Various platforms like Bit Starz and Mars Casino offer exclusive categories for Bitcoin games only. Due to the decentralized nature of payment system, it has become a widespread issue to authorities for the fact that it’s difficult to trace.
This has caused serious concern for government authorities to trace the offenses who use these online sites to conduct the illicit activities, evading the tax payments and disregarding the licensing. Experts have also acknowledged that so far nothing can control the online Bitcoin gamblers as the online gambling has been there before Bitcoin came into existence.
There are countries like the United States of America that has recognized the online gambling as illegal, and they have taken steps to target the online gambling service providers to ensure the implementation which is one of best options so far. As the Bitcoin continues to be on rising trail, more refine strategies needs to be built to tackle online gambling in future.
Also, the recent fluctuation of bitcoin over last week has also confirmed the rude instability of cryptocurrency. This period might be fun for the daily traders who make the profit with Bitcoin’s high and lows, but for online casino players who desire stable cryptocurrency for their transaction, the rise and fall affect differently. When the Bitcoin value is moving up, the problem is no one likes to spend it. When the Bitcoin worth would reach $200 or $300 more the next day, players would have to be more careful to hold on to it than to wager it on a casino for a quick buck.
Therefore, while the skyrocketing or sky-falling Bitcoin price is good news for stockholders, it’s not well handy for those who simply wish to spend it on the game of poker or blackjack. For Bitcoin to secure its space on everyday currency to suit gambling market, these dramatic swings should be reined in. The peer
But, the fact remains that peer to peer digital cryptocurrency cannot be regulated by a single entity as it does what the market as whole turn up to be. The bouncing Bitcoin may appear suitable for all the profiteers, but not good for the players.
The currency is still one the most prominent crypto right now and making tremendous progress in the online casino market. Despite the growing debates, the Bitcoin economy backbone is still growing stronger. Bitcoin is prone to peaks and dips, and till the time authorities don’t come up with a compelling strategy to regulate the online gambling, the Bitcoin casino players can reap the benefits of the inflated rewards.