Even if you’re not into trading or cryptocurrency in general, you can’t ignore the Bitcoin craze. It has gone from being a mostly ignored digital form of currency with no value to being seen as the digital gold of the future. A single BTC has gone from having no monetary value to being worth as much as $50,000–and may be considerably more in the future.
As a result, it is no longer surprising that it can affect and transform a wide range of technological areas, including the exclusive gaming industry. You may now find “Bitcoin versions” of your favorite casino games, in the best Betsoft online casinos and other major online gambling places. With all of this in mind, let us take a look at how Bitcoin transformed the gaming industry.
More betting options are available
In a sense, Bitcoin provided more flexibility to bettors. Aside from the standard bank-centered or e-money wallet alternatives, paying for casino transactions with Bitcoin has shown to be more simple, accessible, and speedier, as well as saving users from the normal difficulties and expenses associated with traditional online payment methods.
Why do casino owners like Bitcoin?
Bitcoin isn’t just popular among players; it’s also popular among casino operators, and for good reason.
You’ll be able to reach a larger audience
Bitcoin has no geographical limitations. You can use it as long as you have an internet connection and a wallet. It makes no difference where you are in the world, what race or nationality you are.
All you need is a crypto wallet (which you can easily create through countless apps and sites now) and you are good to go. Once you have your wallet created, you can then start buying, saving, or trading BTC and other coins and tokens as well.
Because Bitcoin is decentralized and unregulated, no transaction fees are charged, or if they are, they are extremely small and inconsequential. What’s more, dealing with Bitcoin means avoiding taxes and audits because it is not regulated by any government, which is one of the reasons it was previously dubbed “currency of freedom.”
Although there are numerous advantages to utilizing Bitcoin in gaming and even gambling, there is still one question that surrounds its use, as well as the use of all other types of cryptocurrencies: its legality.
Currently, cryptocurrencies exist in a legal gray area. This implies that, while there is no specific rule prohibiting the use and possession of cryptocurrency, it is unclear where it is permissible to use it as if it were actual money.
For several years, major countries such as the United States and the United Kingdom, as well as other developing Asian countries, have implemented laws recognizing Bitcoin and other forms of digital currency, implying that their ownership and trading on a peer-to-peer basis are legal. The hitch is that none of these countries have yet to adopt cryptocurrencies as legal cash in any manner. As a result, bitcoin is still regarded as a property rather than a legitimate form of payment.
This differentiation is based on a variety of technical factors. This is also why Bitcoin casinos that operate locally are considered illegal in the United States, forcing gamblers to gamble on offshore sites where they will have no concerns.
Will Bitcoin be “legal”?
Will governments throughout the world adopt cryptocurrencies as legal tender soon? Nobody knows, but one thing is certain: Bitcoin will continue to prosper and offer innovation not only to the iGaming sector but to other technical areas as well.