Cryptocurrency represents a digital value in which encryption techniques are used to regulate the generation of units… or in other words, it is a currency that is made by the people for the people. As the popularity of crypto grows so does the number of ways that it can be used. At first, it was mainly used as another way to save money and speculate on how its value will increase or decrease in the future. Over time, its use has widened and now you can even use it to bet online.
History of Bitcoin Online Casinos
Three years ago, Betonline became one of the first online casinos to accept Bitcoin as a payment method. Today, however, there are dozens of online casinos that use cryptocurrency for deposits and withdrawals. Online casinos powered by a variety of digital currencies include everything from simple games against the computer to betting on the outcomes of sports events or even for playing poker against other people. Some casinos go as far as to provide you with an actual dealer and a gaming table that is hooked up to a webcam to create a more authentic experience for the user.
One of the reasons for the rise of crypto betting are the gambling transactions which seem to be just getting higher and higher if the customer is making credit card deposits. Players are increasingly hit with fees on both ends, both by the site itself as well as by the credit card companies. Bitcoin, on the other hand, is virtually free to use.
Pros and cons to use Bitcoins in Online Casino
Anonymity has long been a cherished ideal in the gambling community. Unless you are making an extremely large cash transaction in a regular brick and mortar casino, you will rarely be asked to show any identification if you do not appear to be underage. Over the last few years, crypto and Bitcoin, in particular, have been changing the scenery of online casinos and have created a casino experience that is much more secure and guarantees anonymity.
The impact of Bitcoin on the online gambling industry is a fracture of the role Bitcoin is playing in shaping the future of our world, by promoting global trade, strengthening the right to privacy and enabling individuals to bypass unnecessary state intrusion into their wallets and their lives.
In the recent weeks, Augur has gained tractions for showcasing the endless possibilities of crypto betting. On it, you can bet on whatever comes to your imagination. You can predict the next election, short a cryptocurrency, or hedge against disaster. It is a prediction market protocol owned and operated by the people that use it. Once a user wins an outcome, he can create a report based on the bet, and other users can agree or disagree with it. Winning bets are paid out after the market is resolved.
Crypto Gambling World Grow
The crypto gambling world has been growing steadily over the years, as more and more people become introduced to cryptocurrencies. In 2013, 50 percent of all bitcoin transactions involved gambling, and since 2014 over 3.7 million BTC valued at $26 billion have been used on betting platforms. During the months of June and July this year, there was a significant uptick in crypto gambling activity. This was especially true in countries where online casinos is not illegal, driven on by the World Cup.