Online Gambling: What to Make of Bitcoin?

Anyone who has ever gambled online knows all about the hassle of casino transactions, and how futile attempts to deposit or withdraw can truly be a torturous exercise in patience. Dealing with traditional currencies and payment methods for internet wagering has become the stuff of nightmares for a vast majority of players – given that eGambling is still largely unregulated throughout the globe, our trusty credit and prepaid cards are not always a viable option. E-wallets used to work like a charm, but we lost this convenient service in 2016 when the Paysafe Group backed out of more than 100 countries.  Soon afterward we witnessed the rise of Bitcoin, a decentralized cryptocurrency which, due to its anonymity and independence from financial institutions, appears like a perfect solution for Internet gamblers. The trouble is, Bitcoin can be hard to understand and manage properly, especially for old-school players who had trouble adjusting to online games anyway.

Rapid 2017 Developments Spark Debates in the Gambling Community

Just as we succumbed to the hype surrounding this digital form of cash and got the hang of it, discouraging prognosis started circulating in the community. In 2017, news boards became flooded with reports of rogue casinos exploiting the nature of Bitcoin, in addition to wild fluctuations which pointed to the extreme instability of the currency. Even Calvin Ayre, a Canadian gambling entrepreneur and an influential figure in the industry, warned against an impending ruination of the iGaming market under the influence of Bitcoin, but soon changed his mind, allegedly collaborating with the currency’s creator to patent a new, Bitcoin-based technology.

On another note, expert reports suggest digital currencies are the future that cannot be stopped. Now that the value has reached a sky-high four digits, investors are rushing to buy it, Wallmart is looking into ways to implement blockchain technologies into its supply chain, Bitcoin-exclusive gaming sites are being launched every day, and even online gaming jurisdictions are considering the regulation and possible safety measures for digital banking network.

How Long Until Global Acceptance of Bitcoin?

What all of this means for us simple folk, who only want to wager some money and enjoy a few good games, without having to turn to Wall Street experts and difficult financial predictions for advice? Bitcoin certainly has advantages we shouldn’t disregard: it’s fast, anonymous and can also be used to make other purchases. However, we cannot afford to rely on its stability and safety just yet – since users maintain the blockchain network, we would have to do a lot of research into mining, investment and exchange before taking the plunge. Being wary of potential scams and shady groups is entirely in our interest.

While it may seem like a liberating tool in the wake of the global economic crisis, not only for gamblers but the rest of the world, common sense suggests major changes need to happen before centralized institutions are set aside and Bitcoin becomes mainstream. Unless we can feel comfortable using it, not even failed e-wallet withdrawals will make us forego traditional methods entirely.