How far has Bitcoin gambling come in a relatively short period of time? Where will it be in the next ten years? We think that Bitcoin gambling is the future and that it is only going to continue to grow in popularity. Why? Read on!
Bitcoin gambling is more than just the future, it is the right now and the past couple of years as well. As we can attest to, Bitcoin and other major cryptocurrencies have had quite the effect on the gambling industry. More casinos, more games and more players are widely starting to accept that these cryptocurrencies have some fantastic benefits that fiat currencies have no chance of providing.
Cryptocurrencies have altered the world of finances thanks to instantaneous and anonymous transactions that are cheaper than traditional transactions, improved security and their decentralised nature. These benefits are extremely attractive to the world of gambling, particularly online gambling which requires digital transactions before players can play.
Bitcoin is obviously leading the way but we can see a world where a large number of cryptocurrencies can be used when gambling online. Ethereum, DOGE, EOS and Litecoin are just some other cryptos that we expect big things from. There are countless others too.
For casinos, cryptocurrencies just make life easier.
Casinos can pay their players quicker thanks to faster transactions. They do not have to confirm the identities of players to keep the banking institutions happy. Casinos can also offer their services to a wider target audience thanks to the anonymity of cryptocurrencies.
Transactions are cheaper too which means promotions and bonuses can be more lucrative. The money saved on transactions and the increased profits from a larger target audience means more money can be filtered back to the players.
The improved security of blockchain technology is another benefit for casinos. We do not have to worry about our accounts being hacked or our transactions compromised. Strict privacy policies are not required either, as players are completely anonymous anyway.
On top of this, casinos can offer a wide range of bonus offers from fiat currency promotions to crypto promotions. This gives casino members a diverse gaming experience and the casinos like us here at mBit the chance to keep things interesting by diversifying. Here is an example of one of our crypto promotions, and you can expect to see plenty more like it in the near future.
Join the 🌸 Crypto Spring Adventure 🌼🐝 daily and 🤩 win exclusive giveaways ->https://t.co/oVtPJD2Kqc#Crypto #casinobonus #casinoonline #online #sundayvibes #SundayMotivation #SundayThoughts #reload #freespins #onlinemoney #money #gamers pic.twitter.com/zDjKTg8VkF— mBit Casino (@mBitCasino) March 1, 2020
While online casinos certainly reap a variety of benefits thanks to Bitcoin and other cryptocurrencies, it is clear that players receive the most benefits.
Using Bitcoin and other cryptocurrencies is completely anonymous. When you sign up to a traditional online casino that uses fiat currencies, you are required to share your personal information. You will have to hand over and show proof of everything from your name and address to your bank card number, email address and everything else.
When using cryptocurrencies, however, this is not the case. You will usually only need your Bitcoin wallet address to start playing. Your name will never be linked to anything.
If you have played at online casinos using fiat currencies, you will know how long withdrawals can take. Take bank transfers as an example, these can take between 3 and 5 business days before you get your money. Withdrawals to credit or debit cards can take as long as 3 business days as well. Even e-wallets such as PayPal, Skrill and Neteller.can sometimes take a few hours.
Bitcoin or other cryptocurrencies eliminate this time. Transactions are pretty much instantaneous.
As you will know, gambling and/or online gambling is not legal in every country. This means that many players are missing out on what they enjoy. Thanks to the anonymity that cryptocurrency transactions allow, this is no longer an issue for many players. They can sign up and play in privacy at Bitcoin casinos. The decentralised nature of these currencies means that there are no middlemen or centralised financial authorities that need to know who you are.
· No Transaction Limits
Another drawback to using fiat currencies are the limits that are imposed on the transactions that you make. This can be limitations set by the banks or the payment methods that you are using while even traditional online casinos are known for placing withdrawal limits that can be frustrating for regular players. In fact, some will only let you withdraw as much as $5,000 per week or even $10,000 per month.
This is not the case when using Bitcoin or any other major cryptocurrency. There are no limits to how much you can deposit or withdraw.
· Low Fees
Another benefit that players love about using cryptocurrencies is the low fees attached to any transaction. As you know, credit cards always charge high fees while you are even subject to fees when using e-wallets or any other kind of payment processor. While there are fees when using cryptocurrencies, these are minute when compared to what you have to pay when transacting with fiat currencies.
Finally, there is the added security that using cryptocurrencies bring. As your identity is anonymous and the Bitcoin blockchain is essentially unhackable, you will also experience improved security when using Bitcoin for your casino gaming. There is no chance of your identity being taken or your credit card number being used fraudulently. As long as you use a trustworthy and secure wallet, your Bitcoins will always be secure.
We have known for years about the many benefits that Bitcoin brings to the gambling industry and more importantly to the players. Others are now catching on and this is great news for the industry as a whole. Bitcoin gambling is certainly the future but we are helping to make sure that it is also the present. Come along with us on our blockchain journey and we just know that you will quickly see the many benefits involved. You will never use another form of payment again once you have moved over to cryptocurrencies.
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