Are you a fan of online gambling? While there are many issues when gambling via the Internet, one of the main matters is payment options. Many people use options such as credit /debit cards, e-checks, etc. However, there are many benefits of using Bitcoin including the following ones:
If you use Bitcoin correctly, it can be one of the most secure digital currencies possible. The key is to protect private keys via strong passwords, don’t use coins with e-wallets, and keep most of the coins in cold storage, you probably won’t have any issues of someone stealing them.
Compare the situation with PayPal or credit cards. For example, if the online casino is hacked you could be the next target of the hacker if they obtain your PayPal or credit card information. There are also phishing/social schemes that can trick people into giving credit card info to thieves.
A key benefit of Bitcoin is that a person is asking for your e-wallet password or private key they’re trying to rob you.
This is one of the most important issues to consider when you’re playing poker, blackjack, bingo, and other games online. The reason though might be surprising.
One of the main issues is that gambling sometimes has a stigma in some parts of the world even when it’s legal. If people find out, you gamble it might cause some suspicions about your character and morality.
This might seem unfair, but it is what it is. A key benefit of Bitcoin is that you won’t have to worry about people taking negative reactions due to your gambling. It’s fair if people have certain views about gambling since everyone is entitled to their opinion. On the other hand, if it affects your ability to business there, it’s another story.
- Bitcoin is Cost-effective
Bitcoin is also much cheaper than other online payment options. They have fees that are much lower than credit card payments or bank transfers. There’s usually a service fee that’s a large percentage of your transaction amount.
The cost-effectiveness benefits both the website owner as well as the gambler. The gamblers can keep some winnings, and the casino saves the cost of credit card fees.
- Near-Instant Bitcoin Transactions
Bitcoin payments are very fast, which is another key benefit. Most transactions are confirmed in minutes, and only some take a couple of hours. It’s very rare for bitcoin payments to be confirmed in a day.
Compare that to bank transfers. They can take up to 5 business days to be completed. Meanwhile, international transfers can take one week or even longer to clear.
- Online Gambling with Bitcoin
Another key benefit of Bitcoin is that it’s optimized for online gambling. This makes Bitcoin a good option for Internet casino sites.
Credit cards/bank transfers can be used online, but they weren’t designed for that function. There are many disadvantages. They’re slow and expensive. The problem is that before Bitcoin there was a limited number of options, so they were stuck with using methods designed for real world purchases.