Bitcoin gambling sites outmatch any online casinos that only take fiat payments. Many believe otherwise because they may not know much about Bitcoin.
There are some people who are only aware of Bitcoin from what they saw or read on the news. They may not see how Bitcoin works and why there are many people online who are trading the digital currency. These people might not even see the point of a Bitcoin online gambling website because they are not aware of how the digital currency is used.
Bitcoin is a real currency that has a real world value to everyone around the world. Business owners, investors, traders and average online shoppers buy and sell Bitcoin. Financial institutions or banks in different countries acknowledge the value of Bitcoin. Buying and selling Bitcoin is perfectly legal in most territories.
One of the running myths of Bitcoin is how many consider it as a digital coin stored in someone’s computer. However, Bitcoin does not exist. Bitcoin technology uses shared public ledger called a blockchain.
When a person buys something with Bitcoin, the private key from the Bitcoin owner and the shop owner’s wallet records the transaction in the blockchain. The private key uses a unique signature to make sure the right amount of Bitcoin goes to the right wallet. Bitcoin miners confirm all transactions in the blockchain to set it in stone.
Blockchain technology is incredibly secure. It is impossible for a hacker to gain access to a wallet without proper authorization from the user. The only way they can manipulate a Bitcoin wallet is to simultaneously access the Blockchain copy of other miners around the world.
Majority of Bitcoin transaction comes from gambling. Bitcoin gambling sites such as Oshi.io, mBit Casino and Vegas Crest Casino has a feature called ‘provably fair’. The feature ensures all game’s random number results are authentic. Players can even check the results of a ‘provably fair’ game by checking the seed it generates.
In order for an average player to send their money to a regular casino via a credit card or other fiat payment option, they need to sign up for the service. They need to use their real name, home address, phone number and other sensitive info just to make a deposit. For individuals who value their privacy, this is not an acceptable option.
Bitcoin lets players gamble anonymously. Anyone can buy and use Bitcoin without using any private details. When they get a major payout in any Bitcoin casino, players can just send it to a local exchange to convert their Bitcoin into their local currency.