Will Bitcoin Casinos be a Part of the Future?
Written by Matt
Published date · Aug. 17, 2021 |
Last Updated · Dec. 14, 2022 | Read Time: 4 mins
The face of online casinos is always in constant change, and the industry has always done well to keep up with the latest trends and technologies to give themselves the best advantage. Cryptocurrencies and Bitcoin specifically have seen a massive surge in popularity in recent years. Coming out of near obscurity, Bitcoin is one of the most valuable and widely used forms of payment on a global scale. When you take the two worlds and put them together, you get Bitcoin online casino. This is a relatively new trend in the online casino industry that has been up and down over the years. The real question is, will bitcoin online casinos become a predominant part of the industry and does it have the potential to become as big as traditional casinos?
There are some reasons for and against this happening, and we will try and see if we can answer this question in this article.
Read Next: Our Guide to Cryptocurrency Casinos
Pro to Bitcoin Casinos: Cryptocurrency Allows for Maximum Transparency and Privacy
In many countries around the world, players don’t need to go through many steps to deposit at an online casino. Instead, they can deposit from their card or e-wallets in a matter of seconds without any issues.
So what is the case for Bitcoin to be used instead of these tried and tested methods? The first and most obvious advantage is that money transfers are kept more private. When using Bitcoin, players can keep their game time a secret, which can concern many players. However, when you think about it, the online casino community consists of players who deposit now and then, so this isn’t a big advantage to that type of player. When we talk about Bitcoin online casino playing, we aren’t just about sites that accept this form of payment. That is the way most of this started, but it has evolved massively over the years. There are specific Bitcoin casino sites that take full of advantage of this technology, namely blockchain. In the simplest way possible, applying blockchain to online casinos does address one of the biggest concerns players have when they play at an online casino. You would’ve thought that the biggest concern for players was whether the game was fair or not. No matter how many licenses and regulations there are, players are never totally satisfied that the game is on their side. However, Bitcoin casinos can help put these concerns at ease. Every stake is done via blockchain, and there is a full record of what has happened. That way, players can get full transparency.
This idea is great, but it still needs to be understood and used by the average player to carry any weight. Someone who knows nothing about this technology only sees the claims made by the operator that it’s 100% safe but can this truly be believed?
Con: Protection and Fair Play Isn’t a Certainty
Whilst there are some major positives about Bitcoin, there are some glaring downsides as well. The first one is convenience.
At this point, most are comfortable with online payment methods; also, almost everyone has a debit card that they can use to deposit online. Setting up an e-wallet is also straightforward. The same can’t be said for Bitcoin. It is much easier than it used to be to get hold of some Bitcoin, but it still can be a laborious process. It took people a while to trust electronic payment methods, so just think how people will take to Bitcoin. There is no safety layer or guarantee with Bitcoin. There are no banks involved, which can be great for freedom, but it takes away that layer of protection. Even if the protection aspect weren’t a concern, then the price of Bitcoin would be, as the price fluctuates all the time. Keeping money invested in Bitcoin is a risk in itself, just in case, its value drops suddenly. There is also the possibility it could increase as well. The increased level of anonymity have their upsides, but certain problems come with that as well. People can hide their identities, which means that cheating can be very prevalent. While the casino games themselves are fair, in the sense that they aren’t rigged, but there are more ways to collude and play in a team. It can also be harder to track bots, so that is another set of problems to deal with. Also, there would be nowhere to complain if you did have issues.
So now we have looked at the pluses and minuses of Bitcoin Online Casinos, will it ever become a real concrete part of the industry?
In summation, when you look at both sides of Bitcoin Online Casinos’ argument, it really could go either way. It hasn’t gathered any momentum up to this point, so there would need to be a big push for it to take off soon. Probably the biggest stumbling block for the casual player is the lack of knowledge. If there is some form of information pushed by online casinos to promote Bitcoin, it could help, but until then, it looks like Bitcoin Online Casinos will remain in the minority.