Recorded materials of gamblers placing their wagers go as far back as 2300 B.C. Which does not mean that it hasn’t been practiced since the dawn of humanity, simply we have confirmed records from the ancient Chinese using tiles in a rudimentary game of chance right around that period of time. Most of the gambling nowadays is done over wide-web and we are dedicating following article to share our views on why bitcoin gambling is superior to FIAT gambling.
Gambling anonymously is possible thanks to Bitcoin!
Many different countries trying to tax gambling proceeds have created a toxic environment in which gamblers do not only have to beat the house edge and variance but also forfeit a part of their luck to the government agencies. As you know it is virtually impossible to gamble in any of the FIAT currencies while staying anonymous behind your wagers due to many regulations that force casinos to collect as much of their player's personal information as possible and upon request pass it on to the government agencies. Bitcoin on the other hand while being decentralized allows bitcoin casinos, which regulators have not yet been able to restrict as much, to sign up their customers by using nothing more than an active e-mail address.
Bitcoin allows gambling on the fraction of the pennies due to low transfer fees.
While $10 minimum deposit limit may not seem as anything significant to the developed world then at the same time there are regions in which this is an average salary for two days of hard labor. These limits are set in order to stay feasible with the current financial institutions transactions fees. Bitcoin being handled by the various public mining nodes allows users to make as tiny deposits as 0.00001 BTC, which is valued at $0.01178 at the time we are writing this article, due to much lower tx fee. Thanks to bitcoin even the least developed third world countries can have a little bit of fun and perhaps win a Satoshi or a million in the process since you can roll the dice at most of the bitcoin gambling sites with even smaller fractions of the bitcoin than that.
Unlike FIAT, Bitcoin deposits cannot be reversed!
One of the big concerns that comes along with running a casino online is the huge possibility of malevolent users initiating charge backs through their bank after variance has broken their bankroll. It is true in many cases having the possibility of bank to revoke certain transactions can benefit us but not from the casino perspective since banks always side with their customers even if one is lying to them about what is actually happening. Bitcoin on the other hand, well at least without somebody having majority of node hashing resources, removes the possibility of anyone charging back anything since once the transaction is recorded on the blockchain it will stay in the destination address until the receiver moves it from there.
Bitcoin withdrawal times beat FIAT by a 1,000,000 miles.
What gamblers love the most about gambling is the possibility of winning riches quickly. Now with current FIAT based transfer methods such as check or wire transfers it may take weeks before you will receive winnings into your bank account. Not going to help one much if rent is due tomorrow, right? Thanks to the bitcoin gambling these times have span down to as little as 10 minutes, no longer than it takes bitcoin miners to include the transaction into following block and you have the convenience of paying up your obligations from the gambling proceeds in the matter of hours instead of weeks!
Bitcoin gambling is the future of gambling industry.
In conclusion, we can say that there is no possible way how FIAT currencies could ever overcome the aspect of anonymity, lightning-fast transaction times and cheap fees that bitcoin gambling provides. It allows the poorer population to enjoy a little game of chance in the suitable stakes to their pocket while securing non-reversible transactions for the house. With that being said anyone can come to the conclusion on how bitcoin is the future salvation for the gambling industry!