Online gambling in Africa-are Bitcoin casino a solution?

Online gambling activities take the biggest share of the gambling market in Africa. Thanks to the availability of mobile phones and internet coverage that facilitates the growing demand for online gambling.

The bitcoin phenomenon is adding value to the gambling market. Crypto users have added bitcoin as an easy approach to both offline and online casinos. The move has attracted cryptocurrency investors to take a look at what the African market has to offer in terms of digital currencies and gambling activities.

Although bitcoin is acceptable means of payment, not all casinos whether offline or online accept it. Offline casinos merely accept it but there are quite a few online casinos that accept bitcoin. In any case, if there are two casinos offering bitcoin services, they do not operate the same way. Bitcoin casinos operate differently depending on the business model and jurisdiction.

Before answering the question, “Are bitcoin casinos a solution?”

You need to understand what bitcoin is and how bitcoin casinos function. Bitcoin was created in 2009 as a form of cryptocurrency. It is a digital currency that is decentralized.

A bitcoin casino and a traditional online casino have no difference in terms of functionality, payment, and management. There can be a difference but a slight one. It is because the bitcoin casino’s model has an aspect of blockchain technology. Bitcoin casinos use software that manages and runs the games. In cases like large bitcoin casinos, in-house software is plowed to run the operation due to a large number of users. Moreover, online casinos bitcoin have a crypto wallet on site that accepts bitcoins.

On the other hand, the gaming software used by traditional online casinos is leased, rented, or bought and then customized to fit in their business model either by adding, removing, or enhancing features.
Blockchain technology is still a developing technology of the decade. Even though bitcoin users are not new to this craze, they want to benefit from it. One of the goals of bitcoin casino platforms is to ensure transparency on how the software algorithm works. African gamblers are jumping into this wave because there is an assurance of security and anonymity of both the players and payment.

Running a bitcoin-only casino is easy. Online bitcoin casinos in Africa are not limited to a merchant account, gambling license, or laws preceding credit cards, banks, and cash transactions. None of these matters in Bitcoin. Currently, there are no laws that govern online bitcoin casinos.

Bitcoin users appreciate the benefits that come with betting in bitcoin casinos. The primary advantages attract a big audience and sometimes the benefits outweigh gambling in traditional online casinos.
The first benefit of using bitcoin is anonymity. Bitcoin users are assured of the anonymity of player’s information and payment. Your personal information will be not be revealed. The bitcoin casino will not require you to register with your name. Also, your bank details will not be revealed; bank information is not needed plus no personal data is plastered to your bitcoin wallet.

Secondly, bitcoin has the highest security compared to bank and cash transactions. The user will remain anonymous in all bitcoin transactions.

Low or no transactions fees is one of the primary benefit received by bitcoin users. Some exchanges will offer no transaction fees and others will but the transaction fees will be lower compared to traditional payment methods. Low transaction fees might happen if there is a conversion to fiat currency or you need fast transactional processes. Note that there are no middlemen in cryptocurrencies, therefore, zero transactions will occur.

Another primary benefit is that bitcoin transactions are faster than bank transactions. Typically, a bank transfer can take a maximum of three days before the funds reflect in the bank account. Bitcoin transactions are instant and it doesn’t depend on whether you are in another country. Lastly, bitcoin is decentralized meaning you can access your digital currency anywhere and anytime you want. Bitcoin is global. The user is not subjected to any centralized authority.

You do need to be an expert in blockchain technology to participate in a bitcoin casino. The secret is transparency, security, and knowing how it works to start the bitcoin journey.

About Post Author