Online casino is a billion-dollar gambling sector with millions of worldwide gaming enthusiasts playing games ranging from roulette to slot daily. Certainly, games played online is for fun but playing for real cash is thrilling. Multiple platforms are available and everyone offers different payment options that include payments in the form of dollars, pounds, or euros.
Having to cash winnings in local currency is convenient but costly. In addition, the transaction fees for withdrawing these funds are significant. Besides, the time taken to clear the interbank processes and get your money is lengthy.
Fortunately, all such things got transformed with the consistent development in technology. Now, there is a good way to cash earnings. It is called cryptocurrency. Many kinds of cryptocurrencies are available but Bitcoin is the most popular because of its many advantages.
Users get total freedom with high layer of security. It is achieved because of decentralization and anonymity. Users can exchange cryptocurrencies with fiat currency securely. Another advantage is instant deposit and withdrawals with negligible transaction cost.
Currently, crypto gambling just accounts for tiny percentage of overall online gambling revenues. Opportunity exists to earn considerable income within this industry along with advantages bitcoin offers like speedy payments and low cost. Online bitcoin gambling sites are putting a lot of efforts to increase the number of bitcoin players.
The success of cryptocurrency will depend on some factors. Regulation is the key challenge. In the US, as per the gaming enforcement act of 2006, the US bettors cannot make payments to the online gambling sites using the United States bank. In 2011, ‘Black Friday’ event, where three very popular online poker sites operating from the US were raided, which had chilling effect.
Nonetheless, bitcoin has bolstered several entrepreneurs to allow the US players openly gamble using cryptocurrency. Fortunately, some states like Nevada, New Jersey, and Delaware have approved online gambling. Slowly, states are softening and opening up, which is creating an optimistic ambiance for bitcoin gambling websites already operating in the US.
Significance of innovation
Innovative nature of community towards the new cryptocurrency concept has encouraged the invention of innovative gaming models like the dice game. The HTML5, Provably fair system, and the most preferred mobile gaming. It is experienced that plenty of gambling industry experts are becoming more innovative and creative, which indicates that industry is ripening.
Challenges to overcome
Entrepreneurs, who wish to introduce bitcoin in their casinos can experience challenges. Different experts perceive different threats like –
- As per one expert, the biggest issue is the legislation [unclear state of bitcoin].
- Another expert says that marketing is a big problem because as the space starts to fill in, new entrants will find it hard to make themselves perceived over the noise.
- A third professional found security to be the large dilemma. Nothing is impermeable, even the United States Defence headquarters can get hacked.
Educating players on bitcoin is the huge challenge to overcome for gambling sites, who are prepared to transit to cryptocurrency grid. Wagers can transact with debit or credit cards without any knowledge of how payment system works but to handle bitcoin technical knowledge is needed.
Bitcoin gambling sites are still in its childhood phase, which means there is space for disorder along the way, which will be trounced generally.