With millions of users actively trading and using bitcoins throughout the world, it can be safely inferred that it is one cryptocurrency that is quite mainstream these days. Although you can do plenty of activities with crypto, the focus in the piece will be on bitcoin’s use in online gambling.
Talking about bitcoin’s usage in the online gambling industry, there are many people in the world who consider trading bitcoins and other cryptocurrencies to be equivalent to gambling. However, that’s not entirely true. You cannot consider trading in cryptocurrencies to be gambling as long as you treat them as any other commodity, and go about the process with a strategy in mind.
Carry out some research on the Internet and you will come across an endless number of online casinos, betting portals and poker rooms that offer deposits and withdrawals in bitcoin. Transacting in bitcoin at all such websites offers specific advantages over the conventional payment options. Let’s go over some of them below:
Many believe that this shouldn’t be a major concern as long as the gambler doesn’t have anything to hide. That’s wrong. Even though gambling is legal in many countries, there is often a social stigma attached to it. People often perceive you as immoral or with an addiction problem if you gamble. However, in reality, most people gamble just for fun. Hence, the anonymity offered by bitcoins can be highly advantageous for regular gamblers, not subjecting them to the unfair judgement of others.
If stored correctly, bitcoin can be easily the most secure digital currency out there. You will never have to worry about someone stealing your bitcoins as long as you protect your private keys with solid passwords, keep your bitcoins away from online wallets, preferably in cold storage. Compare that to the security offered by other mediums like PayPal or credit cards. Any moment a gambling website is hacked, your PayPal and credit card details will get compromised and will most likely be misused. In case of bitcoin, no one will ask you for your wallet password or private key unless they want your money! Here is more information on the security aspect of bitcoins.
Bitcoin payments are extremely fast compared to the conventional payment mediums. Majority of the transactions get confirmed in a matter of few minutes, while some take no more than a few hours. Compare that to international transfers which can take around a week and domestic transfers up to 5 business days. Using bitcoins, you can fund your online accounts almost right away.
Apart from being quicker than the conventional payment methods, bitcoins are cheaper too. The transaction fee in case of bitcoins is fraction of what you might be charged for credit card payments or bank transfers. Such cost effectiveness is beneficial for both the website owners as well as the gamblers. You get to keep more of your winnings when you make withdrawals from the website and they save on credit card fees.