Bitcoins and bitcoin casinos are currently leading the modern trends in online gambling. While most avid players of online casinos may now be quite familiar with how bitcoins and cryptocurrency work, there is still a lot more advantages that online gamblers can obtain from bitcoins.
Below are four of the biggest advantages that can be gained when using Bitcoin in online casinos:
1. Values Privacy And Security
Just like other cryptocurrencies, Bitcoin’s major purpose is to make internet transactions seamless and more private.
Online gambling platforms are susceptible and prone to instances of frauds and scams. Online gamblers can be victimized by scammers even without them realizing it. On the other hand, using bitcoin to complete transactions done online provides a more secure and fool-proof way to send and acquire money using the internet.
Bitcoin is a decentralized unit, meaning that no exterior factors such as banks and government systems has access to all the transactions. The transaction details and personal information of players cannot be seen or accessed by hackers or scammers.
As for user safety and security, online casinos will only require users to provide their username and wallet address. It flows on a one-way path: the user to the address of their cryptocurrency wallet or digital wallet.
Thus, if players encounter an online casino that asks to provide more than the above-mentioned information before pushing through with their bitcoin transactions, then chances are, the website itself could be part of a scam.
2. Low-cost Rate
Aside from keeping user information safe from cyber thieves, bitcoin also offers very low rates for transaction fees. It can range from a certain low amount down to a zero value. This is because bitcoin transactions are not carried or shouldered by any bank. Instead, all transactions are stored in a digital ledger called Blockchain.
Blockchain is a cryptocurrency database that underpins digital currencies such as bitcoin. It then allows all the information in a certain transaction to be distributed (but not copied) before it stores it in a distributed network. Blockchain also helps in maintaining a smooth flow of cryptocurrency operations as well as in keeping track of all end-users’ transactions.
3. Seamless Transaction
Compared to a flat currency transaction that takes days to be transferred and completed, bitcoin, on the other hand, is run entirely online, making every transaction even faster. This is made possible by the decentralized structure of bitcoin along with the quick and hassle-free processing time of cryptocurrency.
4. Value For Money
As of October 7, 2019, the price of bitcoin is now at $7.863.90. Its value is continuously growing over time as it is predicted to peak up to $10,000 by the end of 2020. This means that bitcoin does not have a stagnant value.
It has high hopes for increasing its worth and helping both online gamblers and owners of online casinos to avail more advantages through the said digital payment currency.
A word of caution, though: Although the chances of bitcoin increasing in value are high, price drops can also occur. Players need to keep an eye on the price changes of bitcoin. If done right, players with a single bitcoin can withdraw thousands and thousands of money.
Gambling with cryptocurrency can be tricky at times, especially if players lack sufficient background and knowledge on how it operates. However, winning with bitcoin can also be worth a fortune.
With the 4 benefits aforementioned above, it can be concluded that gambling using bitcoins ensures a winning edge over a few drawbacks to each and every player across the globe.
What is your stand with Bitcoin Gambling? Do you love it or hate it? Let us know your thoughts!