The online gambling industry continues to grow by the day, with new players getting into the industry each new day, it would seem. In this digital age, Bitcoin has also become increasingly popular in the online gambling space.
Indeed, everyone is on the lookout for the best Bitcoin casinos, since many online gambling platforms have adopted and added built-in support for Bitcoin and other digital currencies as an alternative payment method. For some sites, cryptocurrency is, indeed, the only payment method.
What, you would ask, are the benefits of using Bitcoin as a payment method, sole or alternative, in online casinos? It goes without saying that these benefits are the main drivers of the growing popularity of cryptocurrencies in online gambling. Here is a quick highlight of the top benefits of using Bitcoin and other cryptocurrencies in online casinos and betting services.
- Valid and Secure
Blockchain technology lends Bitcoin and other cryptocurrencies an unmatched level of security. As a gambler using Bitcoin, you will not be required to register on the online casino, or validate your identity. You will not be required to submit credit card information or any other such personal information that you would otherwise worry about putting at risk. Indeed, you can gamble away without worrying about your information and finances.
Each transaction involving any cryptocurrency is added to a decentralized ledger. The decentralized nature of the ledger means that each transaction must be validated before it can go through, and as such, there are reduced falsified transactions. The validation comes from the users and not any other third parties.
2. Private and Anonymous
Many gambling sites require that users register their personal information, and this rightly has so many feeling worried about data privacy. It is indeed true that many have shied away from online gambling because they worry about where and how their data will be used.
Enter Bitcoin and other cryptocurrencies and casinos don’t require users to provide detailed information. Instant cryptocurrency transactions are validated through blockchain, allowing users to stay private and anonymous. The only requirement really is just your wallet address.
3. Cost-Effective, Instantaneous Transactions
The decentralized nature of cryptocurrency ledgers allows for instantaneous transfers. Blockchain will instantly authorize transactions without the need for third-party approvals. You should be able to see whether your deposit or withdrawal was successful within a matter of seconds.
With the efficiency of transfers, comes the advantage of it all being cost-effective. The cost of transferring cryptocurrency is lower than, say, the cost associated with bank transfer and credit card transfers. This, in itself can help you improve the bottom line from your online gambling sessions as you don’t have to worry about losing so much of your winnings in transaction fees when withdrawing your money after payouts.
4. Easy and Streamlined Access
Some jurisdictions and countries across the world have some network blockades to online casinos. With the blockage in place, residents in these areas cannot access the casinos and gamble online. People in such locations have taken to the workaround of using a VPN service to bypass any geolocation restrictions.
With access sorted through the VPN service, the challenge remains on the payment front. Bitcoin and other cryptocurrencies provide the perfect solution for this challenge. While banks and other financial institutions will penalize transactions to online casinos in these areas, you don’t have to worry about the same if you are using cryptocurrency. No authority, and much less your internet provider can block, much less track your cryptocurrency transactions.
It should also be noted that online casinos accepting cryptocurrency offer a very streamlined registration process. This is because of the efficiency that comes with not having to provide so much information during the registration process.
Blockchain technology has rendered a lot of transparency to online casinos. It is indeed true that many users believe that traditional casinos and betting services have in place some structures and mechanisms to reduce or even limit winning possibilities and even steal players’ winnings. This level of distrust continues to linger even to date.
On the other hand, blockchain networks of cryptocurrencies maintain records of gaming activities in the most transparent way possible. This includes wins, losses, and payouts, all kept in an immutable and transparent way. Doing so greatly reduces the risk of fraud in these online gambling platforms. Again, it provides a level of legitimacy which inspires great confidence among users. The open-source formatting implemented in these blockchain online casinos greatly reduces the risk of fraud and any related security risks.
Cryptocurrency continues to gain acceptance as a payment method across different industries, including online gambling. As outlined, looking at the benefits of using Bitcoin and other cryptocurrencies, it is easy to see why this is the case. Indeed, it is a win for both gamblers and the online casinos or betting services.