Over the years, despite still being in its infancy, Bitcoin has generated some success in the online world, in particular in online gambling. Online gambling makes up a significant proportion of the global gambling market, and while Bitcoin gambling accounts for just a small percentage of this revenue, there is a lot of opportunity for growth in this area. Many believe that the cryptocurrency is the perfect currency to use when gambling online as it provides a safe, secure and anonymous form of currency that can be used anywhere in the world, safely away from gambling jurisdictions, such as in the US. Here, we’re taking a look at why gambling at Bitcoin casinos is becoming a popular option and how popular Bitcoin gambling really is.
Bitcoin Wagers Since 2014
Reports have suggested that, while Bitcoin has only captured a small part of the online gambling market, people have wagered $4.5 billion in Bitcoin since 2014. With more casinos set to begin accepting the currency and a rise in Bitcasinos that solely deal in the cryptocurrency, it’s almost certain that this popularity is set to grow in the years to come. In fact, research suggests that back in 2013, Bitcoin betting actually accounted for more than 50 percent of the total Bitcoin transactions carried out in that year.
In addition to this, statistics from The Bitcoin Strip, a site that tracks statistics across all Bitcoin and alt-coin casinos, show that between May 1, 2014 and May 1, 2017, Bitcoin casinos and alt-coin casinos actually took in 3,864,131 BTC, across 25.17 billion bets made within this time period. This equates to 266 bets per second, with 2.45 BTC being wagered every minute. The statistics on this site also show that one of the most popular Bitcoin casino sites was actually a Bitcoin Dice site known as Primedice, with 13.81 billion bets made in this length of time.
Regulatory Restrictions
Online gambling, with and without Bitcoin, has grown drastically in a number of countries around the world, but some, such as the US and Russia, have imposed very strict regulations regarding the policies against online gambling. While there is the Unlawful Internet Gaming Enforcement Act that was developed in 2006 to stop gambling businesses from accepting payments from players who are acting in a way that is unlawful under both federal and state law in the US, there are a few ways that players can get around this.
The idea of the Bitcoin currency is that it is anonymous, and therefore it can be difficult (although not impossible) to trace back to the players, meaning they may be able to access a site and play despite legal restrictions. However, because there have been instances where Bitcoin poker sites and regular poker sites being seized, with one of the more famous being referred to as poker’s Black Friday, many Bitcasinos are wagering sites that use the cryptocurrency tend to avoid the US and other heavily regulated regions.
What Makes Bitcoin So Popular In Online Gambling?
There are three main things that makes the Bitcoin crypto currency such an attractive option to those looking to take part in online gambling. The first is anonymity. While Bitcoin is pseudo-anonymous as opposed to wholly anonymous, it does provide a lot of protection to those who are looking to gamble online without being recognised or having their details shared online. Bitcoin casinos are not linked to any form of identification, as no forms of ID are required upon signing up or withdrawing funds. In addition to this, players can choose a Bitcoin wallet that also doesn’t require any form of linked identity. While the entire life of a Bitcoin transaction can be tracked from wallet to wallet, or from the wallet to an account, none of these end points are linked to a person’s identity.
The second main reason for Bitcoin’s growing popularity is the ease and speed of withdrawals and deposits, as well as the lack of fees that are charged to the players. Regular online casinos can take days, or even weeks, when it comes to withdrawing funds, but Bitcoin provides a transaction period that should take no longer than 40 minutes – with most transactions being made instantly. This is ideal for online gambling, as many players can get frustrated with having to wait long periods of time for their funds to be deposited or withdrawn to their account.
The third major reason, is the fact that many Bitcasino games can be declared as provably fair. There are a number of provably fair verifiers that you can use to help ensure that the game you are playing is completely fair and accurate, and it is made possible as Bitcoin casinos can provide the player with the server seed. This shows just how transparent the Bitcoin cryptocurrency is when compared to regular online casinos, and this is becoming increasingly important for online gamblers looking to ensure that all of the games that they are playing are fair. Our Bitcoin gambling site reviews can provide you with all of the information about provably fair games located on a site, as well as a number of other important factors that confirm the legitimacy and trustworthiness of a site.
