Today, Bitcoin is more than ten years old. Despite some initial skepticism and mockery, it is currently, without a doubt, the most well-known and widely used gaming cryptocurrency in 2022.
More and more iGaming companies are figuring out how to include Bitcoin and blockchain into their offerings in the new era of DeFi (decentralized finance). Although it first introduced its crypto casino solution in 2013. The solution’s cryptocurrency payment processing technology later developed into CoinsPaid.
We will concentrate on examples of companies that use a cryptocurrency payment processor and an integrated gaming portfolio, even though there are many different types of cryptocurrency gambling and betting sites based on deposit method (integral or integrated), game portfolio (proprietary or integrated), or on-chain/off-chain gameplay.
2022 BITCOIN GAMBLING
In terms of cryptocurrency betting, 2022 will be the peak of Bitcoin betting. Bitcoin gaming accounted for around 80% of all iGaming brands. The cryptocurrency that came in second place, Ethereum, with an average market share of 10%.
It is not surprising that the percentage of online crypto gambling would rise in parallel with Bitcoin reaching its all-time high price and in a year when the crypto industry has been the subject of so much buzz.
ADVANTAGES OF BTC GAMBLING FOR PLAYERS
- It is distributed. Due to the system’s complete lack of a central regulating body, no one can steal your Bitcoins from you or freeze your “crypto account.” Your transactions are under your complete control and ownership.
- It is protected. You must maintain control of your payment details. Since no personal information is needed to complete a bitcoin transaction, you are protected against identity theft. Additionally, since Bitcoin transactions are irreversible once sent, there can be no chargebacks. This reduces risks for merchants by ensuring that the transaction cannot be undone or changed from how it was recorded in Bitcoin’s public ledger.
- It is personal. Nobody can identify you because your Bitcoin wallet is not linked to any personal data. At the same time, it is transparent; anyone may access a public ledger to learn about addresses and account balances.
- It moves quickly. Whether it’s an overseas transfer or a local pizza order, it makes no difference where you send your coins. Any with Bitcoin. Crypto casino deposits are processed thanks to CoinsPaid’s crypto-processing capabilities quickly.
- Low transaction fees exist for bitcoin. No one will charge you anything in a decentralized network since there are no middlemen. However, due to the way the technology is set up, there can be charges for quicker transaction processing or the conversion of bitcoins into fiat money. However, most wallets will enable you to change your commission in favor of a fast crypto transfer or a low commission.
- Inflation is not a concern. Bitcoins cannot be produced like fiat currencies and dumped into the market at random since the total amount of Bitcoins that will ever be issued is set at 21 million, and the growth of the Bitcoin volume is predictable.
- It is not constantly taxed. Since some authorities have acknowledged Bitcoin and other cryptocurrencies as property, a store of value, or even currency, the tax regulation of digital assets has advanced significantly. Make sure you know your local tax laws regarding your winnings or profits from Bitcoin gambling if you choose to do so. However, Bitcoin is still mostly unregulated in the majority of nations.
In conclusion, Bitcoin is the ideal “game coin” from the player’s perspective. Bitcoin allows anonymous, quick, high-speed transactions for deposits and withdrawals that bypass a centralized banking system, which is why players adore it. The majority of Bitcoin games are also “Provably Fair.”
Bitcoin benefits owners of online businesses
iGaming operators typically value the complete transparency and control over their bankroll that come with using Bitcoin through an integrated payment processor, which is the commercial side of cryptocurrency gambling.
Operators of cryptocurrency casinos may quickly and simply top up cash to pay out winnings to players and keep track of their balances using a detailed dashboard provided by CoinsPaid.
A bitcoin casino brand benefits from quicker launch timeframes with less red tape when it comes to Casino Online Australia. Operators are also urged to research their target players and make sure they have the resources necessary to recruit them as players.
GAMBLING WITH BITCOIN DISABILITIES
Bitcoin has several clear intrinsic advantages, but it also has drawbacks, many of which are thought to be short-lived.
- Bitcoin is erratic. Because there are only a finite number of Bitcoins and a growing demand for them, their price fluctuates daily. The cryptocurrency price peaked in April alone at $64,000 per Bitcoin. At the end of 2017, it peaked at about $20,000. Although its price will eventually stabilize, storing a significant portion of your funds in Bitcoin is not advised unless you want to HODL.
- It is still under construction. Despite being around for a while, the Bitcoin network is constantly evolving. Bitcoin usage increases, making it more widely available and its features and usage procedures more refined. The Bitcoin network faces scalability problems since it was not designed to handle the present volume of transactions from the start. Despite this, thanks to CoinsPaid’s built-in capabilities, crypto casino and sports betting gamers can immediately clear their deposits.
- Not a “household” form of payment. Bitcoin has a market penetration rate of 78.5% in the iGaming industry, but it is not always an option for payments. Despite this, the use of Bitcoin is expanding globally, particularly among contemporary gambling companies.
- It cannot be tracked. Although many people consider Bitcoin’s anonymity a benefit, it is frequently connected to criminal activities since it makes it simpler to get away with fraud.
Suppose you investigate Bitcoin gambling company options and attempt to educate yourself as much as possible about the safest ways to use, store, and manage your currencies.