Crypto is on course to revolutionize casinos and betting with online bitcoin gambling. It all started off with a simple game called Bitcoin Dice. Now the sector offers everything the traditionally established players do.
The industry over the years has gone through dramatic changes and had countless battles with regulatory bodies across the world. The past has shown us that prohibition does not work. I am a keen advocate of giving people a right to what they want to spend their currency on.
Personally, I am not a gambler but a blockchain and BTC enthusiasts that loves economics. I predict within the next five to ten years, the current financial system will collapse and countries will turn to cryptocurrency to resolve it.
It is going to be a battle between the 0.001% versus the world and eventually the whole population has to win, right?
The large traditional established players in the online gambling space and keeping a keen eye on the volume of transactions carried out in BTC betting. Already cryptocurrency amounts to 10% of the of the gambling revenue. It is impressive since it has only been mainstream for a very short space of time.
The most popular cryptocurrency game is still Bitcoin Dice attracting millions of players across the world.
Like the banking sector when the Blockchain and Bitcoin started to gain traction, they did not see it as a threat to start with. This was in part to a lack of knowledge of what it is capable of and the huge advantages it has over FIAT currency. Banks have started to try to build their own blockchains so that they can try to control the rapidly growing cryptocurrency space. It will not work though as the reason the Blockchain and Bitcoin are becoming so popular is due to the fact that it is decentralized and no one owns it. If casinos and gambling companies are not careful they could get left behind and become irrelevant.
If you want to set up an online FIAT based casino or betting company, there are many rules and regulations that you must follow. With online bitcoin gambling based on the blockchain which is completely decentralized, it is almost impossible for Governments to impose bans.
Unlike the banking sector where the Blockchain and Cryptocurrency make their business models fail, the gambling industry using the technology which actually gains. The two biggest costs that an online betting company has is regulatory and financial transaction costs.
With Bitcoin, there are almost zero costs which will greatly improve the profit margin. With little regulation presently, it can dramatically cut this cost down and save them thousands. It also offers customers the chance to gamble anonymously.
The blockchain protects players by having no bets showing up on bank statements to damage credit ratings.
Due to the rapid growth of the industry over the last couple of years, brand new designers have become involved in the world of online gambling. Due to the principles of the Blockchain providing a transparent secure ledger that makes it fair for the public, designers have followed suit with the games.
There are many specialized crypto games such as BTC Dice where users can use Faucets to get free crypto to play with. There are also free spins for video slots, bitcoin welcome bonus rewards and matched deposit bonuses.
These promos have attracted a lot of players to make the switch from traditional to Bitcoin Casinos and sportsbooks.
If you are interested in trying out gambling in crypto, you must first set up a wallet. Make sure you do your research first to find the best and most secure. Once you have done that find sites that offer Bitcoin Casino No Deposit Bonus Codes or Free BTC Spins.
You can sample betting without using any of your own money to see if it is something you would like to explore further.
This post was last modified on May 17, 2021 4:05 am
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