September 11, 2019

Why use Bitcoin in Online Casino?

Why use Bitcoin in Online Casino?

There are a lot of payment options you can choose when gambling online. However, Bitcoin is the easiest among all. Bitcoin (BTC) is a type of cryptocurrency, transacted and created electronically. It is just like the money we use in our bank account, only that it’s digital. This means it doesn’t have a physical form. It is actually a numeric code secured by layers of cryptography and stored on your laptop or computer.

In 2008, Satoshi Nakamoto published an idea about Bitcoin. However, no-one really knows who Satoshi Nakamoto is. Many have come forward and claimed to be him but so far, there has been no proof that they are really who they claim they are. Until now, no one has seen Satoshi Nakamoto, the creator of Bitcoin.

How it works

Bitcoin transactions are confirmed and stored on a shared database commonly known as the blockchain. The information on this is enciphered, everyone can see it but only the owner of each Bitcoin can encode it. Every Bitcoin owner is given a “security code” and this is how they can access their Bitcoin. There are a lot of different companies that run blockchain using special software that can processes transactions.

In this article, you will know why Bitcoin is a great tool when playing online casino. Here are some benefits you can get when using BTC:

Privacy 

  • Bitcoin is decentralized that’s why there is no government system that has jurisdiction or any bank involved over its transactions. This means your personal information will not be visible to anyone, you just need to provide the address of your Bitcoin wallet (the place your bitcoins are stored).

No Involvement of Any Third Party

  • The duration of transactions in Bitcoin is very minimal because everything is run entirely online. It is much easier to convert Bitcoin into currency like USD. You don’t need to go through the trouble of contacting local banks. The trading volume is very high! In fact, Bitcoin is the highest of all cryptocurrencies!

Reduced Transaction Fees

  • Transaction fees for bitcoin payments are quite low in comparison to the other payment methods. However, all the transactions made in Bitcoin are stored in blockchain that’s why there is still a small fee deducted in every transaction you make.

Bitcoin Mining

  • Mining can be a profitable business depending on the chosen currency. Bitcoin mining has all the potential of turning into a big business itself.

Bitcoin gambling is risky as land-based gambling. However, winnings could be much more substantial.

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