Bitcoin and cryptocurrencies are hitting the new highs. Knowing how popular they are becoming we should remember that cryptocurrencies aren’t just units of investment. Digital coins are more than that - measured for payments, the way keeping your privacy and anonymity. That’s why crypto coins have changed the online gambling. I would like to cover the details why Bitcoin casinos are much more preeminent comparing to traditional online gambling providers.
Knowing the fact that online casino and online gambling industry was the size of 47 billion US dollars in the 2016 year alone, and it’s predicted to reach slightly more than 51 billion dollars in 2018, we know what huge sums of money slip to the pockets of online providers and payment processors. That’s why we believe in the freedom Bitcoin provides. Due to blockchain technology, all the payments and their processing are totally transparent, meaning that everything is kept in a public ledger. No one can counterfeit any entry. Only having a fully transparent casino we can trust them in full as well.
Secondly, Bitcoin is a much faster technology which helps reducing transaction time to a minimum. So all deposits and withdrawals should be faster. In addition, as it was mentioned before, every transaction is available publicly without any chances of being changed or interfered. At the same time, all the fees related to transfers may be lowered.
Additionally, Bitcoin can provide great privacy. Even though, it’s not fully anonymous, consequently saying pseudo-anonymous is more accurate. Why is that? Well, we’ve written before that Bitcoin and many other cryptos are based on the blockchain with an open ledger. Despite that none of the transactions are associated with personal details or an identity of the user. So, the gambler can stay nameless by providing email and a password only. Some of the Bitcoin casinos might ask for an additional verification, but it doesn’t happen right along.
Lastly, most of Bitcoin casinos are provably fair, it means that results can be analysed and verified for fairness. If there was a breach or an attempt to influence the out coming results, it can be checked mathematically. Furthermore, these casinos don’t need additional audit or verification by the third-party services.
In conclusion, online casinos which accept cryptocurrencies are becoming more popular these days. Providing better privacy, being more trustworthy, having a provably fair algorithm, these and more features make them the more attractive place to gamble online. Fees and the faster transactions are worth mentioning as well, because of total costs used for the gambling.