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< BackMarch 4, 2022

Why Gamble With Bitcoin/Crypto

Why gamble with Bitcoin/Crypto

Crypto currency is a form of exchange that is only about a decade old, but has gained popularity in recent years, especially in the world of online gambling. Crypto currencies are encrypted electronically which makes them almost impossible to counterfeit. Since the creation of the first crypto currency in 2008, Bitcoin, several others have emerged, from Ethereum to Tether, Litecoin and more.

There is unfortunately still some stigma around Bitcoin, with some people believing that crypto currencies are associated with illegal activities in the context of online gambling – but in fact, quite the opposite is true. Credible and acclaimed online casinos operate legally, and crypto currencies provide gamblers who use them several advantages.

Crypto Gambling Advantages

Firstly, crypto currency allows you to stay anonymous. When you deposit with crypto, you only need to provide your e-wallet address, no other personal information is required. This way, no one knows who you are, where you are making your deposit from or receiving payment, or even which e-wallet you're using. This can be a plus for a plethora of reasons. Perhaps you prefer anonymity when partaking in this hobby because of social stigma that is sometimes associated with gambling, or maybe you simply wish to keep your identity private since you can never be too careful on the internet.

This leads us to the next advantage of gambling with crypto – security. Gambling with Bitcoin enables you more security than you would have when using traditional fiat currencies to pay or receive payment online. Your e-wallet is much more difficult to hack into (as opposed to a credit card or Paypal account) because there is no additional information there besides the address. Crypto currencies were, after all, developed especially for online exchange. Using strong passwords for your cryptos and keeping your keys private should suffice to keep you perfectly safe from hackers.

Additionally, transactions with Bitcoin are cost-effective in comparison to traditional fiat currencies. When you pay with crypto, there is no bank that needs to confirm transactions or collect fees from your deposits. Since everything functions in the virtual space, you only have to pay small mining fees (collected by miners who mine Bitcoins and process blockchain transactions on their servers). These fees are only a fraction of what a bank might charge for a wire transfer or credit card payment. This is great news for gamblers since they can keep more of their winnings when making withdrawals.

Compared to bank transactions that can take up to several days to confirm (even longer when talking about international transactions), Bitcoin transactions generally take only from a few minutes to a couple of hours, making them very fast comparatively.

Another big advantage of using Bitcoin is fairness. Since crypto currency was created on blockchain technology, it provides full transparency. It allows you to trace the transaction back through all the steps that were taken. If hackers wanted to alter one transaction, they would have to alter not only the relevant block, but essentially all the blocks in a chain, unless they want the discrepancies to show and thus reveal the scam. 

Of course, there are issues you can run into with any transaction, and crypto currencies are not completely immune to this. For example, if you accidentally transfer the money to a wrong person, you cannot retrieve it. But overall, transactions with crypto for the purposes of online gambling are secure, fast and provide you with anonymity, which is especially important to prevent hacking or abuse of personal data.
Almost all online casinos nowadays accept Bitcoin and / or some other type of crypto currency. All you have to do is sign up, transfer your favourite coin and play!