Since Bitcoin was first introduced to the public in 2009, the trade in virtual currency has become more and more prevalent. In fact, 2017 was the year of the cryptocurrency, which saw its price hit an all-time high of $19,000. This shook the world as Bitcoin exhibited a price increase just short of 2000% in just a year.
More than that, one of the biggest areas where the growth of Bitcoin is more common involves the online gambling market. While part of the attraction lies beneath the joy of gambling and extensive collection of games, there’s more to Bitcoin casinos than just that.
Bitcoin gambling drives a huge portion of the cryptocurrency market. Even before it became prevalent in the mainstream market, Bitcoin was already a growing payment method in online betting. The lack of centralized regulation, anonymity, and fast nature of Bitcoin makes it the perfect medium for those who are fond of playing casino games online. In addition, with greater legitimacy granted by the Isle of Man Gambling Supervision Commission, it adds to the legitimacy of Bitcoin as a payment method.
Isle of Man Approval
The recently granted Gambling Regulation Package 2016 sees the cryptocurrency as a sanctioned payment method in online gaming sites licensed and regulated in the Isle of Man. Therefore, Bitcoin payments would be considered as property as opposed to currency, with players depositing their property with the online gaming website, while a necessity for the operator’s virtual currency exchange to be regulated by an acknowledged financial authority will secure that proper controls are intact from start to finish.
Further, the new regulations bypass the problem of players residing in countries where online gambling is prohibited. This means everyone is free to enjoy their favorite casino or betting games on Bitcoin gaming sites.
The gateway to uncomplicated gaming
Despite the talks that surrounded Bitcoin in the past few years, it does prove itself to be a contender not only in the gaming world but the mainstream market as well. The increasing volume of players coming in, more available Bitcoin casinos to choose from, and the suitable characteristics of Bitcoin are all you need to make the most of your betting experiences.