How Will The Upcoming US Election Impact Bitcoin’s Price Performance This Year?

9m
zycrypto

The Future of Blockchain Technology as An Investment...

10m
bitcoinist

‘How to Buy Bitcoin in India’: Crypto Exchange Offers Rewards for Videos in All Indian Languages

1h
thebitcoinnews

Bitcoin’s correlation with gold is critical as fears of a stock market collapse grow

1h
cryptoslate

Bank of England mulls digital currency as Chinese efforts surge

1h
cryptoslate

Binance In South Africa Review – How-To Guide, Fees, and Limits

2h
thebitcoinnews

Bitcoin Price Analysis: BTC Bulls Aiming Next Key Bullish Break

2h
livebitcoinnews

Bitcoin Cautious As Analyst Predicts Pullback in Risk-On Markets in July

3h
bitcoinist

Bank of England Still Debating Creation of Central Bank Digital Currency, Says Bailey

4h
thebitcoinnews

Digital asset fintech company The Bayesian Group launches

5h
thebitcoinnews

Digital asset fintech company, The Bayesian Group, launch

5h
thebitcoinnews

Ethereum 2.0 May Launch By Nov 2020 or Jan 2021, Core Devs Reveal

6h
cryptoticker

Survey: 60% of Bitcoin Investors Will Die With Their BTC If Price Stays Below $10,000

6h
thebitcoinnews

After 200% Rally Since Start of 2020, Cardano (ADA) May Suffer a Retracement

7h
bitcoinist

9303.51 Remains a Key BTC/USD Challenge: Sally Ho's Technical Analysis 15 July 2020 BTC

7h
cryptodaily

Covid-19 Stimulus: Banks Will Gain $18 Billion in Fees for Processing PPP Relief Loans

8h
thebitcoinnews

Chainlink’s competitor, BAND Protocol, is up 100% in the past week

8h
cryptoslate

Fidelity Investments invests big in Bitcoin mining as institutions want crypto

8h
cryptoslate

Why unprecedented exchange inflows aren’t stopping Chainlink’s momentum

8h
cryptoslate

Aggregate ERC20 Market Cap Outpaces Valuation of ETH in Circulation by $2 Billion

9h
thebitcoinnews

WBD236 - Bitcoin UX & Marketing with Dan Held

9h
letstalkbitcoin

Bitcoin is Flashing Signs of Weakness as It Trades Below Crucial Level

9h
bitcoinist

101Investing: New crypto broker tested

10h
cryptoticker

A Panel of Experts See Bitcoin Averaging $12,948 by Year End

11h
thebitcoinnews

Crypto Adoption: Newly Launched Binance Card To Serve 60 M Plus Merchants Across Europe

11h
coingape


Is Bitcoin Gambling Undervalued

nulltx

1yr ago

Contents

According to statistics, more than 1.6 billion people gamble online at least once every year but this figure doesn’t include sports betting which means the actual figures could be significantly higher. However, the fact that a number of countries in the world prohibit online gambling, as well as the fact that many people avoid leaving digital footprint thus avoiding online venues, suggests that there is a space for even more players. Recent breakthroughs in blockchain technology allowed the implementation of cryptocurrency-based online gambling which ushered a wave of Bitcoin gambling websites. The gambling community responded well to this new trend, as more than 50 percent of all Bitcoin transactions are related to gambling websites.

Given the fact that most Asian countries placed a ban on both online and offline gambling, the anonymity of BTC gambling is a huge advantage that allows the cryptocurrency casinos to flourish and prosper. At this point, USA based gamblers rather decide to take their chance at Las Vegas and Atlantic City casinos, which provide legal fiat currency gambling experience but also require additional costs like travel and accommodation expenses, which Bitcoin gambling websites render completely unnecessary. One could argue that the promotion of crypto alternative would draw brick and mortar casino enthusiasts to move their gambling activities to online platforms.

Fiat currency online casinos demand a registration process that requires the provision of information that most players would like to keep for themselves. Personal information such as home address, credit card number, and other personal data could create a number of problems, especially for players who are located in countries where gambling is outlawed. Furthermore, there’s really no way of telling if the games you play in brick and mortar and online fiat currency casinos are rigged, which creates suspicion with most people who are considering placing a wager or two.

Blockchain technology allows anonymous peer to peer information transfer, which includes the transfer of cryptocurrency. In practice, this means that when you register an account on a cryptocurrency casino website, you keep your personal information for yourself. Furthermore, every time you decide to transfer funds from your wallet to an online casino account, nobody can trace the transaction back to you. The same goes when you withdraw funds back to your wallet. In addition, with Bitcoin gambling, you can forget about transfer fees and long waiting periods for the money to sit on your account. However, the most important benefit of blockchain gambling platforms is that reputable venues like FortuneJack and others, provide provable fair games, which means you can rest assured that the outcome of your bet relies strictly on your luck and knowledge.

It appears that the only thing that’s stopping BTC gambling from completely taking over the online casino industry is the time needed for the word to spread out across the gambling community. Also, the volatility of cryptocurrency can also be a reason why people are afraid of turning to this option. However, the constant shifts in Bitcoin value are also a chance for additional gain as you can wait for the BTC price to go high and sell your coins.

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments