Gambling with Bitcoin is one of the oldest usage cases that has now evolved from a niche into a healthy bitcoin industry. With a large portion of the estimated $41 billion net worth of the gambling industry moving online, Bitcoin is in a prime position to become the currency of choice when used in online gambling.
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While most current online gambling operations conduct transactions using USD, GBP, or EUR, Bitcoin has inherent qualities that make it much attractive to both the company and consumer compared to traditional payment methods.
One of the most coveted features Bitcoin holds over methods like credit cards of debit cards is levels of privacy untouchable by means like PayPal. Gambling users, in particular, will benefit from protection against prying eyes, combined with the other features of Bitcoin like low transaction fees (usually no more than a couple cents regardless of transaction size), 24/7 operation, and the inability for anyone to freeze your funds.
Another unique feature that allows users to recognize instantly if a casino uses Bitcoin technology or not is provably fair gambling. Without going into too much detail, companies can leverage the blockchain to allow users to verify that the companies had no chance of knowing the result of an outcome (say a card that was dealt) before it occurred.
When it comes to actual casinos that implement the features above, Bitstarz is the one of the oldest and first Bitcoin casinos. Besides Bitcoin, BitStarz also accepts credit cards, bank wire, skrill, and Neteller, making BitStarz a hybrid casino rather than a Bitcoin-exclusive casino.
With more ways than ever to acquire Bitcoin, Bitstarz and others like it will lead the way for online gambling entertainment.
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Originally posted on: Revolutionizing the Casino Industry with Bitcoin