The online gambling market is growing fast and making huge returns. Many individuals did not readily embrace the aspect of online gambling and it took some time before online gambling received the recognition. However, since the year 2012, the online gambling market is taking the industry by storm while at the same time ensuring advanced security levels.
The online gambling industry may solve their currency concerns with the introduction of bitcoin digital currency. The introduction of bitcoins is probably the solution to making all payments no matter how huge while minimizing transaction costs and ensuring security measures. Processing fees are as low as they can get, as banks are rarely involved as well as other payment processors. In addition, keep in mind that bitcoins are only used anonymously across the globe and do not raise the need of a conversion rate for a daily currency. In this, the industry is looking at bitcoin as the next frontier of online gambling.
Bitcoins can only be earned in three ways. There is the option to mine them, which are rare, buy them or simply earn them after the provision of goods or services. It is from the three options that bitcoins are available. However, the main source of bitcoins to serve the online gambling market is through buying them. Every bitcoin has a value. You can purchase a bitcoin from an e-wallet such as Blockchain. As of the year 2014, the value of a bitcoin in the market was equivalent to about $945. This makes it ideal for making payment for large sums of money rather than paying it off in cash. This creates an added advantage for Bitcoin gamblers.
Looking at the popularity of bitcoin use, about half of the bitcoin transactions are settlements from gambling. In some countries, some banks want nothing to do funds from gambling. In an effort to meet their consumer demands, opting to settle for bitcoin transactions enables gamblers access their money online.
There are a number of bitcoin operators in the gambling industry including SatoshiDice, BitZino, Seals with Clubs, WinPoker as well as Vera&John. With such diversity, accessing your bitcoins is fast and easy. They allow gamblers make bitcoin deposits.
This virtual currency has raised an eyebrow with the authorities over the years with the claim that it increased illicit activity in the market. However, there is a turn of events and after reviewing the market, this virtual currency seems to provide a long-term investment even in the gambling industry. This led to the legalization of gambling activity in states such as Nevada, Delaware, as well as New Jersey. However, they all need to abide to the US regulations. The only downfall is that some countries may find it difficult to tax or realize profits from bitcoin transactions because they do not fall under a given jurisdiction.
Gamblers stand a chance of playing more from the same bitcoin over time because bitcoins gain value over time. In this, it is building the online gambling industry and proving to be the next frontier of online gambling. It is a win-win situation to both the gambler and the gambling industry.