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How Can Bitcoin Be a Game-Changer for the Crypto Gambling Industry?

How Can Bitcoin Be a Game-Changer for the Crypto Gambling Industry?

Introduction

Bitcoin is not just a cryptocurrency. It is a global phenomenon that has taken over the online gambling industry that accounts for a huge transaction volume worth a hundred billion. Today, there are thousands of online casinos that accept Bitcoin and other cryptocurrencies to gamble at slots, cards, poker, and live dealer games. The transparent, immutable, and decentralized system of Blockchain technology makes Bitcoin immensely popular in the world. Bitcoin is optimized for gambling online as it enables fast deposits and withdrawals. Read on to know more about gambling online at crypto casinos using Bitcoin. 

What is crypto gambling?

Crypto gambling refers to the activity of gambling at online casinos using cryptocurrencies like Bitcoin. The crypto casinos operate on the Blockchain network of Bitcoin and enable transparent and provably fair gambling. Player prefer to engage in crypto gambling because of the cross-game compatibility, decentralized payment system, and enhanced Blockchain economy of Bitcoin. 

How to gamble with cryptocurrency?

Follow the steps below to gamble with cryptocurrencies:

  • Purchase Bitcoin from any reliable crypto exchange.
  • Visit the official website of a crypto casino to register with your details
  • Link your crypto wallet with the platform to conduct direct deposits and withdrawals in Bitcoin
  • Gamble actively and win prizes 

Reasons to use Bitcoin for online gambling

Hundreds of gamblers across the world are switching to cryptocurrency gambling for the reasons cited below:

1. 100% Privacy

Even though gambling is not illegal, yet, it is viewed as illegitimate in many countries. Moreover, the status of gambling is very dicey and as such one often ends up in legal trouble for gambling at online casinos. With crypto gambling one need not worry about legal issues any longer. The reason behind privacy is the advanced nature of Blockchain technology. Crypto casinos are driven by Blockchain technology that ensures strict privacy of the players. The players do not have to submit their KYC documents during registration and as such their gambling activities remain untraceable online. The players can bypass the regional gambling laws and sign up with the crypto casino to gamble with Bitcoin from any part of the world.

2. Instant deposits and withdrawals

At crypto casinos, transactions take place almost in an instant. The Blockchain network of Bitcoin enables 100% decentralized transactions which means that there are no centralized banks or financial institutions involved in executing the transactions. The Bitcoin transactions take place directly between the wallet and the platform account of the user. The player simply has to link his cryptocurrency wallet with the platform to make instant deposits and withdrawals. Traditional online casinos that operate using fiat money usually take 3-7 business days to process withdrawals, whereas, cryptocurrency casinos process Bitcoin withdrawals within an hour. 

3. High financial security

Bitcoin is highly secure. Store the Bitcoin in a cold storage wallet and secure the private key of the wallet with a strong password in order to secure it against hackers and unauthorized third parties. The advanced Blockchain technology makes Bitcoin more secure than fiat currency. Fiat money is handled by centralized organizations like banks and financial institutions that often impose exorbitant transaction charges and tamper with the storage of money. As Bitcoin is 100% decentralized, there can be no manipulation of the money stored in crypto wallets by third parties. 

4. Online gambling optimization

Bitcoin is engineered for use on the World Wide Web, and, therefore it is perfect for use in online gambling. Transactions in Bitcoin take place rapidly and, as such, gamblers can make quick deposits and withdrawals on the go without taking any breaks from gambling sessions. On the other hand, transactions in fiat money take place at a slow pace. The players have to wait for days for receiving their withdrawn money to their accounts. Bitcoin eliminates the hindrance of banks, credit card companies, and payment processors by its advanced Blockchain technology that decentralizes the execution of transactions and makes the cryptocurrency more optimized for online gambling. 

Pros and cons of crypto gambling

Pros Cons
Bitcoin gambling is 100% decentralized.  Bitcoin is not legally recognized in many countries. 
Players remain in complete anonymity.  Players find it difficult to handle Bitcoin. 
Transactions take place in an instant and at low fees. 
Security of crypto gambling is very high. 

Why is crypto gambling popular?

Crypto gambling is popular for the reasons listed below:

  • High security of gambling and top-notch financial security as well ensured by the Blockchain network of Bitcoin
  • Transactions take place rapidly and at low cost and every transaction is verifiable
  • There is no geo-blocking restriction at crypto casinos
  • Players remain anonymous while gambling at Bitcoin casinos

Conclusion

Indulge in crypto gambling with Bitcoin to make the best of the benefits of crypto gambling. Crypto gambling is highly secure. The immutable and permanent ledger of the Blockchain network makes every transaction verifiable by the users without revealing the wallet details. Sign up with a crypto casino today to start playing with Bitcoin.

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