Many casinos now accept cryptocurrencies, which is a great development especially for people that appreciate the convenience that technology brings. In fact, many people equate the use of cryptocurrencies in online gambling portals to a match made in heaven and every gambler who has knowledge about blockchain technology should look embrace cryptocurrencies at one of many sites now accepting this form of deposit.
It is easy to follow the arguments of the proponents of Bitcoin and its use in gambling. Some of the reasons they offer are:
- You Can Use Cryptocurrencies where Fiat Currencies aren’t Allowed
Players that live in jurisdictions where authorities have severely limited online gambling are often unable to gamble on real money online casino or bingo games. And, this is easy to enforce because the said authorities only have to make it illegal for players to cash their wins using banks to make the bans effective. However, because of the decentralized nature of cryptocurrencies, such players are able to play various casino games with real money stakes.
- Cheaper Costs of Transactions
Transactions fees for depositing Bitcoin into or withdrawing them from your gaming account is negligible. This is because this method of payment eliminates the litany of banks and other financial merchants that under the traditional methods of transactions, are always waiting to have a slice of your win every time you use their services. In the end, players on Bitcoin casinos save a lot of money that they can then add to their gaming war chest.
- No Chargebacks
Chargebacks present what is probably the worst experience a gambler wants to go through. Yet, they are a norm even in the highly organized gambling ecosystems of the U.K. Bitcoin casinos have eliminated chargebacks because it isn’t possible to reverse blockchain transactions. In fact, since it is easy to trace all such transactions, startups are already thinking of providing more innovations to make both online casinos and cryptocurrencies even more functional for the benefit of players.
- Faster Payouts
Cryptocurrency withdrawals and deposits into and from gaming accounts are instant. Because of this, players now prefer Bitcoin casinos since they can enjoy many real money online casino games, win, and get their hands on the prize money a lot faster than is normal.
- Using cryptocurrencies minimize cases of fraud
Fraud is not new to online casinos. In fact, most sites have invested in the latest encryption technology, just to keep cybercriminals, phishing and con artists at bay. However, all these aren’t necessary on cryptocurrency casinos since the blockchain technology upon which these currencies are built has innate security features that halt theft.
The world out there has an entire ocean of prospective cryptocurrency gamblers. The only thing keeping them away now is probably because they still have insufficient information about digital currencies. As soon as they learn how these currencies work then the online gambling scene will see a lot more players signing up.