Should You Gamble Online Using Bitcoin?
Posted by Harry Kane on Friday, February 17, 2017
Make no mistake; Bitcoin has endured a challenging time since its inception in 2007. Having initially been adopted by black market traders and become affiliated with the criminal underworld, it has experienced numerous blows to its reputation and emerged as a primary target for global financial regulators.
Interestingly, it is these regulatory bodies that have helped Bitcoin to overcome these challenges and enter the consumer mainstream. The application of trading limits, aligned with the fact that Bitcoin has found a natural application in the field of online gambling, has enabled the world’s leading crypto-currency to finally make its mark.
Why You Should Consider Using Bitcoin When Gambling Online
Despite this, there may be some online gamblers who remain sceptical of Bitcoin due to its unfortunate past. The fact remains that there are numerous reasons why you should consider using Bitcoin to gamble online, however, including the following:
1. Improved Levels of Privacy and Security
While privacy may not seem like a major concern in the modern age, there remain a core group of casual gamblers who would prefer to keep their past-time private. In this instance, Bitcoin is an extremely useful currency tool, as it leverages pseudonymity to protect each users’ identity and keep their activities private.
This also has a number of security benefits too, as Bitcoin users can store the crypto-currency outside of online wallets and protect this store of wealth with password encryption. Your account can therefore not be linked back to your online bank or PayPal accounts, nor does it have a common association with your email or bank details.
2. Access Instant Payments
OK, so online wallets such as PayPal may claim to drive instant payments, there are occasional delays caused by account moderation and banking restrictions. These issues do not apply to Bitcoin, however, which drives universally instant transactions and withdrawals (even allowing for historical delays associated with the block size issue).
This offers a huge advantage to online gamblers, who can fund their accounts and withdraw winnings without any form of delay. So long as they are using a reputable and established virtual gambling platform, they can enjoy their favourite hobby in real-time without compromising their online security.
3. Benefit From a Cheaper and More Cost-effective Source of Funding
On a final note, it is important to remember that Bitcoin is established as one of the most cost-effective, online payment solution. This ensures that you can optimise the amount of money that you win online, rather than committing a large percentage of your earnings to arbitrary transaction fees.
Bitcoin’s own transaction fees are marginal, and far lower than traditional card payments and PayPal withdrawals.
This also holds advantages for operators too, who can make significant savings on debit card and bank transfer fees when customers choose to make deposits using Bitcoin.
So there you have it; three clear advantages that you can leverage when gambling using Bitcoin. It is important to keep these in mind when operating online, particularly as you look to optimise security and make the most of your winnings!