A few years ago, few people had heard of terms like Bitcoin, blockchain and cryptocurrency. These days, however, it seems that everyone’s getting in on the action – including online casinos. But what exactly is Bitcoin and cryptocurrency, and is it the way of the future, or just a fad that’s going to be here today, gone tomorrow? Let’s take a closer look and find out if there are actually any real benefits to gambling with Bitcoin.
What is Bitcoin?
Quite simply, Bitcoin is a decentralised online currency, also known as a cryptocurrency. What this means is that it exists in an online form only, with no tangible bills or coins, and isn’t owned by any one bank, company or government. Thanks to its decentralised nature, people across the world are able to trade in Bitcoin directly, with no intermediaries needed.
As a cryptocurrency existing only in the virtual world, Bitcoin is completely anonymous, and is free from transaction fees, making it both confidential and cost-effective too. All you need is a Bitcoin wallet, and as long as you have the necessary funds, you’ll be able to make deposits and withdrawals as you would with any other currency – no complications, no fuss.
Another benefit of Bitcoin is its premium level of security. Every time you make a transaction, it’ll be instantly verified, and then recorded in the blockchain – a decentralised database that hosted by not just one, but millions of different computers around the world. In this way, the blockchain is stringently secure, completely public, and safe from would-be hackers.
Why gamble online with Bitcoin?
So now you have a high-level idea of what Bitcoin is – but why steer away from tried and trusted payment mechanisms towards the new kid on the block? Sure, there’s no reason to change from your credit card, debit card or e-wallet instantly and move straight to Bitcoin or another cryptocurrency – but if you’ve been considering looking at another option for your gambling transactions, the many benefits of Bitcoin might sway you:
It’s safe. We’ve already mentioned the blockchain and its safeguards against hackers – one of which is the watertight encryption technology used to secure it against fraudulent activity at all times. However another reason for cryptocurrency’s complete security is the fact that it’s impossible to counterfeit, with crypto users being thoroughly protected against identity theft at all times. When gambling online with cryptocurrency, not even your online casino will have access to your personal information – all they’ll need from you is usually a wallet address and a username. Literally the only way the security of your crypto account can be compromised is by you giving your PIN information to another person. So as long as you keep your own details private, your crypto account and your casino account will stay that way as well.
It’s cost-effective. As we touched on, Bitcoin and most other cryptocurrencies are decentralised, which means they’re subject to far lower transaction fees than usual, if any at all, and often no taxes either. With transactions being carried out between users and service providers directly, rather than going through any banks or financial services providers first, the transaction fees are far lower than they would be with payments of any other kind. In fact, most often the only fee incurred for making cryptocurrency transactions is one that goes towards ensuring the ongoing maintenance and smooth operation of the blockchain.
It’s fast. Using Bitcoin or another cryptocurrency to gamble with online can save considerable time when waiting for transactions to be confirmed, particularly where withdrawals are concerned. Again, thanks to Bitcoin’s decentralisation, and round-the-clock work from its network, there’s no need to wait for two to three days for your withdrawals to be processed, and no need for any intermediaries to be involved and hold up the process. Instead, once you request a withdrawal, Bitcoin will have it processed anywhere from 10 minutes up to a few hours. Then once your casino authorises the withdrawal, it’ll be sent to your Bitcoin wallet for you to use any way you like. On average, depending on how long your online casino approval takes, your funds could be ready for you to use a day after your withdrawal request – significantly faster than other payment mechanisms.
It’s anonymous. Thanks to Bitcoin and other cryptocurrencies relying so heavily on security for their success, you’re guaranteed complete anonymity when transacting online, contributing substantially to your privacy and your peace of mind. With no third parties or financial institutions needed in order for you to make transactions, there’s no documentation for you to submit either, allowing you complete control over your personal information and your funds. So you won’t need to verify your identity to make deposits or request withdrawals, and you won’t run the risk of having your information compromised at any time. Instead you’ll enjoy a wholly stress-free, safe, and confidential gambling environment every time you log on.
It’s rewarding. Believe it or not, you can actually reap huge rewards by gambling online with cryptocurrency – in the form of bonuses and other promotions. With Bitcoin and similar currencies being so new to gambling, crypto casinos are always on the lookout for more players, which means huge incentives for you. Keep an eye out and you could find offers as generous as 200% match bonuses, as well as bonuses on your first few casino deposits, and sometimes even lifetime reload bonuses too. Look out for regular Bitcoin promotions as well, usually in the form of free spins bonuses, cash back bonuses, exclusive tournaments, or even entry to special gambling events – the more you find, the more you’ll be able to benefit from!
What’s more, the house edge at Bitcoin casinos is often lower than regular gambling sites, giving players a rock-bottom house edge of between 1.5 and 2% – all of which translates into bigger winning potential for players. So if you’re looking for more convenience, more savings, more privacy and more value too, Bitcoin and cryptocurrency casinos might just be your best bet!
Good Luck playing with your crypto of choice 🙂