Bitcoin is by far the most popular cryptocurrency out there, and it has many different applications. It was the first decentralised cryptocurrency invented back in 2008 by someone only known by his name, Satoshi Nakamoto. The following year, it began to be used officially as a currency. It is, in fact, legal tender in El Salvador. Although a lot of other countries use it in a limited capacity, the main banking institutions are still wary of the unregulated and decentralised nature of the currency. However, one industry in which it has been rapidly adopted and warmly welcomed is online casinos. So if you are looking for the best bitcoin gambling sites today, we will take a look at the benefits of playing at these sites.
Reasons for using Bitcoin
So why, for online casinos in particular, is Bitcoin so popular and preferable as a currency to play at these casinos with? Well, a lot of the reasons revolve around privacy and transparency. Two characteristics define what Bitcoin is useful for and, in fact, are two of the reasons behind its success and dominance as the most popular and widely adopted cryptocurrency. Bitcoin was developed and launched as a way of racing the ‘unbanked’ as well as not having the need for an intermediary, such as a bank or a government entity.
So how does it benefit you as a player if you’re playing at an online casino? Well, let’s touch upon the first point first, which is privacy. Something that has always been a topic of concern for the online gambling community. Particularly among those who reside in regions of the world where they need to use a VPN to even access the online casinos. However, if you use bitcoin at an online casino, this means that every single transaction is fully anonymous, thus hiding any sensitive financial information.
And then this leads us onto the second point, which is transparency. Not only are your transactions anonymous if you choose bitcoin as your currency of choice when playing at an online casino, but each transaction is held in a public ledger. This means that the casino operator is held more strictly to account, as there is proof of the transaction between you and them held securely in a vault with its own unique digital signature.
It is also better value for money if you choose to use bitcoin at an online casino. The transaction is directly between you and the casino operator. Whereas if you use a traditional form of fiat currency to play at an online casino, usually this will be processed through banks and a payment gateway merchant, for example. Thus increasing the overall cost both for yourself and for the casino operator as well.
Additionally, while transactions have to go through traditional clearing facilities such as banks and other legacy financial institutions, there are traditionally delays with clearing funds, anything up to ten days if the money is being transferred across national borders.
In Summary
Next time you are looking for online casinos that accept bitcoin, always ensure that you are going for an online casino that is reputable and has the security procedures in place to ensure that your cryptocurrency is safe. Also, ensure that the casino operator is licenced and regulated, so that way you know that you are playing at an online casino that is safe and plays by the rules, and that they aren’t gaining an unfair advantage in any way against you as the player. If you stick to all of these rules, you will have an enjoyable gaming experience.
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