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Is bitcoin gambling the future of online casino sites? It can be heard more often lately, as bitcoin’s adoption rate speeds up, the number of wallets being opened each day grows and after passing $1000 price level once more, bitcoin proved itself to be more just a modern gimmick.
What makes bitcoin different from any other currency and more attractive to both bitcoin gambling sites and players alike? Players want an instant and anonymous gambling experience. Operators want a quick, reliable, low-cost payment solution. Bitcoin suits both sides perfectly. It is estimated that more than a half of top 10 gambling sites would operate on bitcoin in the next five years.
The great chance for bitcoin is not only related to existing online gambling sites. New gaming sites pop up real quick and gain attention both from the players and from the gambling industry itself. Bitcoin’s nature allowed to develop a “provably fair” model, ensuring that the bet’s outcome can’t be changed by any kind of manipulation. This allows players to have fun and never be scammed.
As mentioned before, bitcoin serves both the players and site operators. Players are not being forced to give out any sensitive personal data or even send scans of their ID for the account verification. All it takes is an email address and a bitcoin wallet. Simple, safe and effective. On the other side, bitcoin gambling site operators can lower their operational costs, as processing bitcoin transactions doesn’t require a third-party payment processing provider. On top of that, bitcoin transactions cannot be cancelled, so the operators don’t have to worry about fraud attempts using chargeback.
There’s also the downside of the fact that the number of bitcoin gambling sites is growing rapidly. While most of them are legit and reliable, some of them may be scam sites and refuse the player to withdraw his winnings. Same as with the traditional online gambling sites, players should check if the site they’ve chosen has a valid gaming license and is fully regulated.
Let’s face it, bitcoin gambling is here to stay. The bitcoin users community is known for its love to gambling. As bitcoin’s popularity is continuosly rising, so is the market share of the gambling sites accepting bitcoin payments. Last estimates show that their market share has grown from 8% to 11% in the last two years.