Bitcoin is a crypto currency that is slowly rising in popularity with each day. Even a few years ago, the concept of using Bitcoin as a mean of payment was quite unknown to people. Nowadays, people are seriously considering Bitcoin as an alternative method of payment. Bitcoin undoubtedly has several advantages over traditional currency.
If you have done your research on Bitcoin, you should know that payment through Bitcoins can indeed be much swifter and safer. If you are still sceptical about the usefulness of Bitcoin, then you should take a look at how the iGaming industry and sportsbooks are utilizing Bitcoin.
Bitcoin in Online Casinos and Gambling
The reason, why casinos and other gambling services are getting drawn towards Bitcoin, is the ease in payment. As you know, Bitcoin is an open source system that makes use of peer-to-peer technology for online payments. As a result, it can elude selective restrictions that are imposed on online gambling.
In addition to that, when you are using Bitcoins, you don’t have to worry about emptying your bank account. Bitcoin is a low-cost solution. Thus using Bitcoins when you are gambling online can actually maximize your profits.
People all over the world are feeling the need to establish Bitcoin casinos, and take the crown for the fastest growing Bitcoin site. Who wouldn’t want to reap the benefits of its cost-efficiency?
Take for example Ivan Montik, the CEO of SoftSwiss. His company focuses on Bitcoin gambling solutions. According to him, there are more than 400 requests from Bitcoin aficionados to have a Bitcoin casino. I don’t know about you, but that sure sounds like a whole lot to me.
The Bitcoin Benefit to the iGaming industry
But it’s not just that casinos and poker rooms that are reaching out for the services of Bitcoin. The iGaming industry has a certain interest in Bitcoin as well.
As you may be aware, the transactions made in Bitcoin are irreversible. This is a boon for the iGaming industry. It adds an extra layer of security for operators. If you were to use credit cards to make transactions over here, then your payments could be easily reversed. This puts your safety at risk.
As a specific example, take a look at the endeavours of GoCoin. They are the first e-commerce payment solution designed to process Bitcoin and upcoming altcoins for iGaming industries.
These payment solutions are considered unsafe by traditional networks. The definition may have been a little too complicated for you to understand.
But don’t worry.
All you have to know that is that GoCoin has partnered up with enterprise payment platform Ilixium. Their job as partners is to prepare gaming operators to accept crypto currencies, namely Bitcoin. This will reduce their costs and streamline their payments.
Because of this, the iGaming industry will no longer have to deal with the complications of cross-border fees and stringent restrictions. They will now enjoy greater flexibility. This in turn will give them the opportunity to grow freely without having to constantly hit bumps along the road. By using Bitcoins, the iGaming industry can now also adapt very quickly to the small changes and advancements in the world of digital currency payments.
Eric Benz, the Director of Operations at GoCoin believes that the partnership with Ilixium will provide a low friction and low-cost payment option. Therefore as a gambler, you will be tempted to stay in the game in lieu of increased profit margins. The money that may have otherwise be left on the table, can now finally be collected by the players and the operators.
Bitcoin as a Payment Method in SportsBooks
When it comes to sportsbooks, Bitcoin isn’t too far behind. Bitcoin enthusiasts are trying their very best to incorporate this alternative payment method in online sports betting.
If you have ever been a part of sports betting, you will be familiar with the tons of unnecessary complications. Traditional currencies create quite a few problems for online sports bettors. Now Bitcoin will eliminate those complications and eases the whole working mechanism of sportsbooks.
Furthermore, you can move funds quickly and process payments at zero or low costs with Bitcoin. This will allow the sportsbook industry to take Bitcoin into serious consideration.
Bitcoin sportsbooks have been around for quite some time. You may have seen one or two while placing a bet for on your favourite team. Although they aren’t household names yet, Bitcoin sportsbooks are gradually becoming more popular. It makes sense for sports gamblers and online bookers to use Bitcoin since it is not under the jurisdiction of many courtrooms across the world.
The gamers, gamblers and sports bettors may fancy Bitcoin. However, people are not yet completely open to the idea of accepting Bitcoin. If you are one among these people, then you probably have your reasons. Bitcoin, after all, has its fair share of controversies.
The Mt.Gox incident in early 2014 took the world by storm. The mysterious loss of hundreds and thousands of coins from Mt. Gox scarred the industry for good. It has raised serious concerns about the safety and security of Bitcoin deposits and payments. What’s worse is that the investigation is still ongoing. The missing coins are yet to be accounted for. No one has been arrested or even officially suspected of the crime. This Bitcoin “robbery” led to the shutting down of Mt. Gox.
Talking of shutting down, you must have heard about BitStamp’s predicament. The exchange was on its way to being closed after hackers purloined more than $5 million worth of Bitcoins. Unlike Mt.Gox, however, BitStamp has made a quick but strenuous recovery. They are back in business now and their prices are stable once again. This is another example of how the Bitcoin industry is constantly under the threat of cyber criminals.
At the end of the day, you have to weigh the advantages against the disadvantages.
On one side, the use of Bitcoin can have a significant positive impact on the profits of an industry (iGaming, sports betting, online casinos). On the other hand, there is always likely to be a cloud of controversy hanging over the world of Bitcoin. Would you jump on the Bitcoin bandwagon already, or would you hold back till you are assured that it’s absolutely safe?