According to Mirio Mella, the gambling industry is renowned for pioneering new technology. The internet, the subsequent revolution in mobile usage, apps and data delivery (via API) were quickly embraced by bookmakers who instinctively recognized how those advancements could change the way betting was consumed. Betting moved from the preserve of middle-aged men in back-street betting shops to mass-entertainment for millennials eager for excitement on the sofa or in the pub, at the tap of a smartphone.
Of course technology doesn’t stand still, if you believe Moore’s Law it accelerates. In 2009 a radical shift in that paradigm started within the inception of bitcoin and the associated blockchain technology.
Compare the store of value potential and fork premium benefits to traditional forms of betting. Do casino chips or the funds held on account with an online fiat bookmaker increase in value over time? By betting with a publicly listed bookmaker do you share in their success? The answer is NO. In fact the reverse is true, they charge inactive customers monthly fees for holding unused funds on account and that comes on top of the inevitable erosion of the value of those funds through currency inflation.
The open source nature of bitcoin means that its potential development is only limited by imagination. Despite being almost 10 years old Bitcoin is still in beta and anyone can use Bitcoin as the basis of a new derivative currency seeking to security, anonymity, transparency, and a speedy transaction with little fees.
On August 1st, 2017, with the creation of Bitcoin Cash, although the politics are fascinating and complex, the implications for those gambling with bitcoin and holding coins in an exchange or bitcoin sportsbook account were straight-forward. For every bitcoin you held, you in theory held one bitcoin cash.
The emphasis above is critical, because when you hold cryptocurrency in an exchange account or sportsbook you aren’t in control of your private keys or having the ultimate proof of ownership of your funds are being held in trust. The obligation therefore to honour this dividend is not enshrined in any law, BUT this is part and parcel of the entirely new ground that cryptocurrency has broken.
This is all part of the reasoning behind why it is a win, WIN to use bitcoin versus, cash, credit, or a book.
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