Bitcoin the best form of Cryptocurrency as it is the oldest and most trusted one. Bitcoin is the future in which people will be spending on all the online transactions. It was established in 2009, and since then, Bitcoin has become a very popular tool for investment and online transaction. Paying with Bitcoin proved to be easier than the traditional mode of payments. People do not feel the pinch of losing real cash on online casinos if they are using Bitcoin. We would provide you with the top benefits of using Bitcoin over real money for online casino. The following points illustrating the reasons why players love Bitcoin casinos and also understand the benefits of Bitcoin better –
Privacy – The idea behind the creation of Bitcoin back in 2009 was created essentially to make online transactions quick and more secure. Privacy was the basis for which Bitcoin was created. Like other cryptocurrencies, Bitcoin is also a decentralised unit which means that it is outside the purview of banks or government agencies. This essentially means that the user’s details are not visible anywhere, and all its credentials are safe and secure. All Bitcoins are stored in a wallet, and each person is providing with a digital address that is unique to that person. Once the person gets the address, the person is ready to use the Bitcoin. It is important to keep your digital passwords protected to keep your money safe and secured from online hackers.
Low Transaction Cost – As we mentioned earlier, Bitcoin, like most Cryptocurrency, is a decentralised unit. While making payments through Bitcoins, there are no banks or central agency hence the transaction fees may have charged gets eliminated. The actual charges that the customers need to pay is very low and sometimes is also nil. All transactions using Bitcoin are maintained in a blockchain which is a public ledger. Blockchain is a method to keep track of the transactions made by the user, which acts as a database for all cryptocurrencies. The only fees that the consumer pays are while the player was withdrawing money from the Bitcoin casino, which is significantly low and may get easily unnoticed.
Quick and Easy Transactions – Traditional mode of payments may take quite some time to be transacted, even 2-3 days which is a very time-consuming process. In comparison, Bitcoin payments can be made instantly as everything takes place online. The main reason behind this is there are no intermediaries like banks involved, which makes the transactions faster. While withdrawing money from the online casino, the money is transferred from the cryptocurrency wallet almost instantly after the casino authorises the withdrawal application.
Rewards and Promotions – One of the most important benefits of using Bitcoin for payments with the online casino is that the player becomes eligible for various promotions and receives rewards and bonuses. Online casinos want to promote Bitcoin transactions and hence tend to offer more rewards and bonuses to the player making payments in this form of currency. Some online casino offers up to five Bitcoin bonuses to their players, and 1 Bitcoin is almost guaranteed when registering for the first time. Online sites offer free spin and cashback bonuses. They also offer player special event tickets for poker tournaments as well.
Security – A very important advantage of using Bitcoin as a mode of payment for online casino is that the player is not required to furnish their personal information. Their identity and address is the user name of the cryptocurrency wallet. The casino site will not ask for any other information other than the crypto wallet address. If any site asks to provide any other identification, it will be time to switch to another some other online casino. It should subsequently protect the players from hackers and spammers waiting for sites to make mistakes so that they can play a role in creating nuisance online.
Increasing Valuation of Bitcoins – Bitcoin is the most preferred Cryptocurrency for online casino as it gives the best returns on investment. Bitcoin is the first Cryptocurrency to be launched; it is also the safest option to invest in. The current valuation of Bitcoin is around 45000 US dollars which were around 1000 US dollars in 2017. In a span of 5 years, the value of 1 Bitcoin has increased to 40 times. It is expected to become one of the topmost valued companies in the world very soon. A person paying with Bitcoin should also keep a tab on the increasing ad decreasing market value, buying and selling Bitcoins at the correct time, and making huge profits by trading in Bitcoin.
Licensing – Before start playing online casinos, one should check the legality and licenses of the online sites. Sites that accept Bitcoin as one of their preferred Cryptocurrency have high chances that their licenses are in place. Since Bitcoin is a reliable cryptocurrency and does not give permission to use Bitcoin, it does not have its licenses in place. It is important because the player who is gambling on the Bitcoin casinos can keep his winnings safe.
Deposits and Withdrawals – withdrawals and deposits with Bitcoins are instant as there are no intermediaries like banks involved. Most of the traditional payment options deposits are instant, but withdrawals can take two to three days simultaneously by using Bitcoins; withdrawal of funds is instant as soon as the casinos approve the payment. The transactions are not processed by the third party, nor did any credit or debit cards are involved; hence the transaction seamless and problem-free. Since the transactions made by Bitcoins are confidential, it saves the person from taxation as well.
Bitcoins gradually has gained popularity and has become the most popular mode of payment among all the cryptocurrencies available for online casinos. Along with its increasing popularity, more and more online sites have started using Bitcoins as their mode of payment; therefore, more and more games are available to the players.