Bitcoin has had a recent resurgence, and it continues to be popular in the online gaming world. But why is Bitcoin suited to online gaming? We thought we would take a look at some of the reasons for the popularity of Bitcoin in online gaming.
It is a decentralised system. In the crypto system, there is no central regulator that can take your bitcoins or freeze your ‘crypto account’. Transactions are controlled by you and you own your money.
This is an important point. You’re not at the mercy of banks and banking systems, which can make decisions about your dealings with money. They can’t take your Bitcoin away from you at any time. Your assets cannot be seized. With Bitcoin you have instant access and complete control over how you spend your money. And with gambling, as long as casino with Bitcoin accepts it, you can spend it anywhere you want without regulatory interference.
You can trust it. It is impossible for your payment information to be stolen. Identity theft is prevented with Bitcoin transactions because no personal information is required.
We all know how data security can be fragile. With transactions taking place at lightning speed when we use fiat currency, there is always the chance that some bad actors will undertake identity theft and compromise your livelihood.
This does not happen with Bitcoin, which does not ever ‘come back’. Once the transaction has taken place, it is over. This closing of the door means that your payment details are stored on the blockchain and no one else can access them. And because Bitcoin does not require personal details, your identity is secure.
With gambling in, for example, Coinplay, you can enjoy the experience online without any fear of your data being compromised.
Speed is a major feature of Bitcoin transactions online.
Bitcoin transactions are still lightning fast. With online gambling, that speed is a positive feature.
When you’re right in the thick of it, online gambling requires speedy transactions that allow for quick staking and play. This can sometimes be affected by slow transaction times with fiat currency. You don’t have this problem with Bitcoin, which can be moved from account to account instantaneously.
There is growing interest in Bitcoin gambling options. With more and more casinos online opening up their doors to more games, the variety of games is becoming a key feature.
This is all about Bitcoin casinos having more investment over time. The ease of use and security in the Bitcoin model means that operators are happy to use it, and to expand their offering.
This can only be a good thing for players, who will find that there is a growing roster of games available, making their experience even more exciting in the years ahead.
Low transaction fees are still a feature of the Bitcoin experience
Decentralised networks have no middlemen, so there will be no charges. However, depending on how the technology is set up, there may be fees for faster transactions or conversion of bitcoins into fiat currency. You can adjust your commission in most wallets if you want a speedy transfer or a low commission.
This again adds to the practical and easy nature of Bitcoin when it comes to gambling. There are so few barriers to entry and processing that it makes sense for people who want to enjoy a fast and easy experience.
It’s a digital tool and resource
Online users were the pioneers of Bitcoin, which was specifically designed for online use. Online gambling platforms therefore have a near-perfect solution in this digital currency.
It was never intended for credit cards and bank transfers to be used online like they are now. We can tell that much from their sluggishness, their high costs, and their inefficiency. Nevertheless, people had little choice before Bitcoin.
We no longer need complicated institutions like credit card companies, banks, and payment processors because we have cash for the digital age. In addition to ensuring privacy, security, efficiency, and ease-of-use, Bitcoin is optimised online, eliminating the need for all those things.
The bottom line
There are, as you can see, a number of reasons why more and more people are moving towards Bitcoin when gambling online. However, we think there are just a couple of key reasons why it is so attractive.
Decentralisation is an advantage of gambling with cryptocurrency. A bank or the government processes your money when you gamble with traditional currency. Bitcoin, on the other hand, is sent directly from person to person without any intermediaries. Compared to traditional methods, this method is much faster and more efficient.
In addition, since each transaction is decentralised and skips a middleman, BTC casinos can offer significantly lower deposits and withdrawals. There will still be a cost involved in Bitcoin transactions, but these are significantly lower than those associated with traditional finance.
It is also a global phenomenon. You can gamble anywhere at any time. As long as you have an internet connection, you can play cryptocurrency anywhere in the world, with anyone. For people who do not live close to a casino or racetrack, this is very convenient.
It is hard to overstate the value of being able to play anywhere at any time. There has never been a time like this in the history of gambling. And using Bitcoin to gamble makes everything quick and easy. Essentially, you have access to instant, global play.
It can be quite challenging to gamble using traditional methods – especially from another country. Bitcoin, however, requires only an internet connection and a digital wallet. Gambling can then be done 24/7 from anywhere in the world.
As you can see, Bitcoin has a huge part to play in online gambling. We can expect it to go from strength to strength as regulatory bodies relax their rules and more and more people use Bitcoin for transactions in their lives.