Top 5 Reasons Why Bitcoin Gambling is on the Rise
Traditional casino games require players to place real money bets with fiat currency. On the surface, you may be wondering what all the fuss is about? If you’re prepared to gamble, you must be prepared to win or lose, so what difference does it make whether you are using fiduciary currency or cryptocurrency? Players beg to differ.
There are many benefits to using a digital currency like Bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash over US dollars, British pounds, euros, South African rands, Japanese yen, and other currencies.
Bitcoin gambling has rapidly gained popularity since 2012. Today, the online gaming arena is populated with a vast array of reputable Bitcoin casinos. This begs the question: why all the hype about Bitcoin casinos? Are there really so many benefits to switching from fiat currency to crypto? Our expose takes us deep into cyberspace where privacy, security, anonymity, speed of transactions processing, and personalized Bitcoin games are now readily available to players.
We will unveil 5 broad reasons why Bitcoin gambling is rising in popularity. From humble beginnings with Satoshi Dice casino, Bitcoin gambling has grown in leaps and bounds. Without further ado, let’s get started with the top 5 reasons why Bitcoin casinos are gaining momentum.
#5 — Privacy Considerations with Bitcoin Gambling
To better understand how Bitcoin impacts privacy considerations, it’s important to understand what Bitcoin really is. Bitcoin operates on a fully decentralized blockchainwhere value can be transferred from one node to the next.
These transactions are fully anonymous, secure, and are not beholden to central banks, intermediaries, or any other third parties. At a Bitcoin casino, you can simply use your mined or purchased Bitcoin (BTC), transfer ‘value’ to the online casino’s Bitcoin address and play ‘real-money’ casino games with no identifying criteria other than your Bitcoin address.
The anonymity component of Bitcoin casinos is its trump card. Think of a Las Vegas casino, Atlantic City Casino, Macau casino, or even a traditional online casino. All of these venues require you to input sensitive information during the registration process. Why? Age verification is needed to ensure that you are at least 18 years of age, or 21 in the US. You will need to present ID documents, utility bills, banking information, or even a passport, depending on where you play.
The fact that all of this information is being collected and used is deeply concerning. We have all heard the horror stories of servers and cloud storage being hacked. If you become a victim to identity theft, it could have awful consequences on your financial well-being, peace of mind, and stability.
Bitcoin casinos avoid all of these issues by requiring only that you deposit funds from your Bitcoin wallet (or cryptocurrency wallet) into the online casino’s account. You don’t need to use your real name or address. You can use a burner email, VPN, and Tor browser to play online casino games with no trace of your gaming activity, winnings, or losses whatsoever. Bitcoin casinos provide players with a digital currency bankroll. Provided you use kill switches on your VPN, non-traceable email addresses, and keep your digital footprint low-profile, you can enjoy maximum privacy with Bitcoin gambling.
#4 — Bitcoin is the New Fad and Bitcoin Gambling is the Next Step
Let’s face it — everyone wants to get in on the action when it comes to Bitcoin. It’s only natural that we explore all the entertainment possibilities when a new technological wunderkind hits the scene. Back in 2017, global interest in Bitcoin hit fever pitch levels and the price soared to $20,000 per unit BTC. It comes as no surprise that software engineers are eager to introduce Bitcoin banking options to the masses. While interest in Bitcoin has waned since 2018, interest in blockchain technology is off the charts.
This exciting new fad introduces players to an entirely different realm of the Internet — the blockchain. We don’t need to rely on overpriced banks and traditional monetary systems; we can chart our own course through the blockchain network with crypto and Bitcoin casinos. This new online casino payment option puts players in charge of their deposits and withdrawals, with no need to pay the piper along the way. We are now seeing tremendous levels of enthusiasm in the gaming community with Bitcoin gambling.
#3 — You Can Get Bitcoin Bonuses at Bitcoin Casinos
Online casinos typically operate on the cutting edge, with feature-rich attractions like interactive slots, roulette games, blackjack games, and leaderboard challenges. Perhaps the most thrilling games yet are the live casino games. These feature real dealers in real time via live streaming cam. With innovation leading the way, it’s only natural that casino players are rewarded for their play when using Bitcoin. Since everyone is always on the lookout for free Bitcoins, the opportunity to receive a Bitcoin bonus in your bankroll is especially enticing. Many folks believe that Bitcoins will appreciate dramatically over time, and these bonuses are a great way to feed the narrative. Most online casinos offer bonuses to players such as redeposit bonuses, matching deposit bonuses, free spins, multi-deposit bonuses, and more. However, you won’t have any anonymity with these transactions. Once you’ve met the wagering requirements of Bitcoin bonuses, the rewards are yours to enjoy.
#2 — Bitcoin Gambling Allows You to Avoid Geolocation-based Restrictions
Geolocation-based restrictions are a reference to limited accessibility. If an online casino in New Jersey operates under the DGE’s rules, it cannot by law allow players outside of New Jersey’s geographic borders to register and play casino games for real money. However, if a Bitcoin casino is up and running, it can avoid all of the regulatory constraints imposed upon casinos by government. By definition, a Bitcoin casino must accept anyone who has Bitcoins to wager. This means for instance that players in Côte d’Ivoire, Bahrain, Myanmar, Saskatchewan, and British Guyana should have no problems whatsoever gambling online for real money.
The restrictive practices of geolocation-based online casinos invariably prevent players from enjoying their favorite online casino games. With a Bitcoin casino, bets can be placed from anywhere in the world, at any time, with minimal fees, and rapid transactions processing times. Since Bitcoin casinos are typically not subject to government regulation, anyone can play. Many reputable online casinos are entertaining the option of adding Bitcoin as one of the banking methods. But these online casinos have to weigh the merits of compliance with regulatory authorities and adding Bitcoin as an anonymous payment processing option.
#1 — Safety & Security When Playing Online
There’s lots of overlap when it comes to safety, security, privacy, anonymity, and regulatory issues. From a gambling safety perspective, Bitcoin keeps you safe from government’s prying eyes and ever-increasing overreach. As a player, you certainly don’t want the authorities ruffling through your leisure-time activities. Many folks consider their gambling habits to be personal vices; when you win, you win, and when you lose, you lose. That’s the extent of what people expect when gambling for real money. Nobody wants the long arm of the law in the form of the Feds or the IRS snooping around their personal online casino accounts. Bitcoin provides precisely the cloak of anonymity needed to shield you from government overreach. It keeps your bankroll balance private from third parties.
Safety from the criminal element is also a concern. Many players can easily have their usernames/passwords to their online casino accounts stolen through malware, adware, Trojans, keyloggers and so forth. When you play for real money at a Bitcoin casino, no personally identifiable information changes hands. To safeguard your ID, ensure that your Bitcoin wallet password is kept safe and secure. If you are using a cryptocurrency exchange like Coinbase, Bitstamp, or Binance, be advised that the tax authorities have already imposed legal requirements on these companies to disclose details of account holders. It is better to use your own Bitcoin wallet (cloud-based, unregulated exchange, hardware wallet, or software wallet) with which to transfer Bitcoin back-and-forth.
These are some of the many reasons why Bitcoin gambling is so incredibly popular nowadays.
Disclaimer: Gamble responsibly and remember to not deposit the funds you cant afford to lose!