Why Betting Sites Prefer Bitcoin

Rate this Entry
by , 14 April 2017 at 6:14 am (1404 Views)
Thanks to ever-evolving and fast-paced technologies our world has changed a lot. Not to mention the fact that the Internet has revolutionized the manner in which we purchase goods and services.

Bitcoin did not only change the way in which we plug in and play but it had a profound impact on one industry in particular...the online gambling sector.

Cryptocurrency systems have turned the conventional model of online payments on its head. Bitcoin was developed by 'Satoshi Nakamoto in 2008 but no one has met or interacted with him.

''The greatest influence on the world economy is here.''

Online payment methods such as EFT's, credit cards, PayPal and Skrill can be inflexible and costly at times. To put matters into perspective, the hard cash for the Web has finally arrived: 'The Bitcoin System'. Since its launch in 2008 many firms have warmed to it although it copped a fair amount of criticism from various quarters. Despite the hype about the digital currency most users aren't familiar with it.

In this piece we're going to tell you why the 'Best Online Bitcoin Casinos' prefer the cryptocurrency. Before we continue, what exactly is Bitcoin? It's just like cash but it's digital unregulated and controlled by a technology called the Blockchain. It can be used anytime and anywhere without the involvement of third party payment platforms such as banks.

Why Online Casinos Prefer Bitcoin?

  • It's safe - The Blockchain technology is secure since it uses complex cryptographic protocols that ensures that your digital money remains under lock and key at all times. Other examples of cryptocurrency systems are Ethereum, Litecoins, Freicoins and Dogecoins. Among all the cryptcurrencies Bitcoin is still the mainstream one.

  • Convenient - You don't have to worry that your account will be frozen and Bitcoin transaction are lightning fast. In most cases Bitcoin transactions take approximately 10 minutes before they're cleared.

  • No fees - You can access your bitcoins without having to worry about excessive bank charges or any hidden fees. Some Bitcoin Sportsbooks and Casinos or the wallet you're using might charge a small fee but that's as far as it goes.

  • Decentralized - Conventional currencies are centralized and regulated by banks. Bitcoin on the other hand is unregulated making it one of the most flexible currency systems. Players can deposit and withdraw cash at any Bitcoin online casino without being constrained by jurisdictions or reschedules in bank delays.

  • Peer-to-peer - If you send bitcoins to another person it does not require a third party like a bank to authenticate the transaction, meaning that transaction charges are small or zero.

  • Privacy is key - One of the main reasons as to why Bitcoin has become so popular with online casino players because it does not require personal information.

  • Very little risk - Players who use conventional payment options such as PayPal, Neteller or credit cards are not only costly to merchants but exposes the player to possible fraudulent activities and chargebacks. Bitcoin transactions are not reversible, therefore they cannot be cancelled fraudulently.

  • Complete control over your cash - The Bitcoin system allows the player the freedom to store and control their cash as they deem fit. Bitcoin empowers the user to make their own decisions since it's free from bank restrictions.

  • It's not inflationary - The fiat currency system is subjected to inflation. In other words governments print as many notes as they wish to pay off national debt if the economy experienced a downturn. This is commonly known as the quantitative easing of a currency's value. However, this can have a negative impact on a country as a whole and on its citizens. The Bitcoin currency is not inflationary and only 21 million coins have ever been created.

  • Transactions are transparent - Since all Bitcoin transactions are controlled by Blockchain technology every single transaction within the ecosystem is accessible.

In summary. Although Bitcoin is regarded by many as the best thing since sliced bread it does have its limitations and it is shaped by the forces of supply and demand. Its constant fluctuations has been an area of concern.

Even though it's still too early to predict Bitcoin's future there remains little doubt that it disrupted the normal fiat currency outside of any government regulations. Just like the same way the Internet changed the way in which people communicate, Bitcoin is now reshaping economies and the regulation of currencies.