The advent of the internet age has raised many issues around online privacy and given cause to several groups to champion better internet security and the protection of users’ information.
The result is a range of counter-measures that include VPN networks, end to end encryption messaging, and digital currencies.
Most of these solutions offer increased privacy and security but the area that seems to have the most potential is with digital currency. By far the most popular and most exciting prospect is Bitcoin and the virtual currency is already changing online commerce as we know it.
At the same time, one of the industry’s that has made the most of the power of the digital age has been the online gambling sector.
At a time when online casino players begin to get access to popular games such as Irish Luck Slot using Bitcoin, it was inevitable that the currency would become a major factor in the future of internet-based and mobile casino games. In that regard, this post takes a look at how Bitcoin is transforming the multi-billion dollar global industry of online gambling.
The Benefits of Using Bitcoin
A good place to start is with understanding the benefits of using Bitcoin. The crypto-currency is head and shoulders above any other digital money in terms of the number of people who use it and online retailers that accept it.
For this reason Bitcoin has received a great deal of attention in the press and from Government regulators concerned with its explosive growth.
The benefits of using Bitcoin include complete anonymity, extremely low transaction fees and transparency, as well as user control and security. Online retailers and service providers who accept payment in the virtual currency enjoy fewer risks compared to traditional methods because Bitcoin payments cannot be reversed.
The biggest advantage of course is that user information is never exposed in a Bitcoin transaction and the currency can be encrypted and backed up to make sure your money is safe.
The Future of Bitcoin in Online Gambling
The above advantages of using Bitcoin in online transactions make it clear that the Online Gambling industry and its customers would benefit massively from using the virtual currency. Operators in the sector have always been at the forefront of adopting innovative technologies in the quest to retain and grow their customer base and as such a move to digital currency is viable.
Bitcoin’s low fees would benefit both punters and operators, while the currency’s ease of use would make deposits and withdrawals more seamless.
The currency is accepted globally and so also holds the power to transform payments across international borders, a boon for any online –based business. The efficiency of transactions and the seamless transfer of money will also increase user confidence in online gambling platforms, thereby attracting even more players to virtual casino services.
As a business model, it makes sense for a multi-billion dollar industry like the online gambling sector to adopt the use of virtual money such as Bitcoin. The digital currency has withstood the test of time and its popularity and use continue to rise.
On the part of users and online casino games players, it offers improved security and privacy, and so it’s a win-win situation all round, and that is why Bitcoin is already transforming the online gambling industry.