For the past thirteen years, Bitcoin has repeatedly proven that it is here to stay. Its resilience, marked by its programmed scarcity, immutable ledger and increasingly growing use cases, continues to win people over as they recognize the tangible benefits of the world’s first and most valuable cryptocurrency.
Bitcoin’s decentralization is perhaps its defining feature. In an era where governments can seize citizens’ bank accounts for having dissenting political opinions, and banks can simply terminate the accounts of lifelong loyal customers, the world seems to be looking for an asset and currency that is not under the control of any one entity and thus vulnerable to seizure.
For many, Bitcoin is the obvious solution. Others, though, are slower to come around to BTC’s revolutionary potential. While those who are late to the game, many who think Bitcoin is only used for nefarious purposes, more and more businesses worldwide are accepting Bitcoin for everyday transactions. Homes are being bought with Bitcoin. Gamers can play on Bitcoin gambling sites and enjoy a level of security and anonymity once impossible. And entire countries are investing in the transformational power of the asset being deemed ‘digital gold’.
Having said that, if there is anything that we’ve learned since the genesis block was acquired in 2009, it’s that Bitcoin has come to stay. It is worth noting that just like other revolutionary technologies such as the internet or any other technology, if we look into their adoption graph, it would show slow but steady growth and then parabolically increase. This, many people believe is where the coin will sail its way forward. And, with the SEC’s blow recently for licensing a number of spot Bitcoin ETFs to be tradable on American exchanges, it might just be seeing that bitcoin takes off as what is common.
Read on to know why Bitcoin is changing the future of industries and see how online gaming, for instance, has made a 180 as the King Crypto compels what many consider a complex technology to transform into something else.
Embracing Bitcoin: The Evolution of Online Gaming
Have you ever attempted to buy something or even sent a sizable sum of money somewhere, only for your bank to stand in the way? Even if they will not simply reject it outright, they could at the very least deny your transaction and ask you to clear a number of hurdles so that these people can give you an approval to spend their money.
This can be aggravating especially when a time factor comes in for costing the deal. Being unaffiliated to a governing network or intermediary in the form of big banks, it is not limited by laws and other restrictions that may be placed on interventionist powers like government.
For transactions like gambling that were once considered taboo or deemed suspicious by misguided authorities, Bitcoin is transacted outside the system, giving gamers more freedom and flexibility to spend their time and money however they wish.
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Why More Online Bettors Are Turning to Bitcoin as Their Preferred Currency
For a number of reasons, Bitcoin is becoming the currency of choice for online gamblers when it comes to gaming. The following are the top three reasons:
1. Empowering Privacy and Anonymity with Bitcoin in Online Gambling
In a world where data is the new oil and can be bought and sold without your permission, transacting with a currency that offers privacy and anonymity is priceless. Have you ever searched for something on Google, only to have that same product or service advertised later? This kind of invasive advertising and data exploitation extends to purchases too.
By operating pseudonymously, outside the traditional financial system and away from the purview of intermediaries, Bitcoin offers greater privacy than payment methods of old. Consumers are using BTC payments for online gambling as well as various industries and reaping the benefits of not having to disclose sensitive information like their name, address, or financial details.
Since transactions made with Bitcoin only require your public BTC address, you are effectively shielded from the prying eyes of authorities and your data is safe from nefarious actors. As such, online gamblers can enjoy greater privacy and a sense of anonymity by using Bitcoin, which bank transfers and credit card payments simply cannot match.
2. The Efficiency of Bitcoin in Online Gambling Transactions
The transaction speed of a Bitcoin payment depends on various aspects, such as the balance or transaction fee that you set an amount. However, it takes around 10 minutes for a block to add your confirmation in details collection independently. On the one hand for small sums transactions sending Bitcoin can be almost instantaneous. How does it work from the click ‘Send,’ until the transaction is written into a block on the blockchain?
A BTC transaction cannot become a chain without the validation by other nodes of a network. It requires the miner who has included it in the block to wait until that happens after minutes or even days, depending on popularity and how saturated is getting it transmitted across all nodes first. This validation process ensures that the transaction is valid and also complies with the Bitcoin network protocol. Nodes independently verify the transaction by verifying its validity, for example, confirming that from their accounts there is enough money and that this operation has not already been spent twice. Upon majority voting by most nodes that a transaction is valid, it becomes legitimate and forms an integral part of a blockchain.
The rapid and reliable aspects of transactions based on blockchain technology have started to disempower the current payment paradigm with its long processing times and high transaction fees as if their best currencies and tokens would be like pulling out your purse to write a check for every purchase. Therefore, bitcoin casinos have contributed to the growth of online betting in terms of accessibility and convenience that allows players from every country.
Players can easily get started on a Bitcoin betting site by entering their BTC address and depositing several bitcoins. After that, the said transaction stores its records into the blockchain and is immediately available in its form as money of your online betting account when it gets a validation. This effectiveness is especially beneficial in the field of online gaming, where you could need to take advantage of time-bound promotions or make a bet for an ongoing live sport event.
3. Bitcoin: Lower Costs and Higher Rewards in Online Gambling
Anyone who has ever tried sending money with Western Union, a big bank, or any other remittance service can attest to exorbitant fees and slow processing speeds. Bitcoin fixes this. With much lower fees, especially for international transactions, Bitcoin is the preferred choice for people sending money across borders or simply looking for a cheaper way to transact.
Thanks to reduced fees, gamers who use Bitcoin for gambling can save money and potentially maximize their winnings. Banks, payment processors and other intermediaries are left out in the cold, while the savvy crypto consumer uses BTC’s peer-to-peer network to transact cheaply and swiftly.
In addition to lower costs, many online gambling platforms, specifically Bitcoin and crypto casinos, offer bonuses and greater rewards such as higher deposit matches and free spins for using specific cryptocurrencies. Users shop around to find the best crypto casino and can take advantage of these special offers to increase their chances of winning.
As you can see, there is no shortage of benefits for using Bitcoin for transactions. Among the advantages, BTC is prized for providing a secure, cheap, fast and private payment method. This is the reason more and more gamers are using BTC as a preferred currency when it comes to paying via crypto.