7 Reasons to Play at Online Casinos Using Bitcoins
Over the last couple of years, cryptocurrency has grown fast and has taken the world by a storm. It gained ground and public eye very quickly. At first, it might have seemed a little scary and unfamiliar, but hey, credit cards had the same feedback at the early days, and look at them now.
There is a lot of different cryptocurrencies but let’s focus on Bitcoins this time around and let me give you 7 simple reasons why you should choose to play online using bitcoins.
First of all, and probably the most important reason is fraud or rather anti-fraud. How come? Well, the world is becoming more and more economically unsafe and fragile. Seems that one punch can bring it down and crush it completely.
How can cryptocurrency help against fraud? Bitcoins, as well as other cryptocurrencies, are digital currency and it cannot be counterfeited. More importantly, the transactions cannot be reversed arbitrarily by the sender, once the transaction has been made, that’s it, unlike credit cards and the charge-backs which we all have witnessed numerous times.
Next one on the list is security which is mirrored in identity theft. How? Simple enough! When you give your credit card to a merchant, you are giving them the access to your full credit line, and this goes both for small and big amount transactions, doesn’t really matter. This is feasible only because your credit cards operate on something called “pull” basis. Basically, when the payment is initiated the designated amount is pulled from your account.
When it comes to bitcoins, the process is slightly different because cryptocurrencies use “push” mechanism which allows the holder to send the exact amount you want to the merchant or recipient without providing other information.
Moving on, another good reason for using Bitcoins is the lower fees. Yes, that’s right! Of course, this is only for now, it might change over time. How come that the fees are lower you might ask. Well, usually there are no transaction fees for cryptocurrency exchanges because the miners are compensated by the network.
However, many people expect that users will engage a 3rd party service which helps in creating and maintaining their own bitcoin wallets that will charge fees. In essence, these services act the same way that PayPal acts for cash or credit card users, providing online exchange system for bitcoins.
Another reason would be accessibility. Bitcoins are accessible to everyone. There are approximately 2.2 billion individuals who are primed for the cryptocurrency market, those are all people who have access to the internet or mobile phones who don’t currently have access to the traditional exchange.
Immediate Settlement and Fast Transactions
Another important one would be an immediate settlement and fast transactions. A Bitcoin casino is faster both when it comes to signing up and transactions. Transactions take up to several hours but when you compare it to regular currencies, those can take up to a couple of days to withdraw. Of course, this all depends on the amount you are depositing or cashing out.
To boot bitcoin blockchain is like a large property rights database, Bitcoin contracts can be designed and enforced to eliminate or add third party approvals or be completed at a future date or time for a fraction of the expense and time required to complete traditional asset transfers.
Decentralization is also one of the reasons that should be mentioned here. This means that bitcoins are managed by its network, and the network is created in such way to operate on a peer-to-peer basis. There is no central bank for bitcoins and they are not based in any single country or jurisdiction, servers are spread all over the globe.
The last reason, but not the least important, would be the fact that you own it! What does this mean? It’s quite simple. Bitcoins are not bound by the exchange rates, interest rates, transactions charges or other charges of any country; therefore it can be used at an international level without experiencing any problems. This reduces the cost of transferring money as well as the time it takes for the money to get transferred from one account to another.
There is no other electronic cash system in which your account isn’t owned by someone else. No one can decide on your behalf that the account has been misused and freeze all of your assets without consulting with you. You own the private key and the corresponding public key that makes up your cryptocurrency address. No one can take that away from you unless you lose the key, but that’s a different story entirely.
Bitcoins and other cryptocurrencies have a long way to go before they can replace the traditional currencies when it comes to global commerce, but when it comes to online gambling seems that it has pretty much started slowly to take over.