Gambling has always been a popular pastime activity for people all around the world, but with the introduction of online gambling, gambling became one of the leading industries where hundreds of thousands of transactions are happening every day.
Being a future-forward industry, gambling has always been adopting cutting-edge technology in order for casino businesses to make their services more accessible, secure, and entertaining for a wider audience.
This brings us to the question of cryptocurrencies. As we live in a world where many people believe that cryptocurrencies are the future of the entire global financial market, casinos started to adopt such technology and allow people to gamble using their favorite digital currencies.
So, what are the actual benefits that come from crypto gambling and should you consider a transition from the traditional form of fiat gambling into Bitcoin betting in your next casino session?
Why More People Prefer Gambling With Bitcoin?
In order to understand why more people are adopting blockchain technologies and using cryptocurrencies to gamble online, we have to dig a bit deeper and find out all the advantages and disadvantages that come with this new way of playing casino games.
So, why are people using Bitcoin in online casinos?
It is no secret that casino gambling is a shady industry, where people don’t want to get their identity unveiled or want to keep their gambling habits private. Unfortunately, traditional online casinos that have gambling with fiat money are always a target for hackers and scammers in a way that they steal private data from their database where you as a player can be a victim of such a scenario.
With crypto gambling, casinos operate using Blockchain technology which is completely decentralized and nobody has access to the data stored. Additionally, most crypto casinos don’t require you to sign up using too much personal information. You can only connect your digital wallet and you are good to go.
Faster Transactions And Lower Fees
If you are familiar with traditional online gambling, then you probably went through the trouble of depositing and withdrawing funds which require you to connect a bank account or credit card and wait for the funds to arrive in your bank for a couple of days.
With crypto gambling, all of these troubles are gone. All withdrawals and deposits happen almost instantly (depending on the network traffic) and you don’t need to be stressed out about whether or not the funds will actually arrive.
Additionally, traditional casinos and banks have fees for processing your transactions, but with cryptocurrencies, you only pay gas fees which sometimes can be very low resulting in minimizing your costs.
Introducing cryptocurrencies into gambling makes the entire gambling market more accessible. Not too long ago, online casinos had a big problem of creating an infrastructure that is backed up by third-party organizations (like banks) in order to process payments from all around the world.
Even though gambling with fiat money is available in most regions of the world, there are some places where people don’t have an option to deposit or withdraw funds from or to their bank accounts.
Using blockchain technology, casinos sort of unified the world and made gambling more accessible to everyone. Since cryptocurrencies work on a decentralized blockchain network, the system is available to everyone on the planet.
Better Odds And Bonuses
One of the biggest reasons why gamblers are switching from traditional gambling to gambling with Bitcoin is because of the better odds and bonuses offered by the casinos that allow crypto gambling. Just because casinos minimize their cost of operations that run the entire network to support payments, and they have smaller fees for processing transactions, they tend to give out better odds and bonuses to reward players.
As we live in a world where data is more valued than oil, we face a big problem of data leaks and internet fraud. The problem becomes even bigger when we cannot trust the organizations that handle our private data to keep it safe.
Can you imagine signing up at a casino website with all your personal and financial information and finding out that they had a data leak? – it is a true nightmare.
However, casinos that operate on the blockchain and use cryptocurrencies make the entire process decentralized and more secured. With that said, all the transactions and personal information are tied to the blockchain meaning that no company or organization can access it.
Cryptocurrencies Are Not Always Taxed
Since we live in a world where the cryptocurrency trend is still not regulated in most parts of the world, some players have found a loophole where they can gamble, make some profits, and avoid taxation. This is not advisable and you should always make research about your local laws and regulations towards cryptocurrencies just so you won’t get into trouble later on.