The way Bitcoin is changing online gambling industry

Online gambling is a huge business that follows the path of innovation and adapting to new technologies. Its growth rate is impressive. If in 2003 global revenue from online gambling amounted to 6.6 billion dollars, in 2014 it increased to € 32,5 billion and it continued growing in 2015. It is expected that over the next four years, the market of online gambling will grow just as quickly, and experts estimate that by 2019 the profit of online gaming will grow to $ 42,8 billion.

Bitcoins and online casinos

The vast majority of transactions in online casinos today are carried out in the major international currencies such as the USD, GBP and EUR, but more and more people are starting to use cryptocurrency known as Bitcoin. Competition in online gambling industry is so tough that even industry leaders cannot afford standing still and resisting change. Since they cannot and actually do not want to ignore the growing popularity of Bitcoin they start finding ways to add this online payment solution to their currency lists. Cryptocurrency has been used by people all over the world to buy goods and to carry out financial transactions for years, and now it’s beginning to enter the world of gambling.

What is Bitcoin

Bitcoin is basically digital cash, which gives you the ability to send money around the world instantly, anonymously and with a minimum commission. Bitcoin is not controlled by any government in the world, it is not issued in any bank. It is controlled by users. This means that the transaction there are only two parties involved: the sender and the recipient. Once you have mastered the Bitcoin – you are free to send and receive money just as easily and fast as sending an e-mail.

What are the advantages of using Bitcoin

One of the main advantages of using Bitcoin is a high degree of anonymity; it’s the same as using cash, compared with purchases by credit or debit card.

Another unique feature that allows users to instantly find out if a casino is using Bitcoin technology or not is demonstrable integrity of the game. One of the reasons why some of the largest casinos like Omni Casino and Slots Jungle Casino, started to accept Bitcoin is that players can now fully realize its benefits.

To be continued.

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