Why Should Players Use Bitcoin over Fiat?Mar 02, 2017


A surprising number of players are starting to use Bitcoin over fiat money to make wagers on gambling sites. The Bitcoin gambling market increase is not much of a surprise because of what players can get out of the cryptocurrency.

Bitcoin and other cryptocurrencies are the fastest payment options available in most gambling sites. The digital currency also opens the door to other options that are not available with gambling with fiat currency.

Fast transactions

Credit card withdrawals usually take days to finish, even more so with bank transfers that can take more than 10 business days. The reason for this is the process which a player’s money goes through from the casino to his bank. The third-party company that is responsible for the transfer of a player’s money takes the time to complete it.

Quick Bitcoin payments

Bitcoin transactions are different from fiat currency. It is a peer-to-peer payment system that uses an open ledger. When players withdraw their Bitcoin from a casino, there is no third-party company or processer between the casino and the players’ digital wallet. This is why player can quickly get their winnings in Bitcoin casinos like FortuneJack.

Low fees

The process of a fiat withdrawal is not free. This is why there is a transaction fee when players take their money out of some casinos. This is also why players will have a significant portion taken out of their winnings when they decide to withdraw it to their credit cards, bank account, or e-wallet.

Bitcoin does go through the same process as fiat currencies. This is the reason most casinos have no fees included with the withdrawal of Bitcoin. Certain sites might have them like BitCasino.io, but fees are infinitesimally small as compared to those with fiat currencies.

Anonymity

Many Bitcoin casinos allow players to play anonymously. When bettors create an account on a site like Loki Casino, he only needs to use a working email address. By using Bitcoin instead of a credit card or other fiat payment option, a player can avoid using any personal info online. Most people can buy Bitcoin through a bank deposit or with physical money via a Bitcoin ATM.

Increasing Bitcoin price

Bitcoin casino access

There are Bitcoin gambling sites that do not accept fiat currency. This includes SatoshiDice and Pocket Dice. It is a missed opportunity for anyone if they could not make wagers in these sites since many of them offer a low house edge. The universality of Bitcoin also helps operators to reach more markets.

Increasing value

The price of Bitcoin is on the rise lately due to the increasing demand for the digital currency. Players that keep on wagering and collecting bitcoins might get a massive increase in return within the next five or 10 years. This is due to the limited amount of Bitcoin around the world.