Gambling with Bitcoin has expanded at a rapid pace and with good reason. This popular cryptocurrency allows for many benefits that traditional banking does not cater for, yet still generates access to gambling in many forms such as sports betting, poker, (video) slots, and interaction with live dealers. While there is never a goal achieved without some setback, Bitcoin payment is swiftly making its move as the preferred method of payment mainly due to its increased security, efficiency and low transaction costs when compared with traditional banking.
In the online world, security is everything when it comes to any transaction that is sharing a user’s information, which is one of the main reasons why Bitcoin has become so popular. When transacting with this currency, very little personal information is required and various wallets can be used to increase security like online, software or hardware wallets. It is also almost immediately visible as a transaction as opposed to traditional banking that could take much longer and increase chances of fraud.
Not even a credit card is needed when gambling with Bitcoin, increasing your privacy and anonymity to let the user gamble in private and without others monitoring every activity. Anonymity is not absolute though, as the coding system that Bitcoin works with is an open source project making transparency of the operating information visible thus making it safer for users by being able to see that they are not being scammed. This is further seen on sites where proof can be found as to their legitimate operation with Bitcoin.
The entire process of cryptocurrency gambling is fast and efficient- From simply setting up an account with an e-mail address to registering Bitcoins in a personalized wallet and playing almost instantly thereafter. Transaction fees are either seldom requested or very low, and when attempting to deposit or withdraw Bitcoins, the transaction is considered much speedier than traditional banking, making it perfect for those that are either on the go or in a rush. Gaming advantages extend to the marketing of sites using ‘Provably Fair Games’ when playing with Bitcoin to assure the user of legitimate Bitcoin transactions taking place and also give lower house edges to Bitcoin users over those trading with fiat currency.
From this vantage point it seems that Bitcoin is giving traditional banks a run for their money in terms of decisive features when deciding on transactional options. Nevertheless, it is always recommended that users educate themselves thoroughly before utilizing Bitcoin to reap the best benefits for their particular needs.