For more than 20 years, online gamblers have longed for a way to do what they love without having to subject them to the scrutiny of the world. During those 20 years, credit cards and some e-Wallet options were the only viable options for depositing and withdrawing funds from a gambling account.
To facilitate the process, gamblers have had to disclose their names, addresses and financial information. Not much anonymity to spare. A man/woman hits a big jackpot and the world knows about it.
Progress has been made over the past few years. When someone registers for a gambling account with a website like Gclub, they have a few more banking options. Some of the newer options (i.e.: PayPal) are more practical than others.
For a growing number of astute online gamblers, there’s actually a banking option on the rise that’s sure to make plenty of noise real soon. It’s called cryptocurrency.
It’s getting more difficult by the day to find people who haven’t heard the terms cryptocurrency or Bitcoin. The news covers this new phenomenon in terms of its value as a risky investment option.
Truth be told, digital currencies are here to stay, bringing with them far more value than being a commodity for people to trade like gold bullion or silver. Yes, it does have value as a quasi-commodity. Beyond that, it is quickly becoming a medium of exchange between consumers and merchants.
Currently, about 10% of Europe’s online gambling websites/Mobile Apps are accepting Bitcoin as a viable deposit/withdrawal option. This might not seem like a revolution in banking, but all indications are that number is poised to explode over the next 12 months. Indeed, the online gambling industry has worked through the bugs and is quickly coming to the realization that digital currency transactions might well be the best banking option for online gamblers in the future.
It’s no small thing that there are already a small handful of online gambling sites that operate exclusively on Bitcoin. It does nothing to change the online gambling experience other than to make the banking process easier and a bit more efficient.
The success of this endeavor has certainly caught the eye of many of the world’s top online gambling operators. Slowly but surely, Bitcoin is being added as a banking option across dozens of online gambling sites with the promise of many more in the immediate future.
As for the inclusion of other digital currencies, the picture is not quite as clear. Most of the other cryptocurrency coins have yet to break out of the speculative arena.
Over time, there will be other coins that gamblers can use to fund their gambling accounts. It’s also possible the entire online gambling industry will come together to offer a special digital currency that’s universally accepted throughout the entire online gambling community.
While online gambling providers will certainly benefit from the efficiency afforded by customers using cryptocurrency, the real beneficiaries are going to be the gamblers.
The biggest benefit is the ability to maintain a high level of anonymity. This has long been one of the primary reasons more people haven’t jumped into the online gambling arena. They simply don’t want to give up personal information, ending up on the wrong end of criminal activities.
Since cryptocurrencies are run through blockchain platforms without and middleman (bank, credit card), there’s little need for gamblers to provide any more information necessary than to prove age and country of origin.
Beyond the benefit of anonymity, gamblers are going to save a great deal of money on banking transaction fees. It’s no secret that credit card companies, banks, and third-party transfer systems charge high fees to move cash.
When compounded by the small fees an online casino might charge, the amount nears becoming prohibitive. It costs next to nothing to transfer Bitcoin. The casino might get that extra money in the form of gambling revenues, but a least the gambler has control of that.
Finally, crypto transactions provide a high level of efficiency. Gamblers should be able to make deposits and withdrawals within minutes of initiating a transaction. For anyone who has experienced the five-day delays to withdrawal funds, this benefit is like gold.
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.
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