Bitcoin Proves Promising In UK Gambling Market

Bitcoin Proves Promising In UK Gambling Market

Bitcoin gambling UK is growing, like in other parts of the world. Bitcoin has managed to become a powerful force in the world economy since its beginning in 2009. This is a far cry from when it was considered just a flash-in-the-pan curiosity or a scam. One of the big reasons behind Bitcoin’s higher profile was that Bitcoin was adopted by the online gambling industry and the cryptocurrency has become a major part of the online gambling scene.

Bitcoin’s prominence in the online gambling industry

Bitcoin’s first breakthrough in the public consciousness was in the realm of online gambling. People can still remember when SatoshiDice became a big hit. The dice gambling site contributed enough to Bitcoin’s early transactions that over half of them were from the site. With SatoshiDice’s popularity, online gambling operators and players were able to see potential of Bitcoin.

This has resulted in a lot of online casinos adopting the use of Bitcoin. This has been good for many online gambling sites. With the better accessibility that Bitcoin provides, it has resulted in more players for a lot of sites since they did not have to worry about the barriers placed by traditional means of payment. With the online part of the gambling industry recognizing the usefulness of Bitcoin, the offline casinos soon followed. In 2015, casinos in Las Vegas initially started accepting Bitcoin for buying small items then making it a more acceptable payment option.

Reasons behind Bitcoin popularity

The main reason for this push behind Bitcoin is that it represents technology that makes online gambling a lot more accessible. Through Bitcoin, it is a lot easier to pay for gambling. Compared to fiat currency transactions, Bitcoin transactions are cheaper and quicker. That is just on the payment side. For online gambling operators, the attraction is that set-up costs are a whole lot lower compared to normal online payment schemes. It also helps that transaction fees are non-existent so that operators can get maximum profits.

Another reason for Bitcoin’s adoption is that Bitcoin transactions are non-reversible. Even gambling operators are afraid of being scammed and Bitcoin ensures that they get their due. Quite a few online gamblers have managed to weasel out of paying gambling debts by contesting the claim. Finally, using Bitcoin does not require a gambling license. Accepting and sending Bitcoin payments are not regulated by any government. This means gambling sites do not need any additional licenses to operate. Nevertheless, Bitcoin gambling is legal, unless stated otherwise by the law.

Bitcoin’s usefulness has helped it grow. As things stand, it still has a way to go.