Bitcoin and the blockchain technology solves so many long-standing issues related to money that it’s hardly a shocker to see how so many industries embraced crypto.
One of the best examples is the online gambling field that opened the door to BTC almost instantly. Here are the main reasons why.
Players from All Countries Can Use BTC
Online gambling laws vary in different countries across the globe. Some are quite restrictive and this has been the case with the USA, for example. The American players had a hard time finding a way to play poker, bet on sports or gamble on the internet.
Processing the payments was one of the biggest problems and Bitcoin has managed to eliminate it for plenty of people. Many USA friendly online gambling sites rely on the cryptocurrency for both deposits and withdrawals.
Players from other countries where online gambling is forbidden can also use the virtual asset and enjoy their favorite games or bet on sports.
If you decide to use credit and debit cards, wire transfers or most of the other traditional payment options, you will have to wait for a while for your money.
The exact timeframe depends on the online gambling site you picked but you usually receive your funds after several working days. It could be up to a week or even more if there are bank holidays.
Bitcoin solves this problem too. If you decide to withdraw your money in crypto, you can often get them within a day or two max.
The only other payment type that works as fast are e-wallets such as PayPal, Skrill, and Neteller. However, they are not always available and many gambling sites exclude them from their promotions.
Exclusive Bitcoin Bonuses
And since promotions were mentioned, it’s time to talk about another benefit of using Bitcoin for online gambling. Many bookmakers, poker rooms and casinos on the web love crypto because of the low fees and the strong security.
They often want to encourage their users to try it and offer them huge bonuses and promotions. Often, the welcome deal available is bigger for Bitcoin that fiat currencies. You can get more value for the same deposit if you decide to take advantage of BTC.
Low or No Fees
Some bookmakers will charge for every transaction with traditional payment options. The fees for using Bitcoin are often much lower or even non-existent.
You can request deposits and withdrawals for peanuts and that saves a lot of cash in the long run.
If you are a high roller, you should definitely consider Bitcoin. Most gambling sites online have extremely high limits for deposits and withdrawals with the cryptocurrency.
The traditional banking methods are limited to a couple of thousand dollars max and some people would prefer to play with more than that. If you are among them, Bitcoin is the perfect solution.
One of the main reasons people use Bitcoin for anything is that you can often stay anonymous, at least to an extent. While some gambling sites that work with crypto will still require you to go through a registration process and add personal information, others don’t.
There are pure BTC gambling platforms that won’t ask you about your name and address. You simply need to fill in your login credentials and you’re good to go.
A lot of people wonder if the online poker and casino games are rigged. There are gambling commissions that check the random number generators of the sites, at least in theory, but you have to trust them and the operators without solid proof most of the time.
Some of the gambling sites that work only with BTC have solved this issue by using the so-called provably fair games. They are based on the blockchain technology and hash. You receive the encrypted outcome of each round before it starts and then get the key to decrypt it after it ends.
You can compare the results to see if everything is fine and the game has been fair.