Why Bitcoin is the future of gambling
Online gambling has been around ever since the rise of the internet almost two decades ago.
When the world saw the digital iteration of cards on Microsoft Windows’ basic graphics, it seemed that many of them also identified an opportunity to digitize gambling, one of the oldest forms of recreation known to mankind.
Whether the wagers in online betting are related to card and casino games, or real life and virtual sports, the thrill of making bets on something that could go either way – with the potential to win out of your random decision or skillful play – is a universally resonated feeling.
However, the hassles of online gambling include disclosing your personal information to providers you have never dealt with, to wait for days for menial funds to get deposited to and from your personal account, and the overall disturbance of having to arrange between your personal and leisure accounts is nothing short of a daunting process.
While players in yesteryears had no choice but to go ahead with the conventional setup that they already had, individuals from this day and age have multiple options on their disposal that allow them to streamline the process of online gambling to skip the hassles and get to the fun part of actually enjoying the games to their complete capacity.
One of these options - and the one which is most widely used – happens to be Bitcoin.
Benefits of Bitcoin Gambling as Compared to Conventional Online Gambling
By using Bitcoin as the instrument of value in online gambling transactions, users cannot only protect their identity and personal information to an extent which is far greater than what conventional fiat could offer, but they can also perform faster deposits and withdrawals that cut the time between the initial registration process and their ability to actually enjoy the platform through its offered games and services.
And here’s how all of it is made possible:
- Most Bitcoin gambling websites offer players with the ability to sign up with just their email and no other personal information, which is in stark contrast to fiat-powered online gambling websites that require hopeful players to go through stringent identity verification processes, which can take days on end.
- The method of Bitcoin deposits and withdrawals also does not require users to connect their bank account to the gambling service provider’s website. By only providing their wallet address without any personal information, players can easily start deposits and receive withdrawals without even having to share their name with the service. Once again, this is not possible through a conventional bank account where you have to share your real name and other details with the provider along with a deposit.
- The deposits and withdrawals done through Bitcoin are completed within an hour at most, which as compared to the few days which fiat deposits could take seems like a breeze of fresh air.
- The deposits and withdrawals can also be performed at any hour of the day instead of the customer having to visit their bank for deposits, or wait for the online casino to start their operations at their business hours to perform a withdrawal.
- The transaction cost for higher amounts is also minimal as compared to a higher amount fiat transaction.
- Depending upon the utilized service, excess funds in an online casino’s wallet can be withdrawn instantly in case of a personal emergency instead of users having to wait for business hours.
- In case a player runs out of funds in-game, they can quickly deposit more Bitcoin to their account in order to keep playing without having to leave their computer to visit or call the bank to get that done in a timely manner.
- Bitcoin gaming websites allow users to access exclusive and exciting games such as Bitcoin dice rolls, which are quick dice games that let players win great amounts and usually start at the lowest possible denomination of Bitcoin, a Satoshi: 0.00000001.
- Playing on a Bitcoin gambling site allows for easier management and segregation between a personal fiat account and the separate Bitcoin wallet which the players use for recreational gambling.
- Most Bitcoin sites offer low house edge to their customers, starting from 1% or even 0.1% at times, while the same cannot be said for most fiat-powered online casinos.
- Bitcoin gambling sites keep pushing the envelope to develop new products in order to keep this growing market interested, whereas fiat-powered casinos just go by tried and tested approaches of old games that leave a lot to be desired at times.
- Bitcoin gaming sites are also able to provide better payouts to players due to cost savings derived from not using any fiat-powered methods, which basically translates to very low taxes and a higher return-on- investment (ROI) from not having to maintain a convoluted financial infrastructure as required by fiat-backed providers.
- Using Bitcoin allow players to access sites with universal acceptability. No matter which country they are in, they do not have to feel restricted by having to use a local provider as they usually have to do with fiat transactions. Since Bitcoin transactions are not restricted by borders, a customer in Europe can easily access an online gambling provider based anywhere in the world.
There are several more benefits that people have experienced based on their very specific requirements.
The advantages are all there for everyone to see, which makes it an easier task to determine whether or not Bitcoin really prevails in the online gambling world as compared to fiat.
With Bitcoin’s adoption growing by each day, it is safe to say that the cryptocurrency has all the potential of dethroning fiat in the online gambling market. From there, it might actually transcend into its overall presence in the world across various industries, because as it gains more traction through a medium that is clearly full of passionate individuals, it would see an increase in its demand and that could have a trickle effect on its value.
While the aforementioned scenario remains only an observation for now, the facts that are listed above for Bitcoin’s advantages in online gambling over fiat are based on pure logic and experiences recorded by various individuals throughout an extensive period of time.
Therefore, if you are an online gambling aficionado, then trying out Bitcoin gambling would not really hurt. You may start with lower funds on a trial basis to see how a credible Bitcoin-powered online casino matches up to a fiat-based provider, and make the decision upon your own experience instead of having to go by third-party suggestions forever.