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Why Bitcoin is Not Gaining the traction it Deserves in Online Gambling

Nov 24, 2018

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Bitcoin witnessed an increase in demand in 2017 and ended the year by at a very good level. The excellent growth of this cryptocurrency has ensured that it is gaining popularity among the users at a rapid rate. 

However, still its growth is less than the momentum it took in its starting days. What are the reasons for it? Well, in this post, we have discussed the various reasons which explains why bitcoin is not gaining in a way it deserves in online gambling. 


Complexity in Technicality

Bitcoin is a secure currency, in fact, it is too secure to believe. So, many people still don’t use it because of even too much security in its operation. Also, for mining or trading, it involves a complex technicality which is not easy to understand for some online gamblers. 

This is one of the reasons why its popularity is not increasing on an expected rate. Even the long password while its usage also worries people hence they prefer to use traditional payments methods.


Potential Loss

In the earlier days of its launch, it was considered too secure and impenetrable. But with the passage of time, it was found that they even a hacker can go from one bitcoin wallet to another. In live casinos, this is the major issue to be addressed. However, the reports of the cases of extortions in finding the loopholes in accessing the Bitcoin addresses of several users. 

Since government does not recognise Bitcoin as an official currency so it is difficult to trace criminals even after any misconduct by them. So, online gamblers fears a potential loss due to theft by online criminals.

 

Volatility

Due to volatile nature of Bitcoin, it has been found that one cannot expect a desired outcome in gambling. Some professional gamblers invest their money as a means to earn their living. Hence, they cannot risk their money if there is no surity of getting it back at a desired amount. Although it is not sure that Bitcoin would witness a sure short fall, still the possibility is high for a fall. Hence, this uncertainty makes it difficult for people to deal with Bitcoin. 


Unregulated Currency 

Bitcoin is not a regulated currency hence some people who love to use any tangible or intangible assets under the shelter of things consider it as a risky thing to use bitcoin as a currency in daily transactions. Hence, they opt for traditional payments mediums in their lives. Although governments of countries have not declared it as an illegal or legal, still many people consider it a good thing to avoid it.