When bitcoin first appeared in 2009, everybody treated it as a joke. Today, with its value north of $35,000, even the most conservative financial experts are forced to take it seriously. Cryptocurrency is probably one of the most disruptive technology in the last several decades since the creation of the Internet. Rarely in human history have we encountered an invention that has the potential to completely redesign the way we think about everyday things, like online payments. The global financial system is still finding ways of incorporating digital coins, but even the limited application is causing massive changes. Every industry in the world is being impacted by bitcoin, but the gambling industry is among the rare ones that are embracing the new currency with both hands. Let’s see how bitcoin will impact the gambling industry. Though Online Cricket Betting ID retains its charm.
Table of Contents
Short History of Bitcoin
Created as an experiment by Satoshi Nakamoto, bitcoin was just a curiosity for the first couple of years of its existence. It was easily obtainable and almost worthless. Hungarian truck driver Laszlo Hanyecz famously spend around 50,000 bitcoin on pizza in 2010. If he had waited until 2017, he would be a billionaire. At least he had set a record for the most expensive pizza ever ordered. Such a drastic increase in value has brought the media’s attention to bitcoin and ever since we are hearing about it. When you cut through the media sensationalism, it becomes clear that bitcoin and other digital coins have become a part of our lives and that they are here to stay. Many industries, including online gambling, have already realized this fact and are doing everything in their power to implement it in their daily business operation.
One of the biggest advantages Cricket ID holds over traditional currencies is much lower transaction fees. Compared to standard banking fees for moving money around, they are almost negligible. That is why more and more people start gambling with bitcoin, as they try to reduce the amount of money banks charge them. For most players, gambling is about making money, and being forced to give a significant portion of their winnings to the banks is simply unacceptable. That is why bitcoin is a Godsend for them, as it allows them to keep the cost of transactions under control, increasing their takeaway money. For people who gamble only occasionally, it isn’t that big of a deal, but for regular punters, costs of transactions quickly add up. Annually, those costs can mean a difference between a profitable year and a losing one.
One of the most irritating things about bank transfers is the speed of transactions. In the modern age, where transactions take milliseconds, it is absolutely unfathomable that banks make us wait for days to complete our money orders. Not only it defies logic, no matter how much they justify their actions, it is also extremely irritating. It can be frustrating to drain your casino account and have to wait three to five days for your deposit to clear all the hurdles in its way, so you can lay a bet again. Bitcoin eliminates all that. All transactions are almost instantaneous. That means no more maddening delays when all you want to do is play a few spins on your favorite online slot. With bitcoin, you can use your money in mere seconds.
Perhaps the biggest selling point of all blockchain cryptocurrencies is their inherent safety. Each transaction is recorded under its own unique security code that helps keep both players and online casinos honest. Only the sender and the receiver can decipher the code. Nobody else will get to see any of your banking details, preventing them from accessing your account. Credit card fraud has been a major concern for the online gambling industry recently. Databases containing sensitive bank accounts and card holders’ info have been regularly breached and data sold on the open market. Criminals then used it to make purchases and drain people’s accounts. While banks are usually insured and stolen money is eventually compensated, nobody needs the stress of going through this. Bitcoin eliminates all these risks and makes online transactions infinitely safer for all parties.
Anonymity and Effects of Bitcoin on Privacy Protection
Many people used credit cards to make online casino deposits reluctantly, in fear that the details of the transaction will be revealed. Most didn’t want such transactions appearing on their credit card statements and risking somebody seeing them. That is why they used roundabout ways of making the deposits, adding to the cost of playing. With bitcoin, there are no such qualms. Every transaction is anonymous and nobody can see what you are doing with your money. This makes for a far more relaxed and enjoyable gambling experience, without worrying that somebody is looking over your shoulder. Even if you don’t have to worry about people seeing or commenting on your habits, it is still comforting to know that it is no longer a possibility. What you do with your money is your business alone and you shouldn’t be forced to explain yourself.
Bitcoin and Gambling Industry
The advantages of bitcoin and other digital currencies are too obvious to ignore and more and more companies are seeing that. The online gambling industry is especially interested in implementing digital coins in their business model and is scrambling to make this method of payment available to their players. There are already dedicated bitcoin online casinos, created with the sole purpose of accepting crypto. So far, the players’ response has been overwhelmingly positive, encouraging other casinos to follow this example. In the near future, even the most reluctant casino owners will be forced to start using bitcoin or risk being left behind by the competition. The demand for bitcoin is growing constantly and barring some major disturbance on financial markets, it can’t be stopped.