Are Bitcoins the Future of Online Gambling?

Unless you have been living under a rock the fast few years, chances are – you have heard about Bitcoin. online-gambling-statsIf not, here is a quick primer, according to Wikipedia, “Bitcoin is a cryptocurrency whereby the creation and transfer of bitcoins is facilitated by an open-source peer-to-peer cryptographic protocol that functions without the intermediation of any central authority”. The majority of gamblers are going to be totally oblivious to what that means, so in layperson’s terms, Bitcoins are a form of online currency that is untraceable, encoded by cryptographic protection on par with what most governments use to encrypt sensitive data, and can be used to make anonymous purchases. They are also highly volatile on the open market. At one point they were nearly valueless and a few years later, they are worth nearly $1000 USD per coin!

Over the last year, dozens of Bitcoin casinos have popped up to serve the world market. Even US players are getting in on the game thanks to the anonymity that the currency provides. While most sites will not allow a US-based player to access their casino, a simple change of IP address using a VPN or Tor is all that is needed to bet.

The games range from the overly simplistic such as, coin-flipping – all the way up to the more complex games, like Baccarat. The beauty of Bitcoin gambling for players is, the very nature of the currency often leads to winnings becoming much more valuable in a very short period of time. A quick search of Google shows that the value of Bitcoin has increased nearly 4000% since January of 2012 and as speculators begin to enter the marketplace, that number continues to grow. This can translate into very high earnings for skilled players that frequent Bitcoin casinos online. The currency is becoming so popular that even major retailers are beginning to accept it.

For the skilled gambler looking to earn some fast money, Bitcoin casinos represent an exciting opportunity to increase your earnings. Once could even go so far as to view it a a form of volatile investing due to the fact that winnings are prone to value increase. This will only become more compounded as the technology becomes more widely spread among late-adopters.

It is going to change the face of online gaming as we know it.