A Glimpse into Bitcoin Gambling
A Glimpse into Bitcoin Gambling
The number of Bitcoin transactions has increased drastically since its early days. What used to be limited to a small circle of early adopters is now spreading on to the masses. Since 2009 the number of daily Blockchain transactions has increased from about a hundred to over 250,000 transactions per day.
There are numerous factors triggering general public adoption of Bitcoin: wide media coverage, frequent price surges, governmental regulation, a growing number of Bitcoin accepting merchants, and of course, the iGaming industry which attracts millions of Bitcoin users every day, which quite naturally boosts credibility of Bitcoin as a payment method.
iGaming was one of the first most prominent industries to embrace Bitcoin which is hardly a surprise: gambling websites are all about receiving and sending payments which makes them a perfect spot for Bitcoin transactions.
Many companies saw Bitcoin as a business opportunity and started investing into Bitcoin gambling. 2012 saw birth of Satoshi Dice – perhaps the most popular Bitcoin game ever made. In 2013 it was sold for $11.5 million. This was the first major company acquisition in the Bitcoin world which only consolidated the significance of the crypto-currency.
Despite being dubbed as “the most popular game” Satoshi Dice did not quite succeed in bringing Bitcoin to a bigger audience, instead it targeted that tight circle of “early adopters”. For BTC to truly gain public recognition one needed to use familiar terms. And so Bitcoin became mainstream with SoftSwiss.
SoftSwiss is a real pioneer when it comes to software solutions for online gambling with Bitcoin. At first Bitcoin enthusiasts and now its avid supporters, they developed the first truly traditional online casino with classic casino games (slots, card games, roulettes) supporting Bitcoin. Now their collection of clients lists over 30 successful online casinos accepting both fiat and crypto-currencies.
The advantages of using the crypto-currency are many if compared to traditional payment methods deficiencies:
- Bitcoin transactions are instantaneous;
- there are no limits in the amounts of money you can transfer;
- payments are irreversible meaning there can be no chargebacks;
- there are no transactional fees unless you rely on 3rd party payment processing services;
- there are no country restrictions as Bitcoin has no central regulation so it cannot block whole countries out of its payment network;
- Bitcoin transactions are transparent - the public ledger allows users to track where their payments land; etc.
Nonetheless bigger market players are hesitant to adopt crypto-currencies. Whatever the reasons, the bigger guys are missing on some really big opportunities: they offer their players a limited number of payment options which in its essence is counterproductive. They lose to Bitcoin and hybrid casinos in terms of fairness by relying on 3rd party certifications rather than provably fair mechanisms. They cannot offer the same processing speed and sometimes even make their players pay the associated transaction fees. Considering the enormous competition out there, Bitcoin can be a nice add-on if not the key factor of choosing one brand over another.
It is true, of course, that the fate of Bitcoin doesn’t start and end with the iGaming industry. It already embraces a large segment of other online businesses. Among the companies accepting Bitcoin payments are Microsoft, Wikipedia, Reddit, T-Mobile, Lionsgate Films, Tesla, Virgin Galactic, to name a few.
Bitcoins are spreading real fast and small businesses are also joining the eco-system: many shops and cafes across the globe are also making the switch to Bitcoin. The array of services offered for Bitcoin is increasing, which in turn increases BTC utility.
We are standing on the brink of what is known as the fourth Industrial Revolution with Bitcoin and Blockchain technology among others at its forefront. It is as clear as day that one cannot ignore its significance any longer. And while for some industries Bitcoin is already a hype, others haven’t been able to reach critical mass yet. So the biggest challenge right now for all businesses is to facilitate consumer adoption of Bitcoin as it generally takes a while for any innovation to kick in and grow loyal user base.