Following Tim Draper’s prediction that bitcoin will hit $250,000 by 2022, we can’t help but wonder how this development will be felt in the online gaming market. We’re already seeing some of the best online gambling sites offer players the chance to use bitcoin and other cryptocurrencies to play their favorite casino games, but will this trend continue to progress, or will it die out?
The Rise of Cryptocurrencies
It is no longer the case that bitcoin is only used on the dark web, as the use of cryptocurrencies are becoming increasingly common at mainstream websites. Retailers like Overstock.com and even dating sites like OKCupid now allow users to make transactions using bitcoin.
This is certainly a sign of changing times. As more and more mainstream sites provide users with the opportunity to use cryptocurrencies, we will begin to see online gaming sites following suit in a more serious way.
Regulation of Cryptocurrency in the Gambling Market
Just as online casinos need to be licensed and regulated, the same applies to the currencies that we use at gaming sites. While more and more casinos are accepting bitcoin, it is still important for digital currencies to be regulated in order to ensure that players are safe and protected.
Recently, the Malta Gaming Authority commissioned a study to explore the best ways to regulate cryptocurrencies in the online gaming world. The MGA has recognized that cryptocurrencies will continue to become increasingly popular at online casinos, and the authority wants to ensure that it stays up-to-date with the latest technological developers.
The study will help the MGA provide its licensees with legal and safe ways to offer bitcoin gaming to its players. It is sure to encourage cryptocurrency to become a more widely used banking method in the casino world.
Advantages of Using Bitcoin to Play Casino Games
The reason people use bitcoin to make any purchases online is the same reason why anyone would use digital currency to play online casino games. It is a secure banking method that allows you to conduct transactions anonymously.
Even though licensed online gaming sites feature sophisticated encryption, it’s fair that players would want an extra layer of security. With cryptocurrencies, you get just that. There’s no need to share any personal information or banking details, so you can remain completely safe and secure.
Players can also look forward to the elimination of transaction fees. When withdrawing from an e-wallet, you can have up to 5% taken away as a transaction fee – but, this is not the case with bitcoin. You can have all of your winnings readily available to use without any banks taking a big cut of them.
How to Play at Casinos Using Bitcoin
At most online casinos that accept cryptocurrency, you’ll be able to play just as you would with any other type of money. You deposit using bitcoin and convert it to dollars, pounds or whatever currency you prefer to play with. The process is completely seamless, and you can see that cryptocurrencies are making their way into the mainstream gaming market.