Bitcoin is the first and currently the biggest crypto currency available. With a wide range of uses, bitcoin has been adopted as a direct currency replacement for a lot of people. While we are still waiting for some industries to catch up, online casinos have been quick to jump on the ship and accept bitcoin as a form of currency for us to gamble with. While the fate of bitcoin remains unknown, we do know for a fact that crypto currencies have made a big impact on global economies and are definitely here to stay.
In the Below article we will look into the advantages of bitcoin for use in online casinos, I believe in most cases bitcoin advantages outweigh that of any other traditional currencies.
Bitcoin is known for anonymity. While that isn’t always the case as you will need to provide some personal details in order to draw bitcoin out of most available online wallets, information needed is generally much less than would be needed for a bank account. This in turn leads to safety, when dealing with any nature of money online, there is always risk involved. As safe as https://onlinepokiesnz.co.nz/casino-reviews/gamingclub/ may be in looking after your data, they can only protect your data once it is in their hands, your own computer may be the thing that leads to your account being compromised.
When operating online in this fashion, bitcoin wallets are much safer than traditional means of online banking, while risks are ever present, wallets allow you to disperse your bankroll and with almost mandatory two factor authentications on every wallet, it becomes very difficult for someone other than yourself to gain access to your accounts. While no security is 100% assured, having your bitcoin spread through several wallets is easy and greatly aids your own security.
Traditional currencies generally come with rather steep fees when sending or receiving, Fees which an online casino would generally absorb. While this poses no particular issue for the players, it will eventually come back to us in the form of fewer bonuses or worse odds in games.
With bitcoin on the other hand, the fees involved in doing transactions are considerably lower, granted that the fees do change with the size of the transaction, they should be consistently lower than that offered by a traditional bank. At the end of the day when casinos have this saving, they don’t just pocket it, the savings come back to us as the players in forms of better bonuses and better odds.
Bitcoin transactions usually take much shorter time than any traditional transactions. While the transaction time can change depending on the network traffic at the time, it usually ranges from 1 to 10 minutes. This time frame is near instant compared to traditional financial institution transactions.
While bitcoin can be a fantastic investment, it is worth noting the price before keeping for extended periods of time. As with any nature of investment, there is a risk attached.