Bitcoin is very much a hot topic in the online casino sector these days.
Of course, it’s been a hot topic just about everywhere else, too!
Where gambling is concerned, the Bitcoin revolution is neither a get-rich-quick scheme for day traders, nor a news phenomenon to be marveled at by the mainstream public. Neither is it a matter of rising or falling valuations compared to traditional currencies (also known as “fiat currencies”).
The fact is that the advantages of Bitcoin gaming are growing every day, so much so that online gamblers can only ignore the advantages of cryptocurrency can only be ignored at one’s own peril.
What’s more, the gaming landscape is changing faster than ever! That’s why we have a whole section on our website devoted to Bitcoin-related gaming news)
(For those who have been hiding under a rock for the past several years, here is a guide to what everyone (gamer or not) needs to know about Bitcoin.)
What are these advantages, you ask? Here are five major ones that every gambler should consider grabbing with both hands and without further delay.
One of the main advantages of using Bitcoin (or any cryptocurrency) for online gambling – as well as for other kinds of online transactions – is safety and security.
This goes not just for the financial side, but for the data side as well!
Because of the way blockchain technology works, all transactions are completely transparent. That is to say, players can track their money every step of the way.
Not only that, but transactions cannot be reversed! For example, if a disreputable site confirms withdrawal of funds but then blocks the transaction from completing, or requests a refund, a player using fiat currency has very few options for redress. This cannot be done with crypto.
Most attractive at all to some gambling fans is anonymity. While transactions can be tracked, the data of payees and payers alike is fully lucked: from casinos, from third-parties, even from governments.
If security is the reason that some online gamblers love Bitcoin, speed is beloved by all.
Gone are the multi-day waits associated with withdrawals after big wins. All transactions in BTC move at the speed of light, including casino withdrawals: the wait time will be a few hours at the maximum, or at a minimum, completely nonexistent.
And because BTC is not regulated by any corporation or government, transaction speed cannot be hindered by any party, for any reason… neither is a change to this speedy status possible. The technology simply does not allow it.
Compared to fiat currencies, the flexibility available to cryptocurrency online gamblers is downright astonishing.
Many different e-wallets allow the use of Bitcoin, and players are not obligated to use any specific services the way they may be when using, say, US Dollars or Euros.
Additionally, since the nature of cryptocurrency makes it equally easy to use very small or very large quantities of it, online casinos tend to allow for more flexible limits on deposits and withdrawals in BTC. That means lower minimums and higher maximums across the board!
Beyond the world of online gaming, one of the main appeals of cryptocurrency is its independence from larger institutions. Bitcoin is not issued by any government; is it not held by a bank, which is then obliged to comply by regulation and cooperate with governmental authorities. The middlemen are essentially cut out of the picture.
Yes, this yields freedom. But since middlemen must be paid, it also saves on costs!
What does this mean for gamblers?
It means there are very low transaction fees, no currency conversion fees, no bank fees, and a generally much lower set of hidden costs.
Plus, the astronomical increase in BitCoin’s value means that a medium or large gambling win in a fiat currency can, sometimes, become a life-changing payout for winning players.
5) Exclusive Perks
Remember the low or non-existent associated costs we mentioned above? Well, those aren’t a factor for players alone…
… they are enjoyed by the providers as well!
This means that casinos are looking to encourage their guests to make deposits and withdrawals in cryptocurrencies, rather than fiat currencies.
This is the reason why so many providers offer exclusive bonuses to players who do their transactions in Bitcoin.
More than any other factor, this is the most compelling reason for today’s players to embrace crypto-gaming. Those who don’t lose access to some of the biggest jackpots around!
It’s a bit of a paradox that casinos can offer more generous bonuses to players while simultaneously improving their profits. But that’s what you get when you cut out the middle man!
The Bottom Line
The world’s financial markets will never go back to a pre-crypto way of life: Bitcoin and its fellow cryptocurrencies are here to stay.
We predict that it won’t be long before the use of BTC is truly ubiquitous, in online gambling but also throughout the world of online finance.
No matter what the future holds, though, it’s very clear at present that the advantages for players who use BTC for their online casino transactions are tremendous. If you haven’t tried it yet, now may be the time to start!