Bitcoin has been mainstream for a couple of years now and there are millions of users all over the globe. You can do a ton of things with crypto nowadays and the focus of this post will be Bitcoin gambling. There are countless of betting sites, poker rooms, and casinos online that have implemented the coin and for a good reason.
It offers a lot of advantages over the traditional payment options on the market. Let’s take a closer look at them.
One of the biggest issues with online gambling is that you have to wait for a long time to actually receive your profits. The speed of the withdrawals depends on the payment option you pick, but it most cases, it takes at least a couple of business days for the money to reach you.
That’s the waiting period for credit and debit cards, wire transfers, and other popular providers. If you decide to use Bitcoin, you can get your money within a day or two max. The operators usually wait for up to 24 hours to approve your request and another hour or two before sending the BTC to your wallet.
Another potential problem is that some gambling sites online charge a solid fee for every withdrawal. Once again, it depends on the payment method you choose, but you could lose 4-5% of your money every time you cash out.
That’s insane and you should always try to avoid it. Picking Bitcoin as your preferred option is an easy solution, as every transaction with the cryptocurrency costs peanuts and often, the gambling sites cover the costs.
A lot of gambling sites that work with Bitcoin won’t ask you for details about your name, country of residence, and so on. That opens the door to online gambling for people who live in countries with strict regulation on the sector.
You will be able to enjoy betting, poker, and casino games despite the effort of your government to shut the industry down.
A lot of countries require their citizens to declare their profits from online gambling. Others even go a step further and oblige them to pay taxes on them that could reach the likes of 20-30% which is insane.
If you decide to hide your winnings, you might get into trouble, but Bitcoin offers an elegant solution. The coin is not considered a currency or any kind of money in most countries, so you don’t have to pay taxes on your BTC winnings.
The traditional payment options used for online gambling are generally safe, but there are some risks and it’s hard to reach complete protection of your money. Well, that’s another perk of using Bitcoin. The cryptocurrency can be stored in multiple ways.
You can go for the user-friendly option to use an online or mobile wallet that has a similar level of security as credit and debit cards, PayPal, and other popular providers.
However, you could decide to trust a hardware wallet which puts you in almost complete control. It becomes extremely hard to get hacked or lose your cash. It takes some time to learn how the system works, but it’s totally worth it if you operate with large amounts of money.
Exclusive Bonuses and Promotions
Most gambling sites that work with Bitcoin and other cryptocurrencies encourage their players to use them through bonuses and promotions. You will often see large welcome offers at your disposal and other special deals that provide a lot of extra cash.
You can regularly get better value for your money, if you decide to use Bitcoin, Ethereum, Ripple, or other coins.
Provably Fair Games
One of the biggest problems with online gambling is that you never know if the games are fair. The issue is especially concerning when it comes to online casino products and poker. You don’t have a proof that everything is truly random and you are forced to trust the operator and the regulator that issues its gambling license.
However, there are certain sites that have added provably fair games. It’s a completely new way to create random generators based on the blockchain technology. It generates different a hash that helps the user check if the outcome was fair and random, once the game round is finished.
Despite some negative sides like the volatile rate and the complicated user experience, Bitcoin and online gambling look made for each other. The cryptocurrency has already taken an important place in the industry and is here to stay, so better learn how to use it and enjoy the benefits.