Bitcoin: The revolution in gambling

Gambling has been existing for thousands of years, and people will never stop playing games of chance. If they make money, they have the right to deal with it as they want. Those, who make bets in casinos, just choose their own way, and it will be wrong to implement restrictions to prevent them from doing these things.

Although these restrictions exist: online playing is banned in many countries, and gamblers that can even visit casinos through VPN cannot deal with the payment operations. It is better to say that they could not do it until Bitcoin appeared. The first cryptocurrency has made a real gambling revolution.

With the appearance on open Internet in the 1990s, a part of land casinos, restricted in certain countries “moved” online. Although some governments still do not let residents of the country gamble, the new digital money helps players to avoid restrictions. The thing is that if a usual casino working with traditional currencies linked to banks can be controlled, Bitcoin and alternative virtual money are decentralized. No banks or governments can take control over them; therefore, BTC has been used in gambling actively, and the anonymity of Bitcoin one of the reasons for its popularity. Picking crypto for online betting (Sports is included as well), a player can be sure that he will use the right to spend his money as he wishes, and moreover, what is even more important, earn a lot.

When the attempts to block popular sites like WikiLeaks and the Pirate Bay showed that the IP change does not work sometimes (VPN), it has become clear that new technologies should be used. Blockchain has become one of them (if not the number one). Being a decentralized currency, Bitcoin cannot be controlled by the central domain. No one can stop any BTC transaction when it is started, and too many blocks take part in the chain.

BTC casinos

BitcoinSportsbooks (the site dealing with bets and crypto) says that Bitcoin started revolutionizing gambling. Now, BTC has become the most convenient currency for playing online. Chips that are won in games, can be exchanged for crypto. When the market of virtual currency starts growing, gamblers can exchange BTC again, and this time, they can choose any traditional currency.

A lot of things have changed in the gambling world with the creation of BTC. The first in the world digital money proved that it has the advantages, which make it the best currency for casinos. Crypto transactions are cheap (sometimes, they are even free). Low prices for payments and cashout attract more users to online casinos. As a result, operators are also in a great plus. Bao Casino 5 million dollars turnover is the best example of it. Players, who have cryptocurrency, can play for it anywhere in the world — BTC erases the boundaries.

Transparency fair operations

As soon as any operation with BTC online is verified, it can be checked. It makes Bitcoin transactions safe and transparent. The term “provably fair” in relation to casinos appeared soon after these gambling sites started to deal with virtual currencies. However, as practice shows, RNG systems that are used in BTC casinos, might give wrong results. The existing problem can be, however, solved: the 3rd parties can provide Random Number sequences here.

Possible problems

One of the most popular crypto forums, Bitcointalk, has been actively discussing the problem of possible crypto scammers, who can take the users’ money and vanish. Now, experienced gamblers, who care much about safety, can trust only those systems that provide transparency — the blockchain. With the P2P (“person-to-person”) transactions, operators do not get access to the players’ money.

The new stuff appears (Bitcoin 2.0); and have already become the most-trusted solutions for Sports betting online and gambling at some internet casinos. They cannot be realized in real-time land casinos, but soon, the situation might be changed.