The way people transact has changed forever since Bitcoin was introduced. Other than revolutionizing the financial landscape of the mainstream market, this digital currency has also amplified the overall operations of various online industries, especially the iGaming sector.
The iGaming industry or better known as the online gambling market is one of the highest grossing branches that operate on the web. Now that Bitcoin is integrated, this industry is experiencing an encouraging boost that made its establishment more steadfast than ever.
The advantages of gambling with Bitcoin are strongly evident in today’s setup and are continuously celebrated by satisfied users.
However, what would the iGaming industry be like if Bitcoin never existed?
Players need to settle for ‘completely fair’ games
Bitcoin gambling gave rise to provably fair gaming, a feature distinct to cryptocurrency bets where players can manually verify the authenticity and fairness of every generated result. This very feature set Bitcoin gambling apart from iGaming, where games are claimed and believed to be completely fair. These words, however, cannot be proved.
Without Bitcoin, the technology to check the games’ fairness would not have been possible. This would have stripped the players off the ability to ensure that they are not being cheated by the casinos. Likewise, bettors will need to be satisfied with the idea that the house would get more than it should and that there will be several times where their gambling experience will be marred by manipulated results.
Waiting for several banking days will still be the norm
It is an open secret that withdrawing funds from online casinos and other gambling websites take several days to be processed. In fact, some players have reported waiting more than a week just to cash out their winnings.
Bitcoin significantly improved the way players are getting paid. With the use of the digital currency, withdrawals can be completed in just a few minutes, but larger cashed out amounts would take a few hours to be processed. Regardless, hours compared to days is nothing when it comes to player withdrawals.
Bitcoin deposits have also enabled players to wager on games right away upon funding their account. Moreover, some Bitcoin betting sites even allow users to instantly place bets on Bitcoin dice games, for example.
Gambling online without Bitcoin would clearly remove these privileges, leaving real-money bettors waiting in vain.
Personal information are left exposed
Every player who wishes to play in online casinos is obliged to surrender their personal and financial information. This often results in online scammers and fraudsters illegally acquiring their important details and using them to steal money or conduct illicit activities. This is a major drawback of choosing gambling websites that require such information.
The majority of Bitcoin-powered casinos foster an anonymous environment for their players. This means that bettors will only provide a username, a password, and an optional valid email address in order to register an account and begin playing the Bitcoin games.
It also helps that the cryptocurrency operates without the government’s control, so there is absolutely no need for the casino operators to demand the said details from their customers. Not only does this make it more convenient for the players, but it also protects them from possible infringement of their privacy and stealing of funds.
Should Bitcoin be taken out of the picture, however, online gamblers must brave their betting careers against the possibilities of having their personal and banking accounts accessed without authorization from them.