One of the greatest things to ever happen to the online gambling industry has been the invention of Bitcoin. The cryptocurrency has been one of the driving forces in the growth of online gambling. According to reports, as early as 2013, online gaming has been responsible for nearly half of all Bitcoin transactions. That is a huge amount of bets being placed.
A Match Made In Heaven
Bitcoin is a perfect funding source for online gambling. It is an easy and convenient way for gamers to place bets and collect their winnings. As many governments attempt to forbid their citizens from gambling, online or otherwise, those who want to partake will always find a way.
Bitcoin and other cryptocurrencies are being recognized by many governments as a legitimate funding source and legal tender. Last year the European Court of Justice (ECJ) ruled that Bitcoin is a form of legal tender and transactions using the currency are subject to VAT laws and regulations.
When governments are ready and willing to tax a form of payment for goods and services, consumers can be confident in the stability of that currency.
Why Use Bitcoin For Online Gambling?
Consumers want to spend their money any way they see fit, and Bitcoin allows them to do just that. Bitcoin is a simple, safe and convenient way to participate in the marketplace.
As more online gambling sites accept Bitcoin and other cryptocurrencies they are participating in a win-win transaction with consumers. The websites provide the consumers with a service they want and the entire economy benefits.
As an added benefit, many online gamblers are mining their own Bitcoins to use on online gambling sites. By using powerful machinery and software, these gamblers create Bitcoins from cyberspace and then use them to make more money by placing some wise bets. This is a very favorable situation for all gamblers.
Bitcoin Continues To Grow
One of the main concerns of online gamblers is the stability of Bitcoin. They want to make sure their money will be safe and they want to be able to spend it in the real world. There is more good news on that front.
Credit card giant VISA is currently offering the Shift Card that allows users to fund the card with Bitcoin and use it anywhere that VISA is accepted. That means that consumers can pay for goods and services with Bitcoin at over 38 million stores that currently accept VISA cards. No doubt other credit card issuers will follow suit.
As mainstream financial institutions and governments begin to recognize and participate in the Bitcoin economy, it will no doubt become one of the most popular forms of payment for all online transactions. Online gambling sites are currently at the forefront of this movement and will certainly benefit from the popularity of all cryptocurrencies.