A few years ago, most people had only a vague understanding of Bitcoin and blockchain. Today, the pioneer cryptocurrency is all the rage. Its value has surged again, and high-profile investors have extolled its potential. Even gambling may now be done with Bitcoin. But what are the benefits?
This technology has been implemented by online sportsbooks and crypto gambling sites. Sometimes, users can only make deposits in BTC. Sometimes, they may also withdraw their winnings in the cryptocurrency. The transactions require BTC wallets, but the identities of their owners are hidden. Blockchain only registers the monetary flows between wallet addresses.
1. Privacy and Security
For gamblers, Bitcoin deposits are a great opportunity to remain anonymous. As the system is decentralized, neither the website nor the authorities can trace the transactions. When you make bets with Bitcoin, you remain completely anonymous to any parties.
On the other hand, there is no risk of data leaks because no sensitive information is shared. The website will not ask for your bank account or credit card number. All you need to provide is your BTC wallet address. Transactions on the internet cannot be more secure than this.
2. Quick Deposits and Withdrawals
Bitcoin eliminates any conventional intermediaries like banks. As a result, transactions are direct and very quick. Deposits and withdrawals in an internet-based casino can be instant.
In comparison, methods like bank transfers require a few days just for processing. If you pay in BTC, the casino will approve your withdrawal almost instantly, so the funds will be released and delivered.
Buying and selling Bitcoin has also become more convenient in recent years. You can get the currency at an exchange, from an ATM, or via peer-to-peer systems. In addition, as the value of the coin is volatile, gamblers can also benefit from its fluctuations.
3. Lower Transaction Cost
The absence of a middleman also means that casinos have lower processing costs. As a result, transactions may be free. Forget the large fees associated with conventional methods. Bitcoin payments are cheaper for both the players and the gambling operators. This is a win-win situation.
4. Bigger Bonuses
With lower transaction costs, come bigger rewards. Generally, online casinos are cheap to run, as they do not have to pay for the furnishings, staff, rent, etc. Implementation of Bitcoin makes them even more profitable. As a result, the providers can afford bigger incentives and rewards for all players.
Often, you can get free spins or cash just for creating an account. Conventional match bonuses can reach 100% of your deposit, up to a substantial limit. With BTC, the system is slightly different. You can earn up to one coin on the first deposit. As of this writing, the value is almost 35,000! Loyalty benefits are also massive — exclusive games, thrilling promotions, and lavish bonuses.
5. No Rejections
Players who use cryptocurrency need not worry about their transactions being rejected. No more chargebacks and system failures! As long as you have the right amount in your wallet, you can be sure the transaction will go through. As there is no intermediary, there is no need for third-party authorization.
Tip: Make Sure Your Casino Is Legit
Despite all the benefits of the method, not every casino positioning itself as a Bitcoin platform should be trusted. Before signing up, check the background of the operator and any other projects it may have had. Check professional reviews and genuine feedback from ordinary users. You need to be sure that your funds will stay on the site.
The Bottom Line
The advent of Bitcoin casinos has provided players with unprecedented security and anonymity. As no sensitive information is shared, there is no risk of data breaches. Just enter the address of your wallet and the required amount. Blockchain is fully decentralized, so there is no state control. There is no need to worry about third-party access, either.
Integration of Bitcoin payments gives sites a competitive edge. More and more platforms have been doing this recently. They offer speedy transactions, guaranteed security, and generous rewards. Still, it is vital to check the background of your provider before making any deposits.