Reasons Why You Should Use Bitcoin for Online Gambling
Bitcoin is a cryptocurrency that has taken the world by storm, with most people hearing about it every other day – regardless of what industry they’re in. Bitcoin, being a form of currency has multiple uses, including paying back friends, buying services, or even participating in online gambling.
Bitcoin is slowly being adopted as one of the main cryptocurrencies to use on online gambling sites, such as Stake, mBit, and BitStarz. These casinos operate just like a normal casino or gambling site, but utilize the power of cryptocurrency to keep gambling mostly anonymous, and away from your bank account! In today’s article, we’re going to take a look at why you should use Bitcoin for online gambling, according to online casino expert – Kristaps Gauja.
Security – when gambling with Bitcoin
In an ever-adapting and technological world, being secure and private on the internet is becoming the new normal. When you gamble with Bitcoin, instead of typical nation currencies – you are being more private. Bitcoin, when stored correctly, is one of the most secure digital currencies out there. If you correctly store your Bitcoin in a reliable wallet and with strong passwords and authentication – then you are completely private when you make the payment.
When you make a deposit and withdrawal in Bitcoin, you are removing all your information from the gambling site. For example, if a casino got hacked and payment information was leaked, the hackers will never be able to link any payment back to you. If you used a typical online casino, your card details, emails, and other personal information may be stored and stolen from attacks like this. Using Bitcoin removes all traces of you ever making that payment unless you add extra information on the casino!
Casinos like Stake offer a platform where registration is required – but you can remain completely anonymous.
Your Bitcoin isn’t subject to inflation!
Inflation is becoming a problem around the world, where fiat currencies are being printed and put into the economy by governments. Bitcoin, when released issued 21 million BTC. This means that it will never inflate and can never be pushed through the market without having to worry about more being created.
Not only this, but your Bitcoin can gain value. Bitcoin’s price varies quite a lot, and as much as it can go down, it can also go up. This means if you are holding Bitcoin in your casino wallet – it may grow whilst you’re not even betting!
Fast and Effective Online Gambling
When Bitcoin was created, the founder probably didn’t think that Bitcoin would be used for online payments such as gambling deposits – but it’s incredibly optimized for this! As Bitcoin lives on the cloud, digital payments from a digital currency are optimal and preferred by some gambling sites.
Bitcoin (being a cryptocurrency) is decentralized, meaning no single person has ownership or control over the network. With that being said, payments are “validated” which can take a few minutes, to a few hours. Compared to some typical casinos, where a bank deposit may take up to 5 days to credit – this is incredibly fast and effective.
On the reverse side of this, is withdrawals. When you win big and attempt to withdraw from typical casinos, it will take a good few days to send your winnings. Depending on the size of this, it may also take several weeks to verify your win. With Bitcoin casinos, 99% of the time, your withdrawal will be sent immediately. Although the payment itself may take a few hours to arrive in your wallet, the processing time from the casino is minute, making your winning day even better.
Affordable and Convenient
Gambling, in general, has come a long way since the early 2000s. Gambling used to require you to go to a casino or betting shop where you would have to place your bets. Online gambling introduced a new way of gambling by allowing you to do so in the comfort of your own home. Bitcoin casinos are taking it to the next level with how affordable and convenient they are.
Cryptocurrency can be gotten quite easily, from sites such as Coinbase and in some cases, directly from the casino. Once you’ve got your crypto, you can send the funds to your casino account and usually within minutes, can have your deposit ready to go!
Wider Variety of Games
Something that people often overlook is the range of games and offers you get from typical regional casino games, roulette tables and even offers that are banned in some countries. When playing on a Bitcoin casino, these restrictions are a lot less tight.
If you use a Bitcoin casino, and a VPN (not required), you will get a wider range of games, tables, and funding options that you wouldn’t normally get in your country. This is because, your average online casino will not be allowed to show certain games that have certain features, such as Bonus buys, excessive lighting or animations, and 0-win bonuses.
When you gamble with Bitcoin on a Bitcoin casino, this is bypassed and you will have a wider array of games that you can play. Not only this, but more often than not, the casino will also have bonus offers, VIP statuses and faster withdrawal methods than your average casino – making it an overall enjoyable experience.
Tax-Free! (Sort of…)
With Bitcoin being a decentralized, off-grid currency, there is no tax to pay when you receive any. If you make a deposit to an online casino of 0.2 BTC (around $9,000 at the time of writing) and win a massive 3 BTC (around $140,000) and the Bitcoin only passes through your casino wallet and your crypto wallet – you don’t have to pay tax.
Although Bitcoin is Tax-free to an extent, if you withdraw the cryptocurrency into your bank account, or otherwise convert it to a FIAT currency (USD, GBP, EUR etc.) – Then you will be liable to pay income tax. This is another great reason to use Bitcoin as your gambling currency, as what you win is what you take home!
Why should you use Bitcoin for Online Casinos?
Overall, we believe you should use Bitcoin for online casinos. With all the above features, such as the security and effectiveness of Bitcoin as your staking currency, we believe that this is the move to the future that the online gaming industry needs.