In 2008, the ambiguous and mysterious Satoshi Nakamoto published a paper on The Cryptography Mailing list describing a theoretical, digital-only currency known as Bitcoin. In 2009, Nakamoto released open-source software which officially launched the network where Bitcoin currency, aka Bitcoins, could be traded online. Since then, the Bitcoin has gone from strength to strength and is now recognised in many key markets, including the USA and the UK. The digital-only currency is being lauded for its lightning-quick transaction time and lower transaction fees compared to the traditional means of using real-world currencies.
Taking a Bit out of the Online Gambling Industry
As the Bitcoin has gained prominence, recognition and popularity, numerous online services have started accepting the digital-only currency. The latest of these services to accept Bitcoins are online casinos. These online gambling locations have proven to be a phenomenon in the 21st Century. Dedicated users now love casino bonuses, mobile games and real-money play to a point where a list of NetEnt casinos and others is not only expected by users but also demanded!
Research company H2 Gambling Capital recently released a report which placed the global market value of online gambling at roughly €21 billion, with an additional compound annual growth rate of 9.13% through 2015. The lucrative and growing nature of the industry has led to a highly competitive market, with rival providers looking for any means to outfox the competition. Therefore, the acceptance of Bitcoin currency has proven to be the latest additional incentive used by online gambling providers. As a result, online casino software giant Microgaming‘s decision to adopt the Bitcoin is highly indicative of the value and commercial appeal of the digital-only currency.
A Flip of the Bitcoin: The Benefits For The Provider
The benefits of the Bitcoin currency from the perspective of a service provider hinge on its ability to function outside the transaction protocols reserved for real-world currencies. Bitcoins’ transition fees are between 2-3% lower than those imposed by credit card processors. This has proven to be a ripe incentive for merchants to accept the currency. Additionally, fees are paid by the purchaser, not the vendor, which further benefits the provider of the service.
A Flip of the Bitcoin: The Benefits For The Buyer
With many countries still struggling to implement, or even begin writing, legislation regarding online gambling, several of the service’s worldwide fans are struggling to gamble using their own currency. What Bitcoin offers, along with anonymity, is a means to bypass any given country’s regulations as the digital-only currency exists outside any restrictions.
A lesser but still massively appealing benefit for online casino users is the speed of transaction of Bitcoins. Due to the Bitcoin already existing in a virtual form, it does not need to be verified and transacted from the real world. Therefore, unlike normal transactions, the Bitcoin can be seamlessly transferred in and out of the online casino. Meanwhile, traditional currencies take between 10 and 30 minutes to do so.
This article was written by Lucas Whitby.