Will Bitcoin Become The Online Gamers Choice Of Currency?
As cryptocurrencies become more and more mainstream in the public consciousness, its adoption in online stores is also on the rise. Major companies like AT&T, Microsoft, and Twitch all allow cryptocurrencies like Bitcoin to be used for purchases. If you’ve got a decent stash of crypto and you’d like to start using it for online gambling, you’re in luck! Bitcoin is becoming more and more adopted by online gambling companies. But as cryptocurrencies become more common in commerce, will Bitcoin become the online gamers’ choice of currency?
The Advantage of Using Bitcoin
Gambling remains, despite strides in recent years, largely illegal across the world. In countries where it is legal, it’s often just in a few states or jurisdictions, such as the United States. This means banks are often reluctant to handle transactions to and from gambling institutions, even if they are reputable. With many banks refusing to handle those transactions, the number of choices consumers have to engage in online gambling venues can be limited.
Therefore, alternative currencies, such as Bitcoin, become one of the best choices people have when trying to make purchases with gambling institutions. Because the transactions don’t have to be done through a third party institution, like a bank, you’ll be able to spend freely as long as the venue you’re looking to enjoy takes cryptocurrencies like Bitcoin. Furthermore, as Bitcoin isn’t generally considered a type of currency by most countries, they themselves are not typically taxed in transactions.
Bitcoin is decentralized, which means you don’t have to worry about some governing or regulatory body freezing your holdings, giving you complete control over your money. Additionally, Bitcoin is exceptionally secure, and there isn’t typically any information tying you to the crypto, unlike bank related holdings. Lastly, there are fairly low transaction fees, making them appealing to frequent users.
Other advantages of Bitcoin are more general, but still relevant to their usefulness in online gambling. Casumo is favourite online casino for those looking to use their Bitcoin to place bets on their favorite games.
The Disadvantages to Using Bitcoin
Using cryptocurrencies like Bitcoin for online gambling sites isn’t all roses, however. One thing you have to be careful with when using cryptocurrencies with these sorts of institutions is licensure. Companies aren’t typically required to have licenses to deal with cryptocurrencies, and many companies skirt the usual regulations and fees by accepting cryptocurrencies instead of traditional fiat currencies. Another drawback to cryptocurrencies like Bitcoin are the volatility: it’s not uncommon to see swings of ten to fifteen percent in a 24 hour period, which can make losses even harder to stomach in the event the currency becomes more valuable after you’ve already spent it. It is possible that in the future, as the currency becomes more widely adopted, that volatility will reduce, but this may not ever happen as Bitcoin is increasingly marketed not as a convenient currency, but rather as an investment vehicle.
The transactions also aren’t always as instant as fiat currencies typically are. While most transactions are handled within ten to fifteen minutes, a transaction can take as long as an hour, which can be far too long if you’re planning on using the services frequently. It is possible that as the technology advances that this may be mitigated, but it is certainly a major concern in the present.
Bitcoin, as one of the most popular cryptocurrencies, is poised to become a major player in the online gambling world. Thanks to its ubiquity, ease of use, and secureness, Bitcoin is likely to become a popular choice for gamers and gamblers alike.