Over the past few years, bitcoin has become increasingly popular as people are becoming more and more aware of its advantages and uses.
It has become one of the popular ways through which people now gamble and play online. Online casinos are increasingly using bitcoin, which makes it even more fun for the players.
However, many people tend to argue that gambling operators have started using bitcoin to make it easier to conduct illegal activities. The truth is that online gambling has grown a lot, and it isn’t illegally being conducted in any way.
Here are a few reasons why bitcoin should be used for online gambling:
This is one of the most important reasons why many people have shifted to bitcoin. A currency’s privacy should never be taken lightly and should always be considered, especially if gamblers are doing their business legally.
As people don’t think gamblers are the most secure and trustworthy, it is hard to convince people that they aren’t associated with illegal activities. Many people do it for fun, but privacy is extremely important.
Bitcoin tends to be one of the most secure digital currencies, especially if you know how to store it correctly. If you keep the coins in your online wallet, as well as protect them with keys and strong passwords, then you shouldn’t worry.
However, make sure you keep the majority of the coins in cold storage. In this way, you won’t worry about anyone stealing your money. This bitcoin currency security tends to do its job pretty well, especially compared to the security of credit cards and PayPal.
This is because credit cards and PayPal accounts tend to be on the record, which makes it more likely for hackers to hack them and steal money. Just in case Bitcoin gambling websites actually get hacked, then your PayPal or credit card accounts can be compromised, but as long as your coins are in cold storage, your money would be safe.
Instant withdrawal and payments
This is another reason why many people prefer bitcoin. With the recent most transactions delays, bitcoin payments are actually really fast. Many of the transactions can get confirmed in a few minutes. Some might take hours, and in very rare cases, it might take a day.
If you compare this to the transfer through the ACH, you’ll know that bitcoin is better, as the ACH takes five business days for the transfer to be successful. With bitcoin, gamblers can even fund their accounts or withdraw their winnings instantly, which is obviously an attractive feature.
Bitcoin is faster, but it isn’t only faster compared to the traditional online payments. Bitcoin is also far much cheaper, as the bitcoin transaction fees are just a fraction of the fees.
If you compare this with the bank or credit card payments, you’ll know that they take big percentages out of your transactions and charge it as a service fee.
Conclusively, bitcoin gambling is made easier for many people and players, mainly because it is much more secure and private than the other forms of currency, as well as the traditional ones. You can keep your payments secure and safe with the bitcoin wallets, and you won’t have to worry about hackers making you the target.