Bitcoin Casino Popularity Surge

By June 14, 2016Latest

Although you will not find it mentioned in a lot of mainstream media, bitcoin gambling is one of the

fastest growing industries in the world. A simple google search of “bitcoin casino” will reveal the

staggering amount of them currently in operation. Bitcoin gaming sites are literally being created on a

daily basis.

 

Bitcoin gambling is a booming new industry with vast room for expansion, bringing in a diverse crowd of

entrepreneurs and investors interesting in cashing in on the rising popularity. Equally important to the

boom is the lack of regulation and oversight. Lawmakers have simply not been able to keep up with

crypto-currency, meaning it is something of a wild west right now for bitcoin gambling. Anyone can

build or buy a bitcoin casino and be up and running within a few days, and the demand is there to

support it.

 

Bitcoin is routinely doing 200,000 or more transactions every day, twice as many as it was doing a year

ago. Mainstream adaption of bitcoin has come a long way. There is still a lot of room to grow however.

In February of 2014 barely 1 in 4 people had heard of bitcoin. By August of that same year the number

had grown to 1 in 2. Bitcoin growth and integration is quick and steady to the upside, but still in the

early stages of adoption. As bitcoin becomes more and more mainstream, even an extremely low

conversion rate of new users will keep the money flowing to bitcoin casinos.

 

Freedom, How Sweet it is

 

Raise your hand if you like being told, by law, how you can spend your hard earned money. Keep it up if

you like being judged by your peers for how you decide to spend it. Raise it higher if you cannot get

enough of morality police telling you that gambling is a sin and trying to shame you for gaming.

Nobody? Yep, nobody. Turns out people really like being able to do what they want, and billions ofdollars in wagers tell us people like to gamble.

 

You can attribute lightning quick bitcoin casino growth in large part to the freedom bitcoin offers. No

personal details shared, no banking information, and near instant transfers. Privacy and ease make for a

powerful combination. Online gambling is a $30 billion industry that bitcoin is fast gobbling up.

It is not just the freedom from regulation and judgement that is drawing people to bitcoin casinos.

Many are drawn to the extreme ease of playing online using bitcoin. In a world that is now built on

instant gratification, traditional online gambling is a burden.

 

Players not need to fill out forms and prove your identity by providing identification, but are forced to

wait for the bank and third party payer system to do whatever it is the hell they do before they deposit

your money. Withdraws can take days or weeks as they pass through many layers before finally

reaching you.

 

Bitcoin transactions happen in mere minutes and do not require anything but a sending and receiving

address.

 

The Numbers Tell the Story

In 2015, bitcoin casino business rose by an incredible 1,370% over 2014 numbers. Most traditional

businesses aim to grow 5-10% each year, revealing just how frenzied the growth in bitcoin casinos has

become. Imagine your neighborhood kid’s lemonade stand growing by the same amount of sales over

the course of a year. Instead of a quiet suburb your front yard would now look something akin to Mardi

Gras as masses of people lined up to get their lemonade fix.

 

The growth bitcoin casinos have experienced is in some part to do with the addition of a new

sportsbook. Hundreds of millions are bet on sports each year and bitcoin fueled sports betting is

starting to grab their share of the profits. And that makes complete sense does it not? You can sit in

your underwear and scream at the millionaire athletes who are bringing home your parlay. What a time

to be alive!

 

Entertainment seekers from over 140 countries wagered bitcoin in 2015, directly pointing to the ability

of bitcoin to overcome state regulations and laws preventing gambling. What is most exciting about this

is the underlying knowledge that there is an unheard of potential player base for bitcoin gaming. They

can almost instantly be played anonymously by anyone with a computer and internet connection.

 

The Dark Side of Bitcoin Casino Growth

 

While there are plenty of valid reasons for bitcoin casinos to be thriving, there is some evidence that

they are being used to launder dirty money. Bitcoin is not absolutely anonymous, but when combined

with the ultra-private Tor Network it nearly achieves that.

 

The Tor Network is home to the dark web, where sites like Pandora and Agora allow vendors to sell

guns, drugs, and everything in between. Bigger dark web markets can bring in hundreds of thousands a

day in profit. What has this got to do with bitcoin casinos? Well those markets and their vendors need

to turn those bitcoin into fiat. The only way to do that is by exchanging their bitcoins for money with a

traditional, and thus watched and regulated, financial institution.

 

Bitcoin Casinos help clean the coins easily, they simply deposit them, play a little bit, and then withdraw.

The coins they receive back from the casino will have essentially been “cleaned” as they are no longer

associated with any known dark web activity. This process is known as bitcoin tumbling, and makes

tracking bitcoin gained through illegal means very difficult.

 

This post was written with the help of our friends from Bitcoincasinos.reviews.