Bitcoin is a worldwide virtual currency and digital payment system. Also called the first decentralized digital cash. Bitcoin introduces a new form of payment system that is now being enjoyed by few gambling companies worldwide.
Bitcoin and the Gambling industry:
Bitcoin is making a big difference in the gambling industry. New innovations and technology are the main reasons for the popularity of rapidly growing provably fair gambling.
The myth: Bitcoin is volatile and will drop drastically in value due to a split that is going to take place. The probability of that is less, as its stability is getting better each day and this is why online gamblers will continue their investment in the Bitcoin market.
Why Bitcoin?
Trend: Bitcoin brings a new opportunity to become a leading medium of exchange in the gambling industry. The demand for cryptocurrency is rising.
Total control: No state interference, which gives complete anonymity and clear access.
No taxes: Since it has no state relation, it is tax-free and even banks are not involved.
Why not Bitcoin?
Unstable exchange rates: Bitcoin has instability in its exchange rate as it has to deal with all the currencies in the world, that is a major pitfall.
Low safety: Bitcoin is encrypted, yet to completely rely on it becomes difficult as only a private key or code defines the security.
High risks: Its low safety, fluctuating exchange rate, no guarantee and that it has not got a legal status in most countries yet, make it a high-risk choice.
Bitcoin’s payment growing in South Africa:
In Emerging market countries like South Africa, up to 90% of the payments are still cash-based. However, due to its many advantages over cash such as instant transactions and anytime access, Bitcoin interest and adoption in South Africa is increasing.
South Africa currently ranks 4th on the Google trends chart for the most Bitcoin-related searches. This tells us that South African citizens are showing more interest in moving away from cash and adopting digital payment.
Conclusion:
Bitcoin resolves most of the problems that surround online gambling. It allows players to play anonymously. It grants players to make deposits and withdrawals (of any size) quickly and easily, which opens the doors to provably fair gaming. It also ensures that there is no cheating involved with players using rigged games.
In the digital world of online gambling, Bitcoin acts a medium of change which has certain advantages and disadvantages. If it works on its safety parameters and overall reliability, it might overcome all other barriers to make it global.