Cryptocurrency in gambling sprung up once the currency gained a modicum of momentum. Since the premier BTC-accepting casinos began operations a couple of years ago, many others have surely joined the fray. While some of them are newly-launched BTC-only sportsbooks and casinos, others are already established ones offering Bitcoin as a withdrawal or payment option like Bovada has recently done.
One of the reasons for the rising popularity of cryptocurrencies in online gambling is the fact that blockchain eliminates the middleman. Soon, it’ll be possible to play games directly from your bitcoin wallet. What does that mean? It simply means that you don’t have to wait for withdrawals or deposits to process which saves days of waiting. In addition, the open-source nature of this technology makes gambling games ‘provably fair.’
Here are some reasons the revolutionary bullet train of cryptocurrencies in online gambling can not be be denied or stopped.
Security
Bitcoin tops the list of highly secure virtual currencies. This is especially true if you store then the right way. Provided you keep coins away from any online wallet, protect your private keys using strong passwords and keep most of the coins in cold storage, the last thing you’ll have to worry about is someone stealing your money.
The same can’t be said of PayPal or credit cards. If a gambling website gets hacked and it contains your PayPal or credit card information, you could be the next target for the hacker. This is not to mention the different social engineering and phishing schemes that trick even the most intelligent folks to share their information with thieves.
Privacy
You shouldn’t take the privacy of a currency into consideration if you have nothing to hide, right? Wrong! As much as gambling isn’t illegal in most countries, it’s associated with social stigma. If folks establish that you’re a gambler they consider you to be of an unsavory character and immoral. They also consider you to be grappling with some form of addiction.
Granted, some of these things are associated with gambling, but Nonetheless, most people actually gamble for pleasure. The autonomous nature of BTC is what makes casual gamblers have fun without having to worry about their transactions linking back to them ever.
Optimized for Online Gaming
Born on the Internet, Bitcoin was tailored especially for use online only. Consequently, the digital currency makes an almost-perfect solution for online gambling platforms as it never has been physically manifested. Bank transfers and credit cards are not optimal for today’s gaming websites. Their inefficiency, cost and sluggishness tells us much about an ageing platform. Sadly, before bitcoin, people did not have much of a choice.
Cumbersome institutions such as credit card companies, payment processors, and banks are no longer necessary. Due to its online optimization, BTC eliminates any need for all these things. Cryptocurrencies guarantee a high level of efficiency, security, privacy, and ease of use. Now there’s cash for a digital era.
Real Time Payments
Bitcoin payments are amazingly fast. If a check travels by snail, a bitcoin travels at the speed of light, literally if fiberoptic lines are used. Most if not all transactions are normally confirmed within minutes. Rarely do they take hours. Actual peer to peer transactions are instant.
It is incomparable to ACH bank transfers that may take up to five business days to mature. International transfers take roughly a week to clear if not more. With bitcoin an online gambler can fund his or her account or withdraw winnings real time. Even in worst-case scenarios, it’s still possible to access your funds same-day.
Highly Cost-effective
On top of being faster in comparison to online payments, BTC is highly cost effective. BTC transaction fees remain a fraction of the fees related to credit payments or bank transfers that normally take huge percentages from your transaction in form of service fee.
The cost effectiveness benefits not only gamblers but also website owners. The former gets to keep much of their winnings when withdrawing cash from the website. The house gets to save money on credit card fees whenever clients use BTC to fund their accounts.
Cannot be Influenced Directly by Government Agencies
Unlike flat currencies or liquid cash, BTC is a decentralized monetary unit which the government can’t influence or dictate. In addition to being governed by demand, this digital currency is completely independent. BTC’s demand continues to rise by the day. As you’re well aware, an increase in demand results to an increase in price. Bitcoin isn’t an exception. With rising adoption, the value of cryptocurrency continues to rise.
When you play at Bitcoin casinos, it’s a win-win for everyone. The casino’s growing BTC pool usually translates to higher payouts and winnings. In turn, it means that players have the chance of winning huge amounts of cash that the online casino offers as promotions. See them here.
Final Thoughts
‘Transparency’ isn’t a word you get to hear a lot when discussing blockchain and cryptos. Every transaction on the public blockchain is observable to anyone with the knowledge of how to view it. For better or worse, we are still right at the middle of wild west phase of crypto. However, this one is different though. When was the last time you heard, ‘’Oh look, the person who robbed the bank only took some of the money and spent at the saloon?’’ That is exactly what transpired recently.
In the recent past, BTC has become highly popular among many online gambling platforms. So far, this year has been remarkable for Bitcoin. The value of the favorite cryptocurrency worldwide hit an all-time high of close to $5,000 per coin. People are now realizing that digital currency is here to stay. Market experts predict that one single coin will be worth more than $600,000 by 2030.
The fact that Bitcoin is decentralized explains why it is turning out to be one of the most preferred withdrawal and payment options at online casinos next to credit card transfers. Players in the online casino industry now use BTC as a trusted payment method more than bank wires, but this trend will move toward the side of crypto faster than ever before.
Unfortunately, disspite of the recent mega-increase in value which has definitely made early adopters feel like geniuses, most people lack the solid understanding of exactly cryptocurrency is, how it works as well as the technology behind it. As an online casino gambler myself, trust me when it say it’s one of the things that you should be quick to learn about and invest in as it may be the only type of currency to be accepted if things continue this way.
Danielle Manieri
Latest posts by Danielle Manieri (see all)
- Are Sociopaths Naturally Better At Poker? - May 2, 2018
- The Attraction of Gambling is Easily Explainable - November 23, 2017
- Why US Betting Companies Ultimately Fear Africa - October 20, 2017
