n recordingly short time, Bitcoin creators have done something hard to even imagine previously: they have been able to launch a decentralized electronic payment industry operating alongside the existing state-controlled financial mechanisms. Its real capacities are to be revealed within the coming years, but thus far it has already been powerful enough to initiate revolutionary changes in the industry of online gambling – the true flagship of the electronic technologies area. As a result, virtual gaming has become much more efficient and available to residents of the countries where Internet casinos are prohibited as such. What has been the real driving force behind Bitcoin’s great success in online gambling?
As of early 2015, there have been tens of BTC casinos of at least two kinds offering their services online. While on some of them Bitcoins are used only as a supplementary payment method in addition to fiat currency deposits and payouts, many are offering their customers no other option but to solely pay and be paid in the cryptocoins. The new Bitcoin gambling portals are launched every once in a while to be available to customers all over the world, just unlike real-money gaming portals that are still beyond the law in many jurisdictions. On top of that, Bitcoin is accessible to everyone willing to use it for making payments, as there are no age restrictions either.
The set of betting options and opportunities you get on a Bitcoin gambling website is in many ways more extensive than the one you eventually get even in the most hyped ‘regular’ real-money houses: your favorite casino, card and table games, virtual slot machines, lotteries, live dealer games, and sports bets – it’s all there at best. But, aside from BTC payment anonymity and instantaneousness, as well as almost non-existent commission fees and the absence of extra expenses, which are frequently seen as Bitcoins’ fundamental features, you also get a thing called fairness provability, and that is something you can’t have on traditional gambling portals. The concept of provably fair gambling websites lies in letting their players verify whether every single outcome of the games they choose to play (like roulette and blackjack) is cheat-free, i.e. based on random numbers generated by cryptographic algorithms, with no outside interference (whether gambler- or casino-side). This is a great advantage for both players and Bitcoin gambling operators themselves, as it enables them to quit building their relationship on trust, and rely upon math and impartiality instead. With all this being said, we can definitely state that Bitcoin has a truly revolutionary potential.
Bitcoin has already started conquering new markets and business branches gradually establishing itself as a full-fledged means of payments accepted by major merchandising companies and online shops. Positively, today we are lucky to witness the formation of the independent payment industry based on block-chain technologies. There may be still certain issues with its state regulation and circulation in parallel with local currencies in certain countries, but we should hope these issues are solved in more or less immediate future, and what we may be expecting to happen one day is the rise of the new truly global currency.