Why Gamble with Bitcoin?
For a growing legion of gambling fans, bitcoin is the only payment method of choice. While many online casinos accept varying forms of money, the number of those accommodating bitcoin for transactions too is on the rise. UK Gambling Commission has authorised licensed operators to accept payments by bitcoin. This means that we will see many operators which will allow crypto gambling.
Now is the ideal time to get involved with bitcoin, one of the world’s most well-known cryptocurrencies, for all of your online gambling. Here are four reasons why. These reasons include bitcoin’s usage, transaction fees, fraudulent transactions and processing times. You can also see our list of popular Bitcoin Gambling Sites below.
In this day and age, consumers are more wary of banks and governing bodies than ever – and one of the key benefits of using bitcoin as your primary payment method when gambling online is the lack of an overall governing body or central bank running the show.
Traditionally, whenever you have used a debit or credit card to make your payment to an online casino, those transactions have to be authorised. Making a purchase from an online store typically raises no issues, but some may block or delay payments or withdrawals until they confirm that there is no fraudulent activity taking place in your name.
While this is a beneficial security step, it can be annoying if you keep experiencing delays or have to jump through hoops to get your winnings.
With bitcoin, you don’t need to worry about any third-party interfering with how you spend your money.
Online casinos are in a very competitive industry today. Brands have to make themselves more appealing than their rivals however they can – and one way they can do this is with low transaction fees.
In fact, they can really stand out by eliminating them altogether.
However, some still do impose fees on deposits and / or withdrawals, and this comes on top of those put in place by the issuers of your debit card / credit card or your payment gateway. These might be kept minimal in order to be competitive, but they can all add up over time.
With bitcoin, there are no middlemen to come between yourself and the online casino itself. The only fees you’re likely to see taken from your bitcoin payments are minimal ones, which are used to compensate bitcoin miners who invest time into solving blockchain puzzles (which we can all agree is only fair).
Online gambling usually requires you to submit your personal details to the website when you sign up, as well as your banking information. We’re all concerned with our personal security in the digital marketplace today, particularly as more and more of us are spending online.
While the majority of reputable online casinos employ strict security processes, there are criminals out there looking for ways to commit fraud and identity theft – and websites with weak security can be hacked. The more personal information you have given to the business, the more potential identity thefts may have access to.
With bitcoin, there’s no need to input personal data pertaining to yourself or your financial details. There’s no request for a credit card number, expiration date, security code, issuer, or other sensitive information as you would usually. To make bitcoin transactions, you only need to submit your bitcoin address and private key.
On top of this, bitcoin’s own encryption is cutting-edge, and individual bitcoin addresses are incredibly complex. Knowing that your money is safe can have a real impact on your enjoyment when gambling online, enabling you to relax and make fun your priority.
Another major element of online gambling is processing periods. Just as processing fees can be a real frustration, especially when they’re imposed by both the online casino and the payment handler alike, long processing periods affect your gambling experience.
In some cases, you can be left waiting for a number of days to receive your winnings after withdrawing them from your casino’s account. Understandably, you want to add this money to your account as soon as possible – even having to wait several hours can be an annoyance. Especially when it happens again and again.
With bitcoin, though, transactions are usually processed within a matter of minutes rather than hours or days. The typical transaction tends to be impeded only by the 10 minutes it takes to bring blocks to a chain – and once they’re added, you’ll have the bitcoins in your account. You can then choose to convert these into your preferred currency or store them in your wallet, where they may gain value for more impressive future conversions.
As you can see, there are at least four outstanding reasons to choose bitcoin for all of your online gambling. You can learn more about the benefits of using bitcoin elsewhere on coincasinos.co.uk – so feel free to browse and discover all the information you need to know. Below you can find the most popular Bitcoin Gambling Sites listed.