The Rapid Evolution of Bitcoin and its Repercussions on Online Gambling
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Since Bitcoin’s inception back in 2009, a fair number of iGaming websites have popped up on the internet. From roulette and blackjack to video slots and poker, the list of games on offer is huge! Since BTC uses public blockchain to ensure transparent transactions at all times, the games are provably fair.
However, wagering at Bitcoin casinos in the USA can be tricky since the industry is heavily regulated against crypto casinos. There are, however, ingenious ways around the problem, a few of which we’ll discuss shortly.
The Currency Revolution and its Impact on the iGaming Industry
While cryptocurrencies were introduced at the peak of the US economic crisis, its implementation in iGaming was the result of the Unlawful Internet Gambling Enforcement Act of 2011. Although the decree did not directly ban iGaming, it introduced strict regulations and restrictions on online gambling transactions.
According to the UIGEA, US citizens were barred from signing up on domestic gambling platforms. And BTC casinos offered the ideal respite from the situation. The first crypto casinos launched around 2012 and opened up a whole new avenue for enthusiastic gamblers searching for an accessible and affordable alternative to physical casinos.
The demand for the new unrestricted currency quadrupled almost overnight with new and existing operators offering Bitcoin as an alternate payment method. While signing up on online casinos still required ID proof, crypto payments did not! It’s no secret that Americans love to wager. Placing harsh restrictions instead of capitalizing on the opportunity indirectly promoted illegal gambling in the States.
The Perks of Bitcoin Transactions
Cryptocurrencies in general offer an entire list of benefits over fiat currencies, especially in iGaming. Not only are BTC transactions more secure, but the peer to peer nature of cryptographic transactions ensure zero transaction fees, although users have the option to speed up the transfer process for a small price.
While iGaming transactions using traditional methods can take up to 48 hours, BTC transactions are generally confirmed within 10 minutes. The open-source ledger ensures zero interference as the currency is neither owned nor regulated by a single organization. The only downside is once complete, transactions cannot be reversed. Hence, payers are advised to exercise maximum caution during transactions.
The Future of Crypto Casinos
BTC casinos transformed the way iGaming was perceived by introducing the best of modern technology with one of the oldest forms of entertainment. The mass acceptance of Bitcoin is projected to further familiarize veteran gamblers with the currency, boosting outreach for crypto casinos.
Although the US market is gradually opening up to the idea of online gambling, a significant portion of regional lawmakers are yet to familiarize themselves with Bitcoin. Cryptocurrencies are notoriously volatile, which is the Achilles’ Heel that dissuades investors from treating BTC more like a currency than an asset.
Overall, Bitcoin is perhaps the find of the decade and has positively impacted iGaming. The future looks bright for the blockchain currency as mainstream industries gradually open up to the idea of digital payments.
