The fact that Bitcoin and other digital assets exist on the blockchain and virtually guarantee that transactions can be tracked is what causes Bitcoin gambling sites to pay promptly when gamblers win. With a truly decentralized technology grabbing hold of the gambling industry, why then is it so important for these Bitcoin gambling operators to pay on time? It’s because paying on time is the best way to establish credibility within both the Bitcoin and gambling communities respectively.
Why Paying Out On Time Matters
Every hard-core gambler dreams of winning big someday. Picture a player who has earned all the loyalty rewards their favorite gambling site has to offer, played all of the games, calculated all the odds, read up on all the injury reports related to the teams they follow, finally wins big and then finds out they can collect their winnings. Is that player ever coming back to their platform of choice? Not a chance.
Not being able to pay out players consistently and in a timely manner is the quickest way to lose a loyal customer. The suspects are true when it comes to online gambling. Online gamblers don’t get to see people at the cashier exchanging chips for money. They may have proof that everyone else is winning thanks to provably fair data openly provided by Bitcoin casinos and houseless gaming sites. However, at the end of the day, all of the fairness in the world doesn’t matter if the player can’t collect his or her winnings.
Which Cryptocurrencies Promise Fastest Payouts?
Bitcoin without question is by far the most popular cryptocurrency in the world, both as an investment tool within the arena of digital assets, and as a tool used for wagering. Using cryptocurrencies to gamble is a faster way to be paid out for a few practical reasons and a few technological reasons.
The Practical Reasons
Using digital currency to gamble means no need to go through Know Your Client verification. This means no waiting to upload identification or hear back from some Wizard of Oz behind a curtain giving everyone the privilege of placing a wager. This also means gambling operators don’t have to deal with the limitations of third-party payment providers like Visa, MasterCard, PayPal, Skrill and the like. This means no holding funds for five business days to verify them, no placing limitations on withdrawal or deposit amounts and no negotiation of any kind. Everything stays between the gambling operator and a gambler.
The Technological Reasons
Bitcoin is the fastest way to receive gambling winnings for someone who is new to the world of digital currencies and is tired of the heavily regulated fiat runaround. That being said, Bitcoin doesn’t do offer gamblers the fastest transaction speeds. Newer versions of Bitcoin, such as Bitcoin Cash and Bitcoin Satoshi’s Vision, offer larger block sizes. In layman’s terms, a larger block size enables more transactions to be verified sooner, letting value move through the blockchain faster.
Other projects not tied to Bitcoin like Litecoin, Ethereum and EOS also provide faster transaction speeds meaning that when the big game is about to start and it’s time to make a wager, perhaps moving away from Bitcoin as the method of deposit is actually the best bet.
Ways to Ensure Reliable Payouts
One tried, tested and true way to ensure being paid out by a Bitcoin gambling site is to be sure to read reviews on the top sites. Our other players complaining about not getting their money? Are there a lot of those players. Can the website actually provide proof that it pays of consistently and in a timely fashion? These are questions that deserve answers before depositing money onto any Bitcoin gambling site.
Other ways to ensure payouts include finding houseless crypto casinos where everything is controlled by the blockchain and there is very little human influence. The downside of this is there might not be anybody to complain to in the event of a discrepancy, but it might appeal to the hard-core Bitcoiner that wants to be their own bank. There’s also an opportunity to gamble on predictive markets created by other users, again meaning that there is no central authority.
Regardless of which method or cryptocurrency gamblers accept as a payout, remember to only transfer money to a Bitcoin gambling site you’re willing to lose. That lesson applies even before you place a wager.