Bitcoin casinos have slowly but steadily made their presence known amongst discerning gamblers and punters alike.
So, what is it about these casinos that attract a strong following? What are the benefits of hambling With Bitcoin?
Here are 5 reasons why gamblers have started making the shift to Bitcoin casinos.
Bitcoin is private
Unfortunately, gambling and casinos have received a rather bad rep over the past few years. While games of chance are perfectly respectable pastimes, the actions of a few irresponsible individuals have ruined all that.
Because of this, there is now a stigma associated with gambling. This has forced many punters to keep their pastimes a secret which is why bitcoin casinos have grown in popularity.
First of all, rather than having to travel to a land-based casino where they risk being spotted, online casinos allow punters to place bets from the comfort of home. So that way, they don’t need to answer family members or stress about having their hobby revealed.
Besides that, Bitcoin payments are anonymous and private. This eliminates the risk that a charge may suddenly appear on the punter’s credit card statement, thus prompting difficult questions.
And as Bitcoin entirely circumvents the financial system, there’s no need to worry about banks or the government interfering in one’s activities. Such a situation is a real possibility for punters living in countries where gambling is outlawed by the government.
Disclaimer: If you’re into games of chance, be sure to check with your country’s laws to ensure that you’re not doing anything illegal.
It is a highly sought-after asset for investment
While Bitcoin originally started out as a fringe currency used by individuals on the deep web, all of that has changed in recent years. Nowadays, Bitcoin and other mainstream cryptos such as Litecoin and Ethereum have become highly sought-after investment assets.
And because of this, some investors have taken to Bitcoin gambling to earn some of that sweet, sweet BTC. Due to the generous jackpots and prizes available, BTC casinos are a decent option for a skilled gambler.
Once they’ve accumulated enough crypto, they can stake their winnings and earn passive income from wallets and exchanges. Alternatively, they have the option to hold onto their cryptos and wait for the market to appreciate.
Given how volatile the market is, there’s always plenty of room for speculation when you’re holding cryptocurrencies.
This of course works both ways, as the market can also suddenly collapse without any warning, leaving you at a major loss. The key here is to manage your risk exposure by diversifying your holdings and keeping track of market movement.
Transfers are instant
If you’ve had to spend time waiting to withdraw your funds from an online casino, then you probably know why more punters are betting at Bitcoin casinos.
Transferring fiat currencies from the casino to your bank account often takes up to several days to complete. That’s because your money passes through several intermediaries before it reaches its destination.
From differing timezones to multiple third-parties, it can be extremely frustrating to wait for your winnings to arrive.
But this doesn’t apply for punters who choose to bet with Bitcoins. This is because Bitcoin transactions do not involve the use of outside parties or financial institutions. Instead, all transactions are recorded on a self-regulating blockchain which performs transfers instantly.
All of which gives you quick access to your funds regardless of the time of day or even year.
There are minimal transaction fees
Anyone who’s had to transfer funds internationally knows how annoying transaction fees can be. And if you regularly bet at an online casino, chances are you’re probably familiar with this as well.
Transaction fees can eat into your winnings and reduce the amount of money that you’re taking back home. But with Bitcoin, there’s no need to worry about cross-border complexities or anything of that sort.
Because Bitcoin is set up to work without intermediaries, it allows you to send/receive funds without having to worry about exorbitant fees. Rather, you can set the fees yourself depending on your requirements.
As an added plus, crypto casinos usually do not charge fees at cashout due to the asset’s structure. And while there are network fees, these are usually relatively small.
Transactions with Bitcoin are highly-secure
Staying safe online can be a tricky affair given how complicated hackers have become. And because of this, many punters are reluctant to expose their financial information to third parties.
Cryptocurrencies like Bitcoin are an excellent alternative to this. Instead of credit or debit cards, users can use crypto wallets to discreetly transfer and receive payment. There’s no need to furnish any personal information, all that’s needed is the wallet address.
This highly-secure method of payment helps prevent credit card fraud and limits the amount of info needed with each transaction.
To conclude, gambling with Bitcoin is likely to become increasingly popular in the next few years. So, this is why it’s important to understand both its risks and benefits while doing your own research.
