The rise of bitcoin and how it’s transforming online gambling
Guest post © 2017 Great Bridge Links
Part 1: What Is Bitcoin?
Both bitcoin and online gambling are becoming increasingly popular. This is no coincidence – it is rapidly becoming a match made in heaven as the two industries enjoy a mutually beneficial relationship.
Bitcoin’s sudden rise to fame has helped to transform the online gambling industry. A consensus network that allows a new payment system and a completely digital currency is essentially cash for the internet.
This week, bitcoin soared above the $1,700 mark as market cap added a total of $1 billion in just one day. Bitcoin has been performing remarkably well in recent weeks and over one month, the price has increased by almost half at 43%.
Over one year, the bitcoin market has grown exponentially from around $7.16 billion in May 2016 to $27.9 billion today. The only way for bitcoin is up and it doesn’t look like that’s going to change any time soon.
That said, many popular gambling sites are yet to embrace bitcoin as a payment method. This is unsurprising given that only last year Bitcoin was reported as an ‘inescapable failure’. However, things have turned around recently and it seems the increasing popularity of online casinos may be partly responsible.
Bitcoins are also great time savers for the player. Typically, online casinos mean you must deal with numerous transactions, bank fees and waiting periods for withdrawals and deposits, however, bitcoins offer almost instant access.
What’s more, because it’s a cryptocurrency, it allows users to make deposits anonymously and it’s not monitored by any bank institution or government authority.
It’s no secret that online casinos offer a whole different world of options compared to that of a physical casino. Digital roulette is a fine example, on reputable sites, and both the wheel and the betting table have been accurately replicated to provide users with an authentic and awesome gaming experience.
You can place bets on an entire range of number groupings such as squares, rows or even whole columns, which means your chances of multiplying your bitcoins are multiplied. Whilst in land-based casinos, only American and European roulette is available, some casino sites offer Zoom Roulette.
Once you have placed your bets, a large wheel appears on the screen and begins to spin in some amazing 3D graphics, giving even the best of Las Vegas casinos a run for their money.
If you’re a high roller and find that you have copious amounts of bitcoins, then lucky you! There are numerous high roller tables that feature larger minimum stakes meaning you can start big and try and increase your total winnings from the off.
There are high roller tables for both American, European and Zoom roulette. And if the wheel gets boring, plenty of casino sites off high roller options for the likes of poker, blackjack, slot machines and so forth meaning you can spend bitcoin to your heart’s content.
When setting up your online casino account, simply deposit your bitcoins and you’re good to go.