Bitcoin gambling is getting more profitable than ever – Is this the future?

Even though the legality of crypto is still an issue to be addressed in many countries. The public perception of cryptocurrency is gradually changing, and everyone including business owners is getting acquainted with the use of digital currency.

While the use of Bitcoin is restricted in most countries, Bitcoin gambling is not subjected to any restriction and no law in any country prohibits it. And due to this, punters understand that Bitcoin gambling could be the bridge over the gambling restrictions they have been encountering for years.

Let’s discuss this further.

The government’s perception of bitcoin is changing and a massive number of countries are gradually adopting the use of cryptocurrencies. Will Bitcoin gambling be the future for punters? It’s important to understand the benefits of using cryptocurrencies as a payment method before determining what the future holds in store for it.

Benefits of Bitcoin Gambling

Bitcoin gambling is getting more profitable every day because of the enormous opportunity it provides to punters. And as Bitcoin’s value recently soared over unexpectedly, both crypto casino owners and players have benefited tremendously. Especially online gamblers who bought a massive number of tokens before Bitcoin’s price rises will receive amazing return rates.

Even though gambling with bitcoin and fiat offers a similar concept, both have their differences. For instance, the fact that bitcoin casinos are not regulated by the government as other normal casinos makes them the perfect choice for punters. Also, players can win a large sum of money without being subjected to any paperwork.

Will Bitcoin gambling remain profitable in the future?

As of now, Bitcoin has a $60 billion market cap and it’s still very low when compared to the global currency markets. And there’s still a long way left for bitcoin to still go to function as a currency. However, throughout this journey, there’s a high chance that it could remain profitable to investors including bitcoin gamblers.

It’s important to understand that the market price of bitcoin fluctuates frequently because there’s not enough liquidity. The bitcoin market is often influenced by supply and demand.

For instance, it’s very easy to exchange fiat currency for other currencies and commodities. However, there’s a difference when it comes to exchanging cryptocurrency for fiat its a but difficult because crypto is yet to be accepted globally.

Furthermore, as Bitcoin has seen an increase in popularity in countries like Venezuela and Zimbabwe, it’s might make a remarkable breakthrough in the future and create lots of profitable opportunities for investors. So, whether Bitcoin gambling will remain profitable in the future will be a matter of time, as the coin gains mass trust and adoption.

Even though lots of countries are yet to accept bitcoin as a payment method, the gambling industry is gradually changing. Today, there’s a wide range of bitcoin gambling sites because business owners have started to understand that the utilization of cryptocurrency can solve a lot of pending issues and bring massive profits to them and punters.

Gambling with Bitcoin offers exactly what gambling with fiats presents to punters but with lots of amazing incentives and features such as improved security and capital efficiency. No need for punters to worry about hackers compromising their valuable information because Bitcoin gambling is safe and secure to utilize.

Issues in the traditional world of gambling

In today’s current market many problems exist in lottery fraud and other forms of gambling. In 2004, a Chinese lottery drawing was executed improperly, and four winners were chosen. This caused a lot of confusion for the winners, and one was even put in jail on the accusation of counterfeiting the winning ticket. In 2005, 2007 and 2011 a security director hacked into the random number generator for the lottery which gave him the winning ticket in each lottery. In these centralized gambling games, some individuals have privileged information or access which allows it to be manipulated and held unfair. In most cases of lottery fraud, the perpetrator goes unnoticed for many years and so the lotteries are unfair and participants are cheated. The funds that are collected from the purchases into the lottery are not transparent, and the prize pool is often far less than what was collected. These agencies that hold lotteries are receiving a large portion of the ticket sales. Cryptocurrency gets bad rep for shady exchanges and online casinos, and so many people simply dont trust cryptocurrency because of it.

In today’s world, the unregulated betting market is upwards of 1 trillion dollars, while the regulated market sits around 533 billion dollars. This is a ton of money being exchanged on various platforms. It is an enormously large market with many gambling platforms moving to mobile. From 2014 to 2016 revenues from mobile gambling jumped 26%. Historic trends show the gambling industry has grown year over year and there is no reason to think it will not continue in the future.

Blockchain technology and Bitcoin gambling

Blockchain technology has a lot of advantages in the gambling market. With a distributed ledger that accurately keeps track of transactions, games will be able to be transparent with its users. Anyone who places a bet in these blockchain games can verify the accuracy of the bet via the seed phrase that is 100% verifiable and placed on the blockchain. The blockchain will also bring transparency to the money pools that are backed behind different games the winnings will be rewarded with verified corresponding odds. The use of smart contracts will ensure that users who win a game will be paid out and any viewer can check this information out as well. This accuracy will ensure that users cannot create fraudulent wins.

Another main attraction for crypto gambling is the ability to stay anonymous. Bitcoin transactions are not linked to a persons identity directly and money can be added/withdrawn extremely fast. Many crypto gambling websites offer safe ways to withdrawal and payouts can happen near instantly.

Conclusion

Bitcoin has been very popular among other cryptocurrencies. And its evolution has been quite interesting in the history of digital currency. Due to this, many online casinos have started accepting bitcoin because it is convenient and secure. And the fact that anyone can bet anonymously using bitcoin without worrying about their country’s gambling rules and regulations is fantastic.