Is Bitcoin the Future Of Online Casinos?
All of us in life are looking to what’s next. We search for our next job, our next goal, our next big payday. As such, in looking ahead, we’re also trying to get ahead. Many of us have heard of the cryptocurrency Bitcoin for years now. Some may even have an understanding of it already. But here’s something, could it be shaping the future of online gaming? In a world where protection of your winnings is vital, doesn’t it make sense to play in a secure currency, which can’t be stolen by hackers? We know Bitcoin is starting a currency revolution, and you can check out BestCasinoSites.net, where you can see why Bitcoin could prove to be the future of online casinos.
What Is Bitcoin?
We all may have a certain idea or scope of what Bitcoin is, but you can check out a bit more about it on our dedicated page. Bitcoin is a decentralized, peer-to-peer, digital, cryptocurrency. The removal of the middle man, intermediaries, removes fees that often come with regular currency. It was created in 2008 by an unknown person (people), under the pseudonym Satoshi Nakamoto, and later launched in January 2009. Although it has been sometimes criticized as a speculative bubble, it’s privacy, security, and its peer-to-peer network has been hailed.
Why Use Bitcoin In Online Casinos?
It would be logical that in a more technologically advanced world, the currency would become more and more digital. However, why use it in the world of online gaming? There’s a myriad of reasons, from its quick transactions, according to Forbes, to its safety, according to AVG. Let’s take a look at five reasons why the future of online casinos could very well be looking towards cryptocurrencies.
1) Security
A principal need innate in all humans is security. That is no different when it comes to your finances, especially those you’ve bet on and won. With the threat of hackers looming over the digital age, people often fear for the safety of their bank accounts. Bitcoin is backed by blockchain, which is a series of volunteers that work to encrypt every transaction. It’s vital to have a secure cryptocurrency wallet, where the balance can help you out in finding one.
2) Transaction Speed
One of the outstanding traits of bitcoin is the transaction speed. Which can be especially beneficial when it comes to online betting. There’s nothing worse than being able to deposit as much as you need to bet, but when it comes to withdrawal, it’s an extended process. Unlike fiat currencies, which can sometimes take 2-3 days, Bitcoin has no intermediaries. As soon as the casino authorizes your withdrawal, and the current block of the blockchain has finished processing, you will get your cash. The blockchain can range anywhere from 10 minutes to a few hours. The entire process normally completes in, at most, a day.
3) Low Fees
As Bitcoin operates under a decentralized banking unit, fees for transactions are often minuscule, if not zero. It’s a pleasant surprise, compared to the usual transaction charge you get, from your ordinary banking provider. You are not charged for withdrawing from the casino, but rather to keep the blockchain running smoothly, and your money safe. This fee is often so tiny you won’t even notice. That’s more money for you to bet with.
4) Privacy
We are reaching a new world, and in that world, not only is Bitcoin of extreme value but so is information. Hence, information has become more valuable than ever. It’s why big corporations are seeking your information, and more importantly, it’s why hackers are not just after your cash, but your data. Bitcoin is an encrypted currency that offers you the protection needed going forward. As it is decentralized, no bank, government, or any other acting body is over it, or it’s transactions. All you need is the address of your crypto wallet.
5) The Amount Of Casino Accept Bitcoin
The growing acceptance and development of Bitcoin has been a revelation in recent years. Without the shroud of mystery, more people realize that not only is Bitcoin something viable to invest in, but it is something that you can trade in, too. The same is evident in the world of online casinos, where more and more are starting to accept cryptocurrency as legal tender. Bitcoin has become a part of gambling now, with 3.7 million Bitcoin wagered, around $4.5 billion, between 2014 and 2017.
Bitcoin has made a huge impact on online casinos and will surely be part of the future of online casinos. Maybe now’s the time for you to get involved in the revolution.
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