How has Bitcoin Revolutionized the Online Gaming Industry?
It goes without saying that technology plays a vital role in the progress of our lives. Such innovations as the wheel, the phone and the internet completely changed the way people lived their lives. Yet next to such major developments, a slightly smaller innovations happen, but sometimes their impact is revolutionary.
Started as a payment system bitcoin quickly gained popularity due to its speculative nature. Even though today bitcoin becomes a less common term and we hear blockchain more and more often, it has still put a dent into many businesses. Today we are going to take a look at its impacts on one of the world's largest industries-gambling.
Typically gambling used to be a time-spent. An activity that was giving you a rush in a certain place that is called a casino. Later, online casinos have appeared. They featured a wider variety of games, improved accessibility and higher comfort. This was followed by bitcoin gambling, which has changed the way the gaming industry looks.
The main disadvantage of any online casino was the way it was influencing your credit history. Bitcoin brought an unreached level of security, so it is simply just impossible to find out that a person prefers to gamble, if bitcoin is used as a currency for depositing. This way an influence of gambling activities on the credit rating once forgotten once and for all.
Unlike regular online casinos, there is a way larger degree of transparency when it comes to gambling. Usually BTC casinos are opening their algorithms to public, which results in a fairer attitude and evokes more trust.
When you are handling your finances online-there are always some costs involved. Depending on the payment system one uses, it is possible to lose on average between 2% and 10% for just topping up your balance in a casino. Withdrawing can cost you roughly the same. However, this is not applicable to bitcoin gambling. When BTC is the currency you use for money operations, you literally do it cost-free.
Summing it all up
Gambling industry has been progressing throughout the ages. Even though the rules of most popular games like blackjack and roulette have not changed, the way people gamble is certain improving. While it is already possible for nearly two decades to place bets from the comfort of your couch, only recently bitcoin currency allowed players to do the same in a stealthy and more transparent mode, keeping the money operations cost-free.