The gambling sector has long been at the forefront of pioneering new technologies. Particularly as far as online casinos are concerned, there’s a competitive pressure to stay ahead of the field, and this lends casinos who constantly adapt and adopt new innovations an advantage over the competition. In recent years, the rise of bitcoin gambling has become a significant considerations for casinos who want to stay one step ahead of the crowd. As digital currencies become more established and progressively more mainstream with each passing year, the levels of interest amongst both casinos and their players for gambling in bitcoin show no signs of abating.
Indeed, far from it. For many players, bitcoin represents the official currency of the internet, and one of the most effective instruments for depositing and withdrawing from their bankroll. Thanks to the unique features of bitcoin transactions, players worldwide are finding it a more secure, more convenient way to gamble.
At the same time, casinos need to be live to this demand. Even beyond traditional online casinos, sportsbooks, poker rooms and other service providers are extending their services to include bitcoin, in recognition of the growth and development in this market. But what’s behind the rise to prominence of this new technology, and what’s in it for both casinos and players who choose bitcoin over more established, time-tested payment methods?
The Inherent Structures of Bitcoin
Bitcoin is distinct from other forms of online transactions, like payment wallets, for example. While services like PayPal, and to a greater extent Neteller and Skrill account for many of the quick, convenient payment options preferred by ether casino players, bitcoin is not in itself a payment method – rather a currency, like pound sterling or the dollar. But it differs even from those in that there is no physical representation of bitcoin. Each unit of value, rather than a coin or a paper note, is a string of code, a block on a finitely limited ‘chain’ of blocks that is ascribed a value thanks to buy and sell pressures. Like any currency market, the price of bitcoin relative to other currencies can rise or fall in response to supply and demand factors, and with an ever-increasing range of outlets now setup to accept bitcoin payments, it’s becoming easier than ever before to actually put this virtual currency to good use.
One of the core features of bitcoin is its relative privacy. While it is not completely untraceable, bitcoin provides a mechanism for individuals to transact directly with whoever they like, in a time-efficient, cost-efficient way, without revealing any personal information about themselves. At the same time, there’s no need to share sensitive payment information like your card details or your bank account – it’s a straightforward transaction from one wallet to another, and in many respects, this is what lends bitcoin its unique appeal.
Why Gamblers Prefer Bitcoin
Gamblers in the UK have got it easy, to a large extent, and find themselves on the whole with little reason to guard against their identity being linked to gambling transactions. Even so, there are still reasons here why someone may not wish to conduct gambling business through their current account, or through any of their supported payment services. Perhaps you’re in the process of applying for a mortgage and would prefer the bank didn’t analyse your gambling behaviour, or maybe you’re just looking for more discretion than that which i available when you choose to play via your regular accounts.