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More and more people are beginning to understand the complexities of Bitcoin and this has translated into 25 percent of customers utilizing the anonymous digital currency at some online casinos and sportsbooks.
The industry did get a taste of how well alternative payment processing worked back in the days when PayPal online casinos reigned supreme. PayPal quickly became the most popular option in the early part of the last decade for those looking to transfer money to and from Internet casinos. The list of casinos with paypal deposit was seemingly endless in North America. Sadly, this only lasted about two years, though PayPal is now an option with many of the European-based online casinos.
The one hurdle standing in the way when it comes to Bitcoin is the lack of technological comprehension.
“Few individuals understand the in and outs of both the technology and the industry,” writes Christoffer De Geer of TheStreet.com, who points to CEO of Independent Reserve, Adrian Przelozny as a leading expert.
Przyelozny agrees that Bitcoin and its imitators have the potential to change how we will soon see money.
“I first became interested in bitcoin and blockchain technology because it elegantly combined a set of existing computer science concepts such as cryptography and peer-to-peer networking in a way that has never been done before.
It was only after satisfying my technical curiosity that I realized the full power and potential of this technology and that it represents a paradigm shift in the way we and future generations will look at money.
“The ability for anyone to transfer value instantly and freely across borders is a revolutionary concept that will not only put more power back into the hands of ordinary people but also spawn new industries and applications that have never been possible before.”
And what about regulation and its potential adverse effect on Bitcoin?
“I think that as the bitcoin economy matures and regulators gain a greater degree of comfort and understanding, we will begin to see more consistent rules being applied around the world. The challenge for regulators will, of course, be to provide the right level of oversight to protect consumers, without stifling innovation in a young and very dynamic industry.”
- Aaron Goldstein, Gambling911.com
