Bitcoin Just Did Online Gamblers a Favor

The thrills and spills of -- shall we say? -- involved entertainment have been harder to come by during the Covid-19 pandemic, but it's there if you know where to look.

It gets even better if you do it with Bitcoin in mind.

Especially now.

That's because Bitcoin just completed the third scheduled halving event in its history on Mon 11 May.

 

Let us explain more about the halving, how it affects Bitcoin (BTC), and why Bitcoin sportsbooks and casinos are more popular than ever before.

• Every 10 minutes, a new Bitcoin block is created, which has in it a number of recent BTC transactions.
• Bitcoin miners run specialized computers 24/7, trying to guess the cryptographic key to unlock the next block.
• If they guess it correctly, they get all of the transaction fees and the block reward, which is some of the new bitcoins.

Every 210,000 blocks -- that's about every four years -- the block reward halves. This means that the number of new Bitcoin being issued decreases every four years, unlike fiat currencies, which central banks print by the tens of billions whenever they feel like it.

 

There are a few reasons why BTC casinos and sportsbooks are growing rapidly in popularity and why this halving event has caused online gamblers to flock to them in droves.

1. Bitcoin casinos and sportsbooks are secure

• With Bitcoin, you don’t have to share your credit card or bank details with the casino.
• You deposit BTC straight from your Bitcoin wallet, and when you win, you withdraw to it.
• The wallet doesn’t give away any details about you, and if a hacker did break into the casino, all he'd see is your wallet address and transaction history.
• Without your private keys, they can’t do anything with your wallet address.
• Therefore, BTC casinos and sportsbooks are safer and more secure than their fiat brethren.

 

2. Bitcoin is maturing and people sense it

• After the previous two halvings, in 2012 and 2016, barely anyone had heard of Bitcoin.
• These days, the number of users has increased dramatically.
• Bitcoin is reaching a new level of maturity and is finally being accepted by people who previously dismissed it.
• Many BTC holders are even convinced that institutional investors will soon buy and hold Bitcoin.

 

3. Bitcoin is changing gambling for the better

Bitcoin itself has forever changed money, but it has a number of knock-on effects which are positive for online gambling, too.

For example:

• Since all Bitcoin transactions are recorded on the blockchain, it's impossible for rogue casinos or sportsbooks to steal your deposits and deny that you ever made them.
• Likewise, there are now provably fair casino games that use blockchain technology and hashing to make sure that game outcomes are truly random and honest.
• These innovations are cleaning up casino gaming and squeezing rogue operators out.

 

Gamblers can look at a historical chart and see how the price has increased after both previous BTC halvings. With the maturity of Bitcoin as compared to the previous two, some analysts believe the potential for price increases this time is even greater.

That'd be cool for gamblers, because winning some Bitcoin today and holding it for a couple of years could be highly profitable.

 

From this perspective, gambling is potentially a fast way to increase your Bitcoin holdings.

• One lucky spin on a slot machine could give you 1000 times the BTC you risk;
• Playing Bitcoin poker with a smart strategy could mean your BTC stack grows dramatically;
• Hitting a trifecta can turn your online day at the track into a BTC buying binge at Fanorama; and
• Nailing that upset and/or prop bet could greatly enhance the BTC you've amassed for your party fund!

It’s all there for the taking, and it coincides precisely with an event that makes Bitcoin scarcer than ever!