The Impact of Bitcoin on Online Casino games: A Quick Read

A few years back, people didn’t even know what Bitcoin was; it was unheard of. Today in 2019, it’s all that we hear in the newspapers, news and other sources. Bitcoin has gained immense popularity within a span of few years. It was ignored initially, but today a lot of businesses have been using it and have started taking it seriously. Cryptocurrency has carved out its own niche in the market. A lot of businesses accept payment in the money based on Bitcoin. Although there are many countries in the world who haven’t accepted Bitcoin legally, it’s still being used and benefited from. 

The Bitcoin industry has seen a lot of inflation and deflation in the past years, but in the end, it has proved itself in the storm of time. It’s here to stay. The cryptocurrency has affected a lot of industries but mostly online gambling. With the advent of digitalization, everything has been shifted to the online platform and so is true for the casino games. With the rapid increase in the use of bitcoin, the online casino games have been benefited a lot. It has opened up newer avenues for them to welcome greater opportunities. It has expanded the horizon of this particular gaming industry. Its proved to be beneficial for the casinos and the gamblers as well, it’s a win-win situation. 

Impact of online casino games

1. Goodbye to taxes – Most of the countries do levy some amount of tax on the winnings that you earn from gambling. Tax is levied on all the online as well as physical casinos; this means that every gamble that you win or lose has to be shown to the bank. There is no privacy that remains, and you cannot play anonymously. However, with the advent of Bitcoin transactions, the gamblers have their anonymity, which means that you cannot be charged with taxes on your winnings. This is a huge impact that has affected the online casino games as it has virtually expanded and eased the entire process of gambling. Thus, it’s a huge benefit to the gaming industry.

2. Creates potential for new markets – Bitcoin has opened up new sources for generating a payment. It has opened up doors for new markets and has given more scope to the customers. It has eased the entire process of payment because in many countries gambling is still illegal. Even if it is not illegal, many countries like the US allow gambling but do not allow its banks to process the payment that has been asked for gambling. This means that you can gamble as much as you want, but the payment cannot be made virtually at all.

This particular problem has been solved with the advent of the Bitcoin. It is because of its anonymity and accessibility that it has hugely affected the online gambling sector. Now, the gamblers are free to play, and they can pay directly through Bitcoin, it has eased the process of payment. It also, in a sense maintains the privacy of the players. 

3. Retaining the privacy of the players – Anonymity is one of the biggest ways in which online casino games have been benefited by the advent of Bitcoin. Even in an online platform, one has to use payment methods that are acquired with the sanction of the authorities. However, with the bitcoin emerging as a knight in the shining armour, it has helped in maintaining that privacy of the players. Since there are no authorities, one can freely play and enjoy the game. There is no surveillance that is being launched at you. 

4. Easy and cheaper accessibility – Prior to the advent of the cryptocurrency, the online transactions meant that extra charges and things like GST would be applied to the payment that you make. This was a huge drawback of the traditional forms of payments. However, it is only after the bitcoin industry has emerged; the transactions have been made easier and cheaper. There are no extra charges with zero transaction fees and also unlimited transactions. 

The way in which the bitcoin has impacted online gambling is huge. It has changed the way in which it functions. It has opened up a lot of new avenues for the industry as well as the players. The global traffic that has been driving towards online Poker, casinos, etc. have benefitted the industry at a very large scale. It has been a topic of debate for many years, because of its ethical grounds. But nonetheless, the magnitude of this emergence is huge and has opened up many new opportunities for the entire online casino industry.