[nodeinsert fid=242]
Despite the media attention surrounding Bitcoin and other crypto-currencies, the vast majority of the general public still doesn't understand what it is or why they should be using it. Bitcoin has numerous advantages no matter what its intended use. One of the best and most popular uses? Online gambling.
Read on below to find out more about the relationship between bitcoin and online casinos. Once you find out the bitcoin benefits for online gambling, you won’t want to use another form of currency anytime soon.
What is Bitcoin?
To understand how bitcoin applies to online casinos, you must first have a clear understanding of what exactly bitcoin is. As is mentioned above, it is simply a virtual currency that can be used in both online and offline settings.
The most important thing to understand about bitcoin is that it is decentralized. A central authority doesn’t control it like other government issues currencies. This fact alone makes bitcoin unique, as it is the first ever decentralized digital currency.
The second most important thing to understand about bitcoin is that it is entirely digital. There is no physical copy of the currency. Bitcoin exists only as a balance in your bitcoin wallet.
The rules of bitcoin are laid out in a white paper by its founder. The promise of no transaction fees has in itself made bitcoin a major hit. Another huge reason for bitcoin’s widespread adoption is that transactions are made without middlemen. This means no banks! Finally, you may remain entirely anonymous while using bitcoin. You never have to give away your true identity.
Though not all merchants currently accept bitcoin as a form of payment, an ever-growing number do. In fact, most experts expect that bitcoin will become the most common online payment method in as little as five to ten years. As you will see below, online bitcoin casinos are one of the early adopters of the currency. They're paving the way for Bitcoin use in other realms of the Internet.
What is a Bitcoin Casino?
There are two main types of bitcoin casinos. Those that transact only in bitcoins and those that offer bitcoin as an additional currency of transaction in addition to traditional currencies (like USD).
The idea behind Bitcoin casinos is simple. These online casinos offer gambling and money based games in bitcoin currency. There is a wide variety of different options that players can bet their bitcoin money on. The most popular of these include casino games, gambling games, sports based betting, online lotteries, and spread betting.
Bitcoin casinos work in much the same way as traditional online casinos. The only real operational difference is that bitcoin is accepted as currency. Most of the games played are software based though there are a few that require all human players. Perhaps the most popular Bitcoin casino game is poker. With a little digging around, however, you are sure to find just about any bitcoin gambling game you can imagine.
Advantages of Bitcoin Casinos
There is a reason that bitcoin gambling is becoming so popular in the United States and around the world. And that reason is that bitcoin casinos offer numerous advantages over regular online casinos. The best of these advantages are discussed below.
Bitcoin is Fast
Transactions made with bitcoins are far faster than those made with traditional currency. Checks, wire transfers, and bank transfers are all frequently delayed. Then there is the matter of human errors that need to be corrected, further slowing the transaction process down.
Bitcoin transactions are almost always faster than traditional transactions. This is especially true if the user selects “zero confirmations.” When this option is selected, payment is processed instantly. Simply put, those that are gambling online want to be able to move money at a moment’s notice. Bitcoin casinos give them that ability.
Bitcoin is Cheap
One of the reasons that bitcoin has taken off with such speed is that transactions are so cheap. Indeed, the majority of transactions come without the usual transaction fees associated with banks and online payment processing systems like PayPal.
You just can’t beat bitcoin when it comes to fees. Though merchants can choose to impose an admin fee on bitcoin transfers, they are far cheaper than those imposed by banks. Who wants to pay a fee on their hard earned money while online gambling?
Bitcoin is Decentralized
Because Bitcoin is a decentralized currency, it is not controlled by banks or a centralized government. This ensures the highest level of safety possible regarding your money. The money you have in your bitcoin wallet is completely yours. There are no strings attached.
Bitcoin Doesn’t Have Chargebacks
As soon as a bitcoin transaction takes place, it is complete. There are no chargebacks. This helps protect those that are gambling in bitcoin casinos from unethical users. Simply put, using bitcoin while online gambling makes it far harder to commit fraud, a problem that routinely plagues credit cards and online payment processing systems like PayPal.
Bitcoin is Secure and Anonymous
Perhaps the biggest advantage of bitcoin casinos over regular online casinos is that Bitcoin transactions are completely secure and anonymous. The vast majority of online credit card purchases are insecure with forms that disclose the credit card number, expiry date, security number, and personal details. As you might suspect, this opens up the doors for online fraud and identity theft.
When bitcoin was first created, a huge emphasis was placed on anonymity. Today, a bitcoin transaction requires very little information. Furthermore, a security certificate is generated so that no sensitive information can be accessed by anyone outside of the two parties.
Final Thoughts on Bitcoin Casinos
The reasons for using bitcoin casinos in place of regular online casinos are numerous. They all hark down to the fact that bitcoin is cheap, easy, and anonymous. If you regularly visit online casinos, you might strongly consider using a Bitcoin casino in the future.