September 15, 2019

7 Reasons Why Using Bitcoin in Casinos Is A Good Thing

7 Reasons Why Using Bitcoin in Casinos Is A Good Thing

Online gambling is all about winning, but applying the usual methods of winning can be quite harsh on the pocket. The future of gambling is in cryptocurrencies, and what better cryptocurrency to use than the king of them all—bitcoin.

This article will be all about why you should use Bitcoins in online casinos. We’ll be presenting seven of the biggest benefits you can get from using Bitcoins when gambling at an online casino.

With this article, you not only gain knowledge on why Bitcoin is a great tool for online gambling, but you’ll also see the drawbacks and advantages you can get from it.

Let’s check them out.

Privacy

While the idea of cryptocurrencies has been around for decades, bitcoin was the first of its kind that was put into reality. It was launched back in 2009 with the primary goal of making online-based transactions safer and more private. The main point of creating Bitcoin was privacy.

Just like most major cryptocurrencies, Bitcoin is decentralized. This means that no banks or government’s system has power over it or the transactions made using it. This also means that your personal information will remain invisible to everyone, everywhere. You only need to provide the address of your cryptocurrency wallet (where your bitcoins are stored), and you’re good to go.

As time goes by, more and more people pick up on hacking techniques, so keeping your details safe and secure is the best way to keep your money from being stolen. This is why you should put security on top of your priorities.

Low Fees

Like what we have mentioned earlier, Bitcoin, like other cryptocurrencies, is a decentralized unit. Besides keeping your personal information secure, the transaction fees you pay are usually very low, or waived, since transactions aren’t carried out via any bank system or service.

However, all transactions made with Bitcoin are stored in a public ledger we know as blockchain—a type of database all cryptocurrencies are built on. The blockchain helps cryptocurrencies operate correctly and records all users’ transactions. This means that even though you don’t pay a fee for withdrawing money from an online bitcoin casino, there will be a small fee subtracted from the amount you withdrew. Don’t worry; this amount will be so low you won’t even notice it.

Fast Transaction

Because Bitcoin is decentralized, the duration of transactions will be noticeably shorter compared to fiat currency, which takes from hours to days to be transacted. Bitcoin has the upper hand since everything is operated entirely online.

Without any intermediary involved, you’ll get your money almost instantly as soon as the casino authorizes your withdrawal application. Your money will immediately be deposited to your cryptocurrency wallet.

Remember though: each transaction will be only be carried out as soon as the current block of the blockchain is done processing.

Bonuses and Promotions

One of the biggest benefits you can get out of using Bitcoin in an online casino is the level of bonuses and promotions you are capable of getting.

With traditional, land-based casinos, you normally get an offer of a 50%-100% match bonus to a couple of hundred dollars at most, on your first deposit. However, this changes when you use Bitcoin.

With Bitcoin, the 100% match bonus on your first deposit is almost always guaranteed.

There are usually more bonuses with your next couple of deposits, and in some cases, a lifetime of reload bonus.

Security

With Bitcoin, most online casinos will not require you to share personal information other than your cryptocurrency wallet address and username. Earlier, we explained that privacy is the first and main point of using cryptocurrencies. So if an online casino asks you to provide more information, then try to steer clear from that online casino and try to find another one.

Value

As of this writing, Bitcoin’s price has reached more than $10,000 and is expected to increase in the next couple of days or more. This is considered a milestone for Bitcoin, and for the entire cryptocurrency market in general, as the total market’s capitalization is expected to breach the $300 billion mark soon. This will make it among the top 20 valued “corporations” in history.

As of this writing, Bitcoin’s price has reached more than $10,000 and is expected to increase in the next couple of days or more. This is considered a milestone for Bitcoin, and for the entire cryptocurrency market in general, as the total market’s capitalization is expected to breach the $300 billion mark soon. This will make it among the top 20 valued “corporations” in history.

How does this information benefit you?

Simple. Let’s say you had 1BTC in your account way back in 2017 when the coin’s price was still below $1,000. If you have withdrawn all of it instead of holding (or keeping) them til now, you probably would have made ten times less money than you would make if you withdrew it now.

Monitoring Bitcoin price changes is important for your earnings, and if done right could quickly earn you thousands, if not millions, of dollars as long as you are a high roller.

Mining

Mining is the process of helping the blockchain keep track of transactions using special software and hardware.

Mining can be a very profitable business depending on the kind of currency you choose. However, with Bitcoin, the process is considered a loss.

With Bitcoin’s price reaching ten times more of what the value was at the start of 2017, more and more people have taken to mining using state-of-the-art computers. Thus, the pool for small players has narrowed down significantly.

Is Bitcoin Gambling Better Than Traditional Casino Gambling?

As you may have noticed, the benefits of using Bitcoin with online casinos definitely outweigh the drawbacks associated with it. Although bitcoin gambling is equally risky as traditional, land-based gambling, the winnings are surely more substantial.

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