The real reason Bitcoin is fast becoming a popular banking alternative for online gamblers is because of the benefits it affords them.
If a gambler can benefit from some new technology, it’s a good bet they will embrace that new technology.
To better understand why a gambler might want to use Bitcoin as a means of transacting online casino business, here are a few ways they can benefit.
This is how Bitcoin is thriving within the industry.
Online gamblers almost always prefer privacy. They aren’t particularly fond of people knowing about their gambling and tracking their progress.
Bitcoin is the perfect solution to the privacy issue.
Since all transactions are recorded through the Blockchain Registry, Bitcoin users are not required to provide personal information.
That means they don’t need to let an online casino know who they are because the casino does not have to verify banking information.
The gambler can maintain anonymity throughout the entire gambling process.
There is one other advantage of anonymity.
In countries where gambling winnings are subject to taxation, winnings get reported.
If a casino doesn’t know who is winning money, they can’t report those winnings to the government, can they?
Depending on the banking method of choice, the processing of transactions to fund online casino gambling accounts can get rather expensive.
This is especially true with credit card transactions where the credit card company is looking to claim as much as 2% of the transaction amount.
One of the great things about transacting business with cryptocurrencies is the cost of doing so is minimal. The costs are so low, they are barely noticeable.
It’s a great benefit when someone can fund their online gambling account for $1,000, and the cost of doing so is pennies.
Bitcoin is proving to be an easy and efficient way to transact business between parties.
If a gambler is transferring Bitcoin from their crypto wallet to the casino’s crypto wallet, or vice versa, the transaction is initiated, administered, and completed within minutes without having to go through any time-consuming approval process.
The gambler only needs to get the casino’s crypto wallet address to make the magic happen.