With Bitcoin’s surge in popularity, people in the gambling world are becoming more curious in its use. Here are reasons for using Bitcoin is advised.
Bitcoin has come a long way from its roots in 2009. The world’s first cryptocurrency is fast becoming a common sight on the Internet as a potential method of payment. Bitcoin can now be used to pay for a multitude of services from domain hosting to slices of pizza.
One of the industries where the digital currency has made a noticeable effect is the online gambling business. Quite a few casinos have decided to get in at the ground floor and start accepting bitcoins alongside fiat currency. Additionally, there are many Bitcoin gambling sites popping up, exclusively using the cryptocurrency as a betting medium.
The problem is that there are still many people who are hesitating in taking the plunge and dropping by a Bitcoin casino. Here are a few reasons playing in a Bitcoin casino can be a better gaming experience than gaming in a normal one.
One of the main reasons for using Bitcoin is the transparency it provides. All Bitcoin transactions are recorded on a community ledger. This ledger is processed by the community on a peer-to-peer network that distributes the work to ensure the veracity of the transfer. This ensures that a payment or deposit can be trusted and that players will have fewer problems with transactions.
It does not end there. Using the Bitcoin network, operators can use the hash code produced to create true randomness in their games. This ensures that the games the casinos offer are provably fair, with players invited to calculate the results using the information provided.
Lower transaction fees
Bitcoin takes pride in the fact that it does not use any middlemen. Unlike normal banking transactions, all deals are done in the open on the Bitcoin network as the blocks in the blockchain are processed. Most of the processing is done by “miners” who are rewarded with bitcoins. The usual transaction fees that are placed on Bitcoin transactions are almost zero or at least ignorable.
Compared to the two-percent or higher fees placed by credit card companies or banks, this has a great effect on how casinos operate. With the lower fees, a site can offer better odds and higher payouts since there is less overhead to pay for. This can only mean a better game experience for players.
Another one of Bitcoin’s hallmarks is that all transactions can be made anonymously. All a player needs is a wallet address to start making deposits and withdrawals. This is great for gamers since this helps get around the many restrictions that limit their playing experience. Additionally, an operator further lowers their overhead since they have less to worry about in terms of player data. Players can then place bets on Bitcoin slots and other games without revealing their persona details that may be subject to cyber threats.
A feature that gamers love is being able to make choices. With Bitcoin in the equation, transactions are done quickly, letting players decide on where and what to play. This also covers how bets are made and claimed; micro bets are made possible while larger wins are made easier to process. When players have access to more choices, this can only be pleasing for them.
Mr. Frank Schuengel, the man behind the first licensed Bitcoin casino in Isle of Man, said:
“Bitcoin, and crypto currencies in general, can help operators overcome payment issues in many regions by offering an easy, secure and decentralized way for players to deposit and withdraw. We are at the point right now where Bitcoin is about to hit the mainstream. With fiat payments becoming ever more difficult, costly, and risky to facilitate for gaming operators, now is the absolutely perfect time to add Bitcoin as payment method.”
The best of both worlds
Bitcoin’s flexibility stretches into the world of real-money gaming. In online casinos that offer Bitcoin and fiat currency options, a player is able to experience the best of both worlds. Bitcoin betting makes everything easy while real money options provide a stable way to convert bitcoins into ready cash.
With these reasons, an avid gamer should not hesitate to try out the many Bitcoin casinos available online. Some of the noteworthy websites to check out are LimoPlay, FortuneJack, BitCasino.io and BitStarz.