Since its initial release in 2008, the digital cryptocurrency known as Bitcoin has become one of the most valuable forms of international currency to date. Wallet holders are now able to use it with almost the same level of freedom and accessibility as traditional money operates on – enabling holders to purchase of anything from technology to Subway food products.
This decentralised form of digital money itself may not be tangible in the physical sense, but it can certainly unlock the ability to acquire just as many valuable physical goods as fiat money does – which is why the casino and gambling community have opened up the gates for players to opt for cryptocurrency betting in addition to traditional fiat money betting – and the benefits are abundant.
Benefit #1: Affordability
Making Bitcoin an option for players to bet with works in favour of both the gambler and casino operator or bookie.
It is significantly cheaper to process cryptocurrency payments rather than regular fiat payments, allowing casino owners or operators to offer promotions, larger bonuses and more attractive deals in general that leave everyone in a better position than before.
Benefit #2: Privacy
Privacy is a huge factor in why more and more gamblers are moving towards cryptocurrency betting. Not only are cryptocurrencies like Bitcoin untraceable in terms of transaction history, they are additionally very restrictive towards geolocation tracking, allowing people who are in situations where they are not permitted (legally or otherwise) to safely gamble can do so in full discretion with no risk of being surveyed.
For players who want to be able to gamble anonymously, using cryptocurrency instead of fiat money is ideal because it does not require the submission of any personal details (unlike regular bank transactions, which do), requiring only a destination tag or wallet address. Because gambling can be seen as controversial in some countries and cultures, having that extra layer of privacy can make the world of a difference.
Benefit #3: Efficiency
The speed at which cryptocurrency is transacted between wallets is much higher than that of regular bank accounts. This makes the process of both depositing funds and withdrawing winnings from your betting account much faster and more efficient.
Benefit #4: Decentralisation
The decentralised aspect of cryptocurrency is by far one its most famously appealing attributes. Decentralisation is essentially just a state of independence, not being owned or controlled by any business bodies or greater persons – it is simply a system that has been swung into motion.
This makes it extremely difficult to be manipulated, and in a way, can be seen as less volatile than bank or government-owned fiat currencies. Using, trading, and betting with cryptocurrencies means removing your monetary affairs from the control of government agendas or economic decline.
Regardless of where you are located in the world or what your national economic status is, cryptocurrency lives outside of those things and will continue to hold (or even increase in) value for the foreseeable future.