Online Gaming and Bitcoin

Internet has revolutionized the way of gambling. Before the arrival of Internet, the reach of the gambling industry was very limited and only the fortunate few would have been able to take part in different exciting casino games but thanks to Internet, now people around the world have access to some of the best and the most magnificent gambling games.

However, the expansion of online gambling has never been smooth. The gambling industry finds always been under heavy scrutiny. Tough regulatory policies have been imposed by different government and agencies to thwart its growth but despite all these, online gambling has somehow managed to meet all those regulation and continue its growth.

The Arrival of Bitcoins

Now, we are witnessing another major change in the history of gambling thanks to the introduction of Bitcoins. Now, before we go any further, allow me explain you what bitcoins are.

Bitcoin is a new currency which is not governed by any country or any banking institution. To be honest, Bitcoin is a peer-to-peer payment transfer method and that means, you can stay anonymous and there will be no such thing as transaction fees. Since these bitcoins are not subjected to any international laws, you can enjoy a greater level of freedom.

Now coming back to the relation between gambling and bitcoins, we can safely say that bitcoins has expanded the reach of the gambling industry exponentially. Since bitcoins are not governed by any government or society, gamblers can easily bypass the strict rules imposed by governments on online gambling.

Placing Bets

In the year 2012, it has been reported that the gambling industry has seen a massive €21.73 billion in gross winnings. Moreover, the gambling is expanding at neck break speed and the arrival of bitcoins will just expedite the process.

The biggest benefit of using bitcoin is that it is not regulated and therefore, if you are playing online casino games with bitcoins, you would not have to worry about all those complicated rules and regulations that have stiffened the growth of casino gambling over the past few years.

However, there is a note of caution. Bitcoins are not regulated and that means, if someone cheats on you, there is nothing you could do about it however, it rarely happens though. There has been lots of hype around bitcoins and therefore, you have to be cautious before jumping on to its bandwagon.

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