There’s no denying that the digital currency Bitcoin, has become more relevant as trade on virtual platforms continues to grow and expand. While Bitcoin does have its ups and downs, just like any other currency that is at risk of inflation and devaluation, it is still considered the future of currency. One of the most positive aspects of Bitcoin is its role in online gambling. This cryptocurrency is beloved by gamblers and online players due to the anonymity it allows and its ability to fluctuate in the market (potentially leading to greater value). Online gamblers who play at Bitcoin casinos have the advantage of receiving promotions that cash players cannot, as well as the benefit of of easy deposits and cash outs.
Thousands of businesses around the world now accept the cryptocurrency. It took a while for this to occur, as Bitcoin had to shed its former image as a currency used as payment for illegal goods online. When Bitcoin was introduced, the anonymity was taken advantage of by individuals who used it online in a less than reputable fashion. However, the current Bitcoin usage has finally taken its legitimate foothold on the online currency stage as a popular and safe way to make transactions online.
In fact, reputable e-commerce businesses are beginning to accept Bitcoin as payment, including suppliers of Etsy, WordPress, Overstock, and Amazon. This only lends additional faith in the future of Bitcoin, which is great news for those who prefer to gamble online using Bitcoin.
Gamblers and Gamers: Concerns Relieved
It is after all of the growth Bitcoin has gone through to get to its legitimate place in e-commerce that has finally allowed individuals to feel safe using it online. Nobody wants to put their hard earned money in an account and gamble it if they are unsure they will be paid properly and securely. Since BTC has legitimized itself on selling platforms that are trusted by the public, such as Amazon and Overstock, more and more people have invested in this cryptocurrency with complete faith in its value.
So now gaming firms such as Bitcoin Casinos, are making a killing for themselves and their players, by the use of Bitcoin despite the recent bad press it had received such as the bankruptcy of Mt. Gox, the whole Silk Road investigation with the FBI, and the more recent $72 million bitcoin heist in Hong Kong. Despite a few bad apples out there, Bitcoin is safer to use than traditional currency, which is often hacked and stolen online.
BetChain and the Confidence in the Bitcoin Market
For Nick Garner of Oshi Casino, he is betting on Bitcoin because the cryptocurrency is something that is integral to the way the internet is going.
Mr. Garner has a front row seat to the online use of Bitcoin, as he utilizes it in his Oshi Casino (a Bitcoin casino) himself. Mr. Garner has said that Bitcoin remains to be the most transparent commodity since “[…] each transaction trace is left in a public ledger known as Blockchain.” What this does, essentially, is helps prevent people from spending the Bitcoins themselves more than once. Think of it this way: if you purchase something online, the equivalent of Blockchain would be your Banking Institution that holds your money — they prevent you from spending the balance in your account more than once by keeping track of your transactions. The best thing about Bitcoin and Blockchain is that they can still do this using unique codes for each BTC and still maintain your anonymity.
Garner also pointed out that Bitcoin transactions are faster and quicker. And they certainly are.
“But anyway, there’s a whole bunch of reasons why bitcoin was interesting, but underneath all that is just the basics of running a casino […] And the bitcoin is really important, because it’s been a niche for us so we find a little spot and we are able to go.”
-Nick Garner, Oshi Casino
Citing his experience as an operator of bitcoin casino, Garner said customers value what he call a “trust footprint.” He pointed out that they have invested heavily in gaming providers in order to assure their players that they are valued.
What the evolution of Bitcoin has done is to hold accountable the users of Bitcoin and to assure Bitcoin gamblers that if gambling on a Bitcoin Casino site such as Oshi Casino, that they know real people are there to help if there is a problem. They do this by using big providers and companies such as MicroGaming and NetEnt. As Garner has stated, these are “not cheap assistant(s), we can’t fiddle around with the RNG numbers on the back end of their games cause we can’t.”
This makes the fundamentals of trustworthiness sprout — you will get a return to player of between 95 and 97.5 percent.
Conclusion
Bitcoin has come a long way from its journey as the new cryptocurrency on the block into a legitimate and widely used source of real currency online. With every month comes additional securities, assurances, in-house oversight, and other methods that are keeping Bitcoin out on the market as the best alternative to traditional cash available.
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