Bitcoins are now being accepted at most of your favourite online gambling site as a payment option. So what are bitcoins?
Online gambling has evolved over the years, so much now that you can even gamble using bitcoins. Bitcoin is a crypto-currency, a form of digital currency, which can be used to make online purchases and are generally accepted at many online vendors. They are decentralized to a network of computers that are mined by miners and the value is not controlled by government or a company.
Why use Bitcoins for online gambling?
#1 Bitcoin has less red tape.
Bitcoins are easy to use and access from anywhere in the world. .All you need is just a valid email address in order to have a bitcoin wallet. You can access it from your computer or mobile device. Bitcoins can be purchased or exchanged online from crypto-currency websites and can even be linked to your bank accounts to buy bitcoins at any time. Using bitcoins attracts less fees when withdrawing funds and ultimately more money in your pocket!
#2 Withdrawals are processed much faster!
Don't you just hate it, when you request a withdrawal from your gambling account, then you have to wait 5 business days for it to clear? Then another 5 days to hit your bank account! Withdrawals to your Bitcoin account are processed in most cases in the same day. Allowing you access to your winnings when you need it.
#3 You remain anonymous!
With only an email and bitcoin wallet required to make payments and receive payments, players privacy is protected using bitcoins. Finally players have the option to play anonymously. No identity documents are required when making use of bitcoins at your favourite sites. This reduces your risk of possible identity theft. You are not required to disclose any personal information when transacting with bitcoins. Players are however reminded to comply with gambling laws applicable to your country of residence when playing anonymously.
Risks of Using Bitcoins for online gambling
#1 Possible theft of bitcoins
Bitcoin is a digital currency and available online through an e-wallet service, the risk of hackers gaining access to your bitcoin wallet and stealing your bitcoins is a real threat. It is important to be careful with sharing your information online and protect your logins and passwords.
#2 Volatility of bitcoin value
The value of the bitcoin is seven times more volatile than gold! Bitcoin was released in 2008 and since its inception the price has fluctuated significantly. It has peaked to $ 1 242 on 29 November 2013 and the lowest value was $0.01 on 19 June 2011. At the time of writing this, one Bitcoin was valued at $243. Showing that by just using bitcoin to gamble online, you are already gambling without even placing a bet! This has also encouraged gamblers to speculate the future values of bitcoins and try and win in more ways then one.
Gambling with bitcoins is not universal but it continues to flourish due to it being very user friendly and convenient to use for online punters. Love it or hate it, bitcoins are here to stay.