The popularity of online casinos is on the rise. More and more people today are flocking to the online version of casinos rather than patronizing the physical, brick-and-mortar format of these gambling units. There are many reasons behind this trend with comfort, convenience, and safety emerging as some of the important distinctions that an online casino offer over its offline format.
Another important trend that we are witnessing today is the increased use of Bitcoin in the online casinos. This digital coin is finding favor with both casinos and gamblers. The reason behind this popularity is not difficult to ascertain. The use of Bitcoin offers a number of benefits over the traditional fiat currency and in this article, we are going to discuss in detail why it makes sense for you to use Bitcoin while betting online.
1) Anonymity and Privacy: If you are using Bitcoin as a transaction medium for the online betting process, you are sure to enjoy anonymity and the level of privacy offered by this cryptocurrency. It is of the highest order and you can’t imagine getting the same with the fiat currency. This advantage is even more significant when you consider the fact that many countries have placed betting under the legal radar. In other words, gambling is illegal in many nations. Therefore, in order to avoid any legal complications arising out of betting, more and more people now tend to prefer online casinos and, in particular, Bitcoin for transactions rather than the conventional currency.
We all know that Bitcoin is decentralized in nature. It is powered by the blockchain technology which works on the principle of open-ledger. If you use Bitcoin for transactions, you will be anonymous, making it hardy for anyone, including security agencies, to trace the source of the transaction. This high safety aspect is really good and offers great comfort to online bettors.
2) Lower Processing Charges: When we pay through the conventional currency, intermediaries like banks, financial institutions, and payment gateways charge a hefty amount of processing fees. This means you have to shell out a considerable amount of money to these financial intermediaries only for using their services. Bitcoin, on the other hand, works on the decentralized principle and its processing charges in comparison to the conventional intermediaries are significantly low. This saving in money also encourages people to use Bitcoin during online betting rather than going for the option of conventional currency.
3) Instant Conversion: With no intermediary playing a role in the case of Bitcoin, the conversion of this cryptocurrency happens at a lightning-fast speed. There is no delay whatsoever and you can instantly get the money in Bitcoin or conventional fiat currency as and when required. Unlike the Fiat currency, where most of the transactions take hours or even days to process, Bitcoin only requires seconds or minutes for the processing to get completed. This convenience of instant conversion is also very useful for online gamblers.
4) Higher Benefits and Promotional Bonuses: If you use Bitcoin for online gambling, there are more chances that you’ll receive higher promotional benefits. Usually, the physical casinos offer around 50% match bonus, but in case you are using Bitcoin during online gambling, you are assured of getting a 100% match bonus. In addition, many online casinos offer special benefits for gamblers who use Bitcoin for transactions. For example, you can receive some cashback bonuses, a free spin, or even a free ticket to a special poker tournament. All these benefits are attached to the use of Bitcoin and come as an added advantage for gamblers.
5) Information Sharing: When you make a transaction using credit cards, online banking, etc., you need to furnish information, including your personal data. Although most of the online casinos offer a high level of safety, there is still a risk factor involved in the process – your personal information might be used for undesirable purposes. This risk is completely eliminated when it comes to payment through Bitcoin. No personal information will be shared with the casino or their transactional gateway, which leads to a lower risk of a data breach or potential hack in the future.
6) Value of Bitcoin: This aspect has an indirect relationship with the convenience of online trading. To understand, consider a scenario where you win a considerable amount of money and you decide to keep that in your Bitcoin wallet. Instead of spending or investing it somewhere else, you continue to hold on to Bitcoin. Given the price volatility in the value of Bitcoin, you may find yourself in a sweet spot after some years if the value of Bitcoin appreciates. We can take the example of the year 2017 when Bitcoin almost breached $20,000 mark, and people who purchased the digital coins at a negligible price made millions out of their investment. Now, of course, it is equally true that the value of Bitcoin could depreciate as well, but then the secret to a profitable investment lies in the staying put with the money. If you exercise patience and do some basic calculations about investment, you can benefit from the investment in Bitcoin enormously.
There is no doubt that Bitcoin is proving to be a boon for online casinos. It is a Win-Win situation for online casinos and gamblers as both of the stakeholders get benefited from the distinguishing characteristic of this largest cryptocurrency by market capitalization. The special characteristics of Bitcoin, such as solid safety and security, high convenience, instant conversion, and minimal transactional charges, are making this digital coin favorite among the online casinos and bettors.