Online Gambling with Bitcoin
To gamble at an online casino that doesn’t support Bitcoin, you are required to complete several tasks. You need to provide personal details, such as address details and telephone numbers, and enter your financial information, such as credit or debit card details. Once these details are provided, you are basically known and your personal and financial information can be used and abused if you not registered with a reliable online casino. Banks might say that everything is 100% safe and secure, but recent events have even brought this into question. Let’s say your transactions are safe and secure, and the end of the day they still cost you time and money, you can be sure Big Brother is always keeping a watchful eye on what you are doing.
Bitcoin on the other hand is completely different. It’s a type of cryptocurrency keeping your financial balance extremely safe and secure online using public and private keys. These keys utilise an extremely long number that is linked through the mathematical encryption algorithm that initially created them. The public key is like an account number or bank code while the private key is like a pin number used to authorize transmissions. The biggest advantage of Bitcoin is that you remain completely anonymous and you can buy and sell without the need to answer to anyone.
Online Gambling with Bitcoin
The best way to gamble online using Bitcoin is to create a Bitcoin wallet. This is essentially a software program allowing you to privately store bitcoins. There are three types of bitcoin wallets, including desktop, mobile, and web desktop. These enable you to create an address for receiving and sending bitcoins on either your desktop or your mobile device that allows you to access your bitcoin wallet from anywhere in the world. It’s that simple.
Almost half of all bitcoin transactions are linked to online blockchain gambling. It is considered the biggest growth factor in the online gambling industry and will continue to expand at an ever-increasing pace moving forward. Because it uses incredibly fast transaction speed and is anonymous, it’s becoming one of the most sought-after forms of online gambling. With the current restrictions placed on government currencies, more gamblers are becoming aware of how much easier it is to use BTC and other forms of cryptocurrencies.
The signing up process and the amount of information needed to register with an online casino makes bitcoin a no brainer. There’s always a risk involved with using debit or credits cards, and there’s no reason to continue doing this when there’s a far greater alternative. What makes bitcoin even more appealing is the fact that it’s instant, you no longer need to wait for funds to be transferred and with bitcoin being the future, your funds will automatically appreciate without you having to do anything. Simply check the statistics for the last 6 months and you’ll understand.
Bitcoin Gambling Costs
There are plenty of online casinos that add an additional fee to your withdrawal requests simply because banks charge the casinos to provide their services for faster payouts. This is simply not the case with Bitcoin casinos as your winnings are not tied to a corporation trying to take a fee for themselves for providing a service.
Online players are also losing a considerable amount on their money and gameplay sessions due to the house edge being in the casinos favour to pay these additional fees. This is another aspect of Bitcoin casinos that greatly appeal to casino enthusiasts of late. Bitcoin casinos provide a far greater house edge as they are not subject to other currencies that require a fee and therefore can offer a better house edge that will in turn provide you with more bang for your buck.
It’s inevitable that online casino establishments will continue to strive with the introduction of cryptocurrency. The advantages of cryptocurrencies to its customer base will always outweigh other currencies of the world. Simply put, it’s the future of online gambling and for those who won’t accept the blockchain and cryptocurrency will lose out in the end.
The Future of Bitcoin Casinos
The gambling sector is one of the largest in the world and every year it expands in size. However, it recently hasn’t had it all in its own way with the boom of bitcoin gambling rapidly growing in popularity. More people are starting to see the benefits of this new digital currency and bitcoin casinos are attracting more players by offering No deposit BTC bonuses and free spin offers to encourage players to make the switch. Once the switch is made, they will never look back as the advantages are almost endless.
Bitcoin gambling transactions account for more than 10% of the market share over the last couple of years. The casino industry is keeping an eye on this new technology and it won’t be long for them to realise the advantages of using cryptocurrency and blockchain themselves. It perfectly fits within the gambling industry, giving players financial transactions with zero fees, anonymity, and instant deposits and withdrawals. It can also assist online casinos to cut out additional costs to banks and automate a great deal of their work.
The future of bitcoin casinos looks extremely promising but there’s still a long road ahead in terms of people educating themselves on the advantages of using cryptocurrency. Most don’t have the time to set up new memberships or accounts and even less are interested in changing what they are comfortable with. With the financial crisis being far from over and only getting worse as we head into the future, more people will start making an effort to educate themselves on the benefits of using blockchain and bitcoin. Furthermore, if interest rates indicate a negative amount, it means that the population will need to pay even more to store their funds at banks. This will assist the cryptocurrency to climb even higher as there are no financial transaction fees and zero interest costs involved when using the blockchain.