Bitcoin advantages for online, e-commerce and gambling
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Launched in 2009, Bitcoin has grown to be one of the hottest topics on the internet.
This was especially the case when the price of BTC broke the $60,000 landmark, which made it super popular among investors. Since then, its price has gone down, but industry experts believe it has the potential to reach a six figure number.
The factor that could determine the future of Bitcoin is its adoption. If it becomes the default currency for all online transactions, the cryptocurrency could create a real revolution in the financial world.
As things currently stand, Bitcoin’s future looks great. The number of online platforms working with Bitcoin keeps growing. Online gaming sites are among those leading the way – a number of major gambling platforms are now accepting BTC and other cryptos.
The reason behind this adoption in the online gaming universe isn’t that operators are crypto fanatics. Rather, it’s that players have given them no choice but to become crypto friendly.
Privacy and anonymity make online gamblers love Bitcoin
One of the main advantages of gambling with Bitcoin is privacy. Due to the way transactions are conducted, there is practically no way a third-party could get ahold of your private data.
When you make a bank card deposit to an online casino account, the details about the transaction end up in the hands of your bank. When you do it with Bitcoin, only you and the casino know that the transaction has been made.
In fact, this technology allows you to gamble online completely anonymously. This, however, isn’t possible on all Bitcoin-friendly gambling sites.
Depending on the gambling laws of the country where the casino is licensed, it may be required to fulfill know-your-customer (KYC) requirements.
In layman’s terms, the internet casino will allow you to bet only if you verify your account by confirming your identity. In many cases, this means providing a photocopy of your ID or passport.
There are, however, some online casinos that do not require users to confirm their identity. In fact, some of those casinos allow users to bet anonymously. Complete anonymity is possible only when Bitcoin (or some other crypto) is used for deposits/withdrawals.
To make a money transaction to/from an online casino, you just need to provide the Bitcoin wallet address.
Enhanced security is another major pro of BTC casinos
According to New Scientist, quantum computers would need to get about a million times better in order to be able to break the Bitcoin algorithm. In simple terms, this means that there’s no technology in 2022 that would enable hackers to steal your BTCs.
Sure, you could lose your crypto funds by inadvertently giving away your wallet details to cybercriminals.
Still, the same could happen with pretty much any other transaction method. That said, Bitcoin is a safer deposit/withdrawal method than most others you will come across at online casinos.
That’s not all, however, Bitcoin also protects you from getting scammed by shady online casinos. If you’re wondering how that's possible, it’s down to provable fairness.
Provably fair casinos might be the future of the industry
So called provable fairness is the next big thing in the online gambling world.
This technology is primarily used in crypto casinos, the reason being that it utilises the blockchain algorithm, which is what Bitcoin and most other cryptocurrencies are based on.
How it works is that it checks the fairness of online casino games using three variables – server seed (provided by the online casino), client seed (provided by the player’s web browser), and a cryptographic nonce (the number related to the bets made by the player).
This method is probably as good as it gets in terms of determining whether casino games are rigged or not.
Bitcoin trading is a sort of gambling
Just a few years ago, the price of one BTC was measured in hundreds of dollars.
Fast forward to November 2021 and one Bitcoin was priced at 60k. Then, in May 2022, a crypto crash happened, with Bitcoin and other major digital currencies losing almost half of their value.
That said, the volatility of the price of Bitcoin is what makes crypto trading a sort of gamble. Having some BTCs in the stash has been proven to be a wise strategy over the years – even if its price crashes, BTC comes back stronger every time.
But for those of you who aren’t too crazy about “hodling”, using BTC to gamble online might be the solution. In the best case scenario, you would deposit BTCs when the price is low and cash out your winnings after the price has gone up.
