It has been more than a decade since Bitcoin came into existence. The cryptocurrency has had its ups and downs, but it is one of the most known today, and several industries are starting to adopt its use.
Several casinos have found ways to integrate the use of Bitcoin into their payment methods. Bitcoin is decentralized, and it makes it easier for players to load their accounts fast. Even though the mode of payment is decentralized, it doesn’t mean that casinos do not follow local laws.
The use of Bitcoin also does not mean that people in areas where gambling is restricted can play. Nay, it only means that you have a new and better mode of payment in the same legal casino.
But why would casinos go for a form of payment that offers so much privacy if they have no intention of breaking the law? Here are five reasons why Bitcoin gambling is the future.
Bitcoin Offers Privacy
Privacy is not only important where gamblers have intentions to bend regulations. It may be legal to gamble in your region, but the society does not see gambling as it is and the vice comes with so much social stigma. People might see a gambler as a person with an immoral character. It is often seen as an addiction.
There is nothing wrong with gambling. Many gamblers do it for fun the same way someone would love shopping every weekend. However, when you start facing social stigma, you may want a mode of payment that gives you more anonymity. With Bitcoin, you can have all the fun you want without feeling the stigma that may come with it.
Bitcoin is Secure
As long as you store your Bitcoin correctly, it is one of the most secure digital currencies. Ensure no one has access to your Blockchain wallet and you are good to go. To ensure your Bitcoins are safe, keep them away from unsafe online wallets, protect the private keys from access by anyone by creating strong passwords, and keep the keys in cold storage for added safety. No one can steal your money unless you give them access. Better still, Blockchain is safe from hackers.
Other models of payment, such as e-Wallets and credit cards can lose your money if the online casino is hacked. If your credit card information or PayPal details leak, you become the next target for hackers. Phishing and social engineering attacks can be directed toward you – even the smartest people sometimes fall for these tricks and lose their money.
Ensure you never give anyone your keys or your wallet password and you will be fine.
Make Instant Payments
Making a payment with Bitcoin is instant. There may have been challenges with block size, but making payments with Bitcoin is still instant. You only need a few minutes to receive a confirmation on your payment and start playing. This is in contrast to other payment methods that can take hours. It can only take longer than a few minutes with Bitcoin whenever there are some challenges.
Bank transfers are the worst when it comes to depositing money into a casino site. The process can take up to five days with international transfers taking longer than a week to complete. With Bitcoin, a gambler deposits money into their account and makes withdrawals instantly.
Even when there is a delay, you should still get your money within a day. However, you need to work with a renowned casino for the payments to be confirmed that fast. Get more information from the latest article of Wtkr. They covered each step also with the best bitcoin gambling sites.
Bitcoin is Cheaper
Besides making instant payments, Bitcoin is cost-effective. You will pay a small fee when you pay with Bitcoin. The fees associated with Bitcoin transactions are a small fraction of the total amount transacted. This small fee cannot compare with what you have to pay for credit card payments and bank transfers. These traditional payments take huge percentages of the payment amount.
The cost-effectiveness is a plus for the gambler and for the house. You will keep more of your winnings when withdrawing your money. The house also saves money when you use Bitcoin instead of credit cards to fund your accounts.
Bitcoin Is Optimized for Gambling
Bitcoin is a digital currency. It was developed for online use and online casinos find it easier to use. It is a near-perfect solution for gambling platforms that want to make it easier for their players to start playing. Bank transfers and credit cards were not initially developed for online use. However, they were later adapted to fit the online businesses. This may be why they are more expensive and take longer to process.
Because Bitcoin is optimized for online use, it eliminates the need for banks and payment processors, and credit card companies. You can make fast transactions without having to call someone or some organizations. Better still, you get the privacy, efficiency, and security you need for online transactions.
If you are lucky, the value of Bitcoin will rise and you will benefit even more. A gambler might choose to hold on to their coins in the hope that the value will rise, and this is how they may make money. The house also benefits when the value of Bitcoin increases. If you are not lucky, the value will dip. Over the years, Bitcoin has remained volatile. It hit a high of $20,000 in 2017 and then took a dip. In 2021, the value of Bitcoin rose to $58,000, and then the digital currency took a dip. Even with all the ups and downs, the value has steadily grown from where it started more than a decade ago.
Bitcoin is recognized everywhere. The online gambling industry is huge. However, with Bitcoin, even in regions where some modes of payment are not allowed, you can pay with Bitcoin. Casinos that adopt the Bitcoin mode of payment processing are able to get players from all countries where gambling is legal. Players also find it convenient to make deposits and withdraw their winnings from anywhere around the world. In conclusion, you only need to pick the right casino for Bitcoin gambling and you are all set.