Since its launch over a decade ago, Bitcoin has been making inroads into countless industries, and the online casino sector is no exception. A browser search for Bitcoin casino online will reveal numerous establishments that allow users to play their favorite games using the digital currency. Estimates reveal that in the period between 2014 and 2017, bitcoin transactions in the online casino industry amounted to more than US $4.5 billion.
As digital currencies continue to gain in popularity and mainstream acceptance, the figure is expected to keep rising. This should come as no surprise in view of the many benefits associated with using Bitcoin in online casinos.
Benefits of Using Bitcoin in Online Casinos
1. Increased Privacy
Financial transactions carried out using traditional frameworks usually leave a trace on bank and credit card statements. Bitcoin transactions however offer a high level of privacy as they are usually anonymous and have no direct links to real life identities. Though all transactions are visible on a public ledger, personal information is not visible. For players who value discretion, this is a major advantage.
2. Higher Security Levels
Cryptocurrency users are not required to submit any sensitive personal information during transactions. Rather, they only need a set of private and public keys to carry out funds transfers and access their personal digital wallets. It therefore comes with a higher level of security compared to fiat money transactions which usually require personal data such as bank account details. At the same time, users have the confidence that no personal data will be leaked to third parties. And because no real life identity is linked to any transaction, there is no risk of identity theft.
3. Faster Transaction Processing
One of the top advantages of Bitcoin transactions is the fact that they do not require an intermediary. Consequently, they reflect almost instantaneously, unlike bank transfers which could take a number of hours or even days to process. There are no holidays and weekends to consider as is the case when dealing with contemporary institutions. This eliminates unnecessary delays and makes for a more hassle-free gaming experience.
4. Lower Transaction Costs
Transactions made on traditional platforms often attract outrageous charges, more so, when they happen to be international. With cryptocurrencies however, the fact that there are no third parties involved in transactions keeps charges minimal. Though some users could opt to pay a higher fee to get transactions processed faster, these fees are still lower than those charged on traditional funds transfers. Bitcoin casino online users therefore save significantly on costs and get to keep a higher percentage of their winnings.
5. Circumventing Regulatory Challenges
In certain countries, online gaming is yet to gain legal status. As a result, financial institutions in such jurisdictions do not support online casino transactions. Players seeking for alternative payment frameworks in such cases find refuge in Bitcoin. Being based on a decentralized framework, it does not fall under the control of any government or regulatory institution.
Bitcoin Use in Online Casinos - Here to Stay
In view of the above benefits, it is little wonder that the Bitcoin online casino phenomenon is continually gaining popularity. Due to its revolutionary approach on facilitating online payments, it seems likely that the trend is here to stay.
Recent Bitcoin Poker Game Reports
24th January 2019 02:26
Poker report on the 10 player match which included xxgunther, kabir, goldiandwolfe, justus-sa-lf, illerngoran, saklain, angeliedemoni, carolinabrat, ALAMSC, joewilt, from Thursday
20th January 2019 08:15
Poker report on the 10 player match which included ruben.a88, wilturner, pietrofrolo, greatwinak, annibe, wesley2wild, abellat23, herrhorst, bambieyes1, -monica-, from Sunday
16th January 2019 02:19
Round up report for the sit and go 10 player challenge from Wednesday 16th January which saw herrhorst win the prize pot of 12,500.00.
16th January 2019 08:19
Online poker match report for Colombia from Wednesday which saw AbdulAces take the pot of 25,000.00 rupees on a 10 table for users from Colombia.