Bitcoin has created a new dimension for wagering online, and this has presented innovations that provided online casino enthusiasts with a new gambling experience distinctly different from what fiat money gambling presents. However, does Bitcoin really have the guts to dominate fiat when it comes to online gambling?
Round 1: Speed of payment transactions
The area where Bitcoin truly excels is in the payment department. This digital currency has enabled for instant deposits and withdrawals—something that will never be done when using real money. Although not all Bitcoin casinos or betting platforms promise instantaneous payments, they do, however, guarantee that deposits and cashouts are processed within a few minutes or hours only, as compared to the long waiting period (think seven days or more) prevalent in fiat-run casinos and poker rooms.
Round 2: Ease of use
There is no doubt that fiat money is widely and readily available anywhere, but credit cards and wire transfer services are still needed in order to fund an account and to begin gambling. Unfortunately, this takes up much time and charges higher fees.
Bitcoin, on the other hand, may be quite taxing to have (either trade online or purchase through Bitcoin ATMs if available) but once a Bitcoin wallet stores enough funds for betting, it is absolutely easy and simple to place bets on Bitcoin games no matter where the players are in the world.
Round 3: Privacy and Anonymity
Bitcoin is obviously the better choice for players who wish to keep their identities away from the public eye. It does not collect personal information from bettors and only requires a Bitcoin wallet address to initiate the transfer of funds. Gambling with dollars, on the other hand, is the complete opposite since using fiat money to bet on casino and poker games online entails complete submission of documentation to prove one’s identity.
Round 4: Stability
Price stability is the weakness of Bitcoin, and it is crystal clear that fiat money is the clear winner when it comes to this aspect. This matters only, though, when exchanging the Bitcoin winnings for real currency. Otherwise, the volatility of Bitcoin will not directly affect the gambling experience in Bitcoin casinos and betting platforms unless, of course, they decide to increase the minimum amounts of deposit and wager.
Round 5: Legality
While fiat currencies are covered by different laws on gambling, Bitcoin circumvents such rulings since it is not yet regulated across the globe. Thus, casino enthusiasts in the US, for instance, can play Bitcoin poker despite the illegality of online participation in any kind of online gambling in the country.
…And now for the score cards
Although Bitcoin may have taken a beating in terms of legality and stability, this peer-to-peer digital currency proves to have scored more when it comes to fast payments, anonymous betting, and simple usage—aspects that matter most in gambling online. Thus, Bitcoin wins the title for the best monetary unit used for online gambling.