Reasons to Use Bitcoin for Online Gambling

Bitcoin gambling has undergone a huge explosion in recent years. Online bitcoin casinos are also growing in numbers and that is not without reason.

Bitcoin is no longer a foreign concept as almost everyone knows about it. Bitcoin gambling offers provably fair games, transparent protocols, global acceptability, and high-speed transactions. It is the first and enjoys wide acceptance all over the world. Bitcoin has also its presence in several sectors and the most important penetration of bitcoin is the online gambling sector. It has taken online gambling to the next level. Read on to know the reasons.

Overview of bitcoin gambling

Cryptocurrencies started with bitcoin. It uses blockchain technologies to make it safe and stable. Bitcoin has gained much popularity of late in the gambling landscape. Earlier, online casinos were using bank cards, and next arrived Paypal as an alternative option for bank transfers. Bitcoin comes with many features, and now online gamblers have a multitude of options for bitcoin transactions. All these make bitcoin the most popular medium for online gambling worldwide.

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Reasons for using bitcoin

The following are the reasons why online gambling platforms use bitcoin:

1. Privacy

Gambling might not be illegal. So one does not need to hide anything or be afraid of anything. But it is always associated with some social stigma. In many societies, people think of persons, who gamble as immoral with an unsavory character and outcasts. But gambling is fun and entertaining. It also provides much excitement. A large number of people are playing video games in their free time and earn. Because of the anonymity of bitcoin, gamblers, all over the world, prefer to use it.

2. Security

When stored correctly, bitcoin is one of the most secured cryptocurrencies. Because it is practically not possible to tamper with a bitcoin file based on blockchain technologies. If one keeps their bitcoin collection off online wallets and protects their private keys with strong passwords, the worry of theft, pilferage, and fraud is practically zero.

On the contrary, if one links their bank account, credit card, or Paypal account with the gambling account, one becomes a soft target for hacking. However, smart one maybe, improvised phishing and web pirating can trick one and rip off everything. But you can stay just fine by keeping your bitcoin private keys private.

3. Fast payments

Bitcoin payments are almost instantaneous. Despite some delays sometimes arising out of block size issues, bitcoin makes incredibly fast payments and confirms the majority of transactions within minutes. However, some may take a few hours only, and in exceptional circumstances, confirmation of payments takes a day. On the other hand, bank transfers through Automated Clearing House (ACH) take days, and the time for international transfer takes a week or more to clear. But, using bitcoin in gambling you get most fund transfers happening on the same day. So, one can withdraw winnings quickly.

4. Cost-effectiveness

Bitcoin payments are cheaper than traditional payments via the internet. Banks and credit cards usually charge high transaction fees. But bitcoin fees are only a fraction of the amount one has to pay in traditional internet fund transfer. This is a win-win situation for both gamblers and gambling providers. Gamblers can draw more of the winning amount and providers save on services fees for credit card payments. All these make use of bitcoin in gambling cost-effective.

5. Unique optimization

Bitcoin and online gambling are made for each other. Internet is the birthplace of bitcoin and they are intended for online uses only. As such, bitcoin coin offers a perfect solution for online gambling platforms.

The original purposes of bank transfers and credit cards were not online uses. They are quite sluggish and do not match the speed quotient of the digital age. Of course, there were no other choices before the introduction of bitcoin. As bitcoin stepped into the gaming landscape it overwhelmed all traditional ways of fund transfer offering a fast and convenient solution. Moreover, providers can draw new players by offering bitcoin payment options.

6. Unlimited freedom

Bitcoin has no local restrictions. Because of its unique confidentiality gamblers across distant seas can gamble the way they choose. Gamblers of countries having gambling restrictions can also bet without any hassles. Gamblers betting on the internet are always concerned about the security of the personal data that websites frequently ask for. No such problem exists with bitcoin gambling as it works on blockchain technologies.

7. Bitcoin is ubiquitous

Different countries have different fiat currencies protected by respective governments. One has to exchange a currency for using it in some other country. Born on the internet, bitcoin has no such restrictions. Gamblers, all over the world, can easily use it without any authoritative or regulatory invention. It makes bitcoin convenient for online gambling worldwide.

Bitcoin for Online Gambling

Bitcoin casinos bonuses and promos

Like all other casinos, bitcoin casinos also offer many bonuses and promo codes. These attract gamblers and keep them loyal to bitcoin gambling platforms. While bonuses differ between bitcoin gambling platforms, the following are some of the types offered:

  • Welcome bonus: New gamblers get this bonus when they sign up and make their first deposit.
  • Free deals: Bitcoin casinos offer this when they launch a new slot.
  • Reload bonus: Players gambling regularly get this bonus when they deposit more funds into their gambling account.
  • No-wagering bonus: A gambler can get this without any extra deposit. They can claim this when there is a notification.
  • Cash-backs: It is offered so that a gambler can recover the lost amount. Some sites also offer daily cash-backs.
  • Referral rewards: These incentives are given to an existing player for bringing in a new gambler.
  • VIP program: It includes rewards like prizes and invitations to special events for highly active and loyal gamblers.

Best Bitcoin Online Gambling Sites with Bonuses:

The bottom line

Tons of bitcoin gambling platforms are available on the internet. For prospering in bitcoin gambling one has to make the most informed decisions based on the bitcoin trend. Better try with a smaller amount to gain confidence and take the help of the people who understand the bitcoin domain.