With the changing times come changing interests, and as world technology continues to impact every sphere of human living, it comes as no surprise that the global gambling industry is not left behind. Among the various advancements, the integration of ‘Bitcoin’ into the world of gambling has dramatically stirred a disruptive wave of change. Online gambling platforms have begun to shift their focus towards cryptocurrency transactions, led by Bitcoin, the most popular.
However, the evolution of Bitcoin gambling does not stop there. Its newest arena seems to be the virtual events and betting space, a development further catalyzed by the global pandemic that has seen an increased reliance on digital platforms and alternatives for routine activities.
The Emergence of Virtual Events and Betting
Virtual reality (VR) is not a new concept. HP discovered it in 1962, and it has since gradually grown to become a significant facet of modern consumer technology. Recently, the use of this technology has become more widespread, partly due to the advancement of technology and, more importantly, the need for digital alternatives to otherwise regular activities in light of the COVID-19 pandemic.
Virtual events comprise anything from real-time streams, virtual reality presentations, to pre-recorded segments that one can access remotely. Virtual betting, on the other hand, is a component of online betting that allows gamblers to bet on non-human operated events, which software algorithms determine. These may include virtual races, virtual football games, and even virtual casino games. The advantage is that the events are available 24/7, there is complete fairness, and the results are instant.
Bitcoin and Virtual Betting: The Intersection
Bitcoin’s entry into the world of gambling has brought about several advantages over the traditional currency forms, some of which make it ideal for this new avenue of betting. First is the issue of decentralization, which implies that Bitcoin is not subject to the regulations typical of traditional fiat currencies. This feature makes transaction processes smoother and faster as there is no need for bank approvals, which often delay transactions.
Also, Bitcoin transactions attract lower costs compared to the fees charged by banks for other forms of money transfers. The complexity of Bitcoin lies in its underlying Blockchain technology that places a high premium on security. This technology provides for transparency of transactions and significantly reduces the risk of fraud, making it a preferred method for transactions, especially for amounts that could be high-stake bets.
The New Face of Gambling
Existing platforms have started offering virtual betting options being powered by Bitcoin. For example, crypto gambling platform Stake.com has introduced a digitally powered and AI-controlled sportsbook that offers a multitude of betting options to gamblers. Bitcoin.com announced in February of 2020 the launch of its betting platform with provably fair games created in-house.
Similarly, Sportsbet.io, another online betting platform, allows gamblers to bet on virtual sports and live games yet with Bitcoin. The platform leverages the speed of Bitcoin transactions to effect instant payouts. These are but a few examples that highlight the increasing trend and interest of Bitcoin in the virtual betting arena.
Conclusion
It is evident that virtual events and betting powered by Bitcoin offer an intriguing blend of technology and immersive iGaming experiences. As global trends continue to prefer the digital space, it remains relevant for players in the industry to capitalize on modern technology breakthroughs.
Lastly, while there is no doubt that Bitcoin and virtual betting hold immense potential for the future, it is crucial noting that the sustainability of this new wave will largely depend on the ability of regulators to leverage this potential while safeguarding the interests of consumers.
Sources:
1. Cambridge Centre for Alternative Finance (CCAF); Bitcoin Digital Economy
2. HP Virtual Reality
3. Sportsbet.io: Introduction to Bitcoin and Betting
4. Bitcoin.com: Bitcoin Gaming Platform
5. Stake.com: Cryptocurrency and Betting.
