One of bitcoin’s greatest benefits is in the ability to use it in online casinos. While online casinos have been around for a while, bitcoin brings about its own benefits above and beyond what is available using traditional funding methods.
Bitcoin allows for gambling in casinos completely anonymously. There is no need for a site to require any personally identifiable information, and the transactions back and forth can be done without any traces back to who you are, especially with the use of certain Bitcoin wallets like Bitcoin Core and GreenAddress, which enables the use of Tor.
Moreover, the anonymity opens the doors for gambling in places where it would otherwise not be allowed. Thus, US bettors, for instance, can freely wager on Bitcoin poker and other games without breaking the law while making sure that what you do is your own business.
Bitcoin transactions are done instantly. As soon as the funds have been sent, they will be seen by the other party’s client. The transactions do often need to be confirmed on the network before a casino will allow you to withdraw, but in most cases they will accept zero-confirmation transactions and will only wait for the confirmations when it is time to withdraw.
This makes it possible to join a new site and get up and running (as well as playing) within seconds. In fact, with some sites it can be done in under a minute. Compare this to traditional online casinos where both deposits and withdrawals take weeks and it makes sense why bitcoin is such a great thing.
Instant transactions also made instant betting possible. Some Bitcoin gambling platforms do not even require players to sign up, given that they can directly send bitcoins to specific Bitcoin wallet addresses provided on the site.
Probably one of the best benefits when it comes to online gambling with bitcoin is that there are no fees, other than what you want to pay when sending funds to the casino. It is possible to send transactions absolutely free (and possibly face a small delay), or even tack on a cent or two to help speed up the process. Traditional online casinos charge huge amounts for making withdrawals, and banks charge a lot to make deposits.
This also opens the doors for a great new thing: being able to transfer small amounts of money. Rather than casinos that require depositing $50+ and withdrawing at least $100 (which appears to be around the average, and is partially due to the fees imposed on dealing with fiat), most Bitcoin casinos will allow depositing and withdrawing mere cents. This further allows for true micro-stakes gambling, where you can gamble less than a cent per game and still have the fun of being able to win something.
Bitcoin truly has revolutionized online casinos, completely changing the game from how things used to work. You can deposit funds, play a game, and withdraw all within an hour or in some cases even minutes. On top of this, they have started implementing things like provably fair gaming and mobile casino software, allowing you to game from absolutely anywhere at any time.
When it comes to online gambling, bitcoin is second to none. This is not a tad bit surprising at all since the majority of the Bitcoin transactions in the online gaming scene comprise more than 50% of the total Bitcoin usage.
No doubt, more innovations await this sector as Bitcoin continues its dominance in the online gambling world.