The cryptocurrency was accepted by online gambling websites in 2013. Since then, Bitcoin has become a valid currency for gambling platforms around the world. BTC tokens are now circulated among online crypto gamblers, who make fortunes with the volatile Bitcoin market uptrend. Over the years, Bitcoin began gaining recognition as a popular option for payments in the gambling industry. As of 2020, the online gambling market is worth more than $50 billion. People have taken notice of the growing popularity of Bitcoin gambling. Online casinos are accepting Bitcoin more than ever, prompting many to believe that Bitcoin is only for online gamblers, who use it for casino games and sports betting.
Is Bitcoin Only for Gamblers?
Online gamblers find Bitcoin as a suitable option to deposit wagers and withdraw winnings. It is the quickest form of currency, considered most convenient for its digital and decentralized nature. Online casinos have a high uptake for Bitcoin gambling. People use this cryptocurrency in gambling to benefit from quick transactions, low fees, user anonymity, and lack of third-party involvement.
Bitcoin and Gambling – Reasons
Here are the main reasons why people think Bitcoin is suitable only for gambling:
- The value of Bitcoin is also speculative. One BTC token experiences price variations at every minute. It is impossible to determine the fixed value of Bitcoin winnings. A Bitcoin jackpot worth $1000 could be worth $2000 in a matter of hours. This makes BTC payments lucrative for the online casino platforms as well as the gamblers.
- BTC has trading potential. All Bitcoin funds are accepted by leading cryptocurrency exchanges. Trustworthy Bitcoin exchanges enable gamblers to become investors in crypto trading. Instead of stacking up real money at home, gamblers use Bitcoin to trade their winnings and reap more profits.
- Adoption of Bitcoin is relatively high. It is witnessing a daily billion-dollar usage in gambling ecosystems. Also, BTC is not used to buy milk or gas. It is exchanged for high-value and limited products & services only.
- Like roulette or blackjack, Bitcoin has betting characteristics. People always win while gambling in Bitcoin, regardless of their playing skills.
These reasons are attracting gamblers to Bitcoin casinos and driving their market capitalization significantly.
Four factors explain why Bitcoin is designed for gambling. These include:
- Anonymous nature of Bitcoin transactions.
- Decentralized control on BTC consists of no involvement of banks or governments.
- Fastest online transactional speed.
- Low fees on Bitcoin payment processing.
Like gambling, Bitcoin also takes a chance at money by making risky moves to reach the desired price.
Is Trading Bitcoin, Gambling?
Gambling is practically about taking risks for higher profits. One can categorize Bitcoin trading in a similar bracket. For example, placing bets on a cold hand is as risky as investing in Bitcoin during a market slump. In both cases, the outcome of this risk is determined by chances. If the gamble works, the player takes home everything. Similarly, the Bitcoin trader gains incredibly high returns on those risky BTC investments.
Is Bitcoin trading similar to gambling? In one way, yes. Bitcoin is not a financial asset that produces value. It is merely a virtual entity with no minimum value that works only when people are willing to pay for it. Such speculations make Bitcoin trading a gamble.
On the other hand, Bitcoin trading is not considered gambling because you can get high returns regardless of other external factors. Based on your decisions, Bitcoin trading can guarantee daily profits to your investment portfolio. Simply put, the probability of earning profits from Bitcoin trading is quite high, unlike gambling.
Besides Gambling, Where Else Can You Use Bitcoin?
Low-cost money transfers are one of the most popular applications of Bitcoin. People are also using Bitcoin to earn interest from yield farming, a technique applicable only on top cryptocurrencies. With Bitcoin, you also get a censorship-resistant store of value, which works as an alternative to financial instruments such as CFDs and precious metals.
Investing in Bitcoin is quite lucrative for early-stage startups. The cryptocurrency is also used to make private transactions and send non-cash remittances. Social media influencers get paid in Bitcoin to post the content. Renting out your spare BTC tokens can also get you access to premium cloud storage services from AWS and IBM.
Bitcoin is often enjoyed for its rising prices and growing popularity in the online marketplace. People also fear the volatile nature of Bitcoin. The cryptocurrency isn’t completely untraceable either. And, you may have to wait longer for BTC transactions to complete at online casinos. With that being said, Bitcoin will continue to be used by gamblers in the future. Many people are using Bitcoin for investment purposes and making good money. You can also invest in Bitcoin and make a huge profit from it. Apart from that, Bitcoin Code is one such platform that can help you earn huge profit from Bitcoin. It is an automated trading platform that mainly focuses on making profit. Check out Bitcoin Code Review to know further more about this innovative platform.