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Is Bitcoin a viable payment option for online casinos?
Bitcoin is a form of currency that is noted to be a new way for people to transact that has had a massive head start back in 2009. Today, this type of crypto is the best-known cryptocurrency. This cryptocurrency can be used by many to purchase goods and services online without having to use intermediaries. There are however some who ridicule Bitcoin but to date, there are a lot of organizations that are publishing their reports after some investigations that blockchain and bitcoin may to some extent be the ones that are pioneering humanity to the new age in global finance.
Bitcoin vs. fiat currencies
Bitcoin is liked by a lot of gamers over fiat currencies these days because:
It is an instant payment method
Casinos that allow payments using bitcoin are secure
When you use bitcoin you are guaranteed anonymity.
Benefits of using Bitcoin for online gambling
Bitcoin is decentralized by design. This means that no one can take your BTC away from you or neither can anyone be able to freeze your account due to the actual absence of central banks or any regulating authority in the system. You own your balance and therefore you are able to fully control your transactions.
All of your purchases are not taxed. This is thanks to owing to the absence of a single centralised authority or body that would work on regulating Bitcoin transactions.
It is secure as your payment information cannot be stolen away from you by anyone. BTC operations do not require any personal sensitive data to be sent therefore protecting you from identity theft. There cannot be any chargebacks or refunds, once they are sent, crypto coins are gone and they can not be taken back. The sender will not be able to reverse his transaction which means fewer risks for merchants.
It gives you additional privacy protection since no private data is attached to your BTC wallet, people just do not comprehend who actually stands behind those transactions. At the token it is pretty transparent that anyone can technically find information on wallet addresses and balances in a public ledger.
It is really quick. It does not actually matter where the person is located and where he or she wants to transfer their coins to, be it a cross-border transfer or a payment to your local entity. With Bitcoin, such transfer becomes close to instantaneous.
There are zero or low transaction fees since there are no middlemen in the Bitcoin network, no bitcoin user will be charged for anything. There might be fees for faster processing of transactions or conversion of bitcoins into fiat currency but still, the costs will be kept very low.
Bitcoin is not subject to inflation. The number of Bitcoins to ever be issued is limited to 21 million and Bitcoin volume growth is predictable so it can be noted that they cannot be churned out like fiat currencies and poured into the economy.
Other coins for online gambling
When gambling online, you can use a number of coins some of which include:
Litecoin
Monero
Dogecoin
Tron
USDT and more.
Crypto for gambling disadvantages
Bitcoin is very famous for its volatility. Its market exchange rate bounces up and down on a daily basis namely simply because of the limited amount of Bitcoins and an increase in demand for them. Though eventually, its price will settle, it still is not recommended to keep significant savings in Bitcoin.
It is experimental. Bitcoin is in its infancy and its features are still being developed. As Bitcoin usage grows, it becomes more accessible and its features and usage practices are more polished.
Only a very strict number of websites are ready tp accept it as payment so you cannot go for example to the convenience store and buy the same basket of goods with BTC as you would with your good ol’ credit card. That being said, worldwide Bitcoin adoption keeps growing.
Bitcoin is untraceable. Anonymity which is viewed as an advantage by many may draw in criminals in the sense that it is ways easier to sell illegal items when you cannot be traced.
Conclusion
Bitcoin has been in the gambling industry for quite a long time. The time it has been in use and the casinos that are adding it as a new method of payment prove just how viable this payment is.
