The gambling industry in the US is a huge market and it is expanding its reach by getting into online gambling. With online gambling, people need not drive to a casino to play and get rich; instead, they can use their smartphones and laptops to play and win. Due to the growth in popularity of Bitcoin online gambling, there is a change in payment trends from chips and bills to other forms of currency. Among the popular transaction, methods are the payment through cryptocurrencies, especially Bitcoin.
What Is Bitcoin?
Bitcoin is a type of cryptocurrency which is also a digital currency that has seen tremendous growth in its value in the past decade or so. It is a decentralized currency that is secure, untraceable, and anonymous and is entirely virtual. This currency is stored online in digital wallets and is traded on BTC exchanges.
Bitcoin is subject to volatility; therefore, trading can be quite challenging for newbies. It is important to choose an appropriate and reliable trading platform like Bitcoin Superstar, which gives multiple opportunities to double your gains.
Benefits of Using Bitcoin
The gambling industry is betting on cryptocurrencies like Bitcoin, and here are some of the benefits of it.
Safe, Secure and Private
One of the major benefits of using Bitcoin in US online casinos is there is no need for users to provide personal information when making payments. Only the username and the address of the digital wallet in which the cryptocurrency is stored needs to be mentioned. Even when it comes to gambling safely, users are safe from their government prying eyes when Bitcoin is used, as it offers anonymity by keeping the account balance private.
Moreover, online casino accounts are prone to malware, trojans, etc. and the users’ money can be easily wiped out when there is a cyber attack. But when played using Bitcoins, there is no exchange of personal information hence safe from criminals and hackers.
Faster Transactions
Cryptocurrencies are decentralized so that it facilitates faster transactions. Whereas the normal currency takes more than a couple of days to complete the process. Hence using Bitcoin offers a major advantage here as everything is digital with no manual process involved. So if you want to withdraw money from your online casino account, as soon as the application is approved, your money is transferred to the digital wallet.
Removes Location Restrictions
As per the rules of Division Of Gaming Enforcement, DGE, an online casino in San Diego, should not allow players outside of that place to register and play using real money. This prevents players from enjoying their favorite casino games. But this rule does not apply to a Bitcoin gambling site as there are no such regulations by Government.
Low Transaction Fees
As you know, Bitcoin is decentralized and since there is no banking system involved in the transaction process, the fee that needs to be paid for it is less. All the transactions are stored in a BlockChain, which is a public ledger that tracks the transactions. So when you are withdrawing Bitcoin from your online casino account, there will only be a small fee that is negligible to maintain that ledger.
The industries that embrace Bitcoin will benefit as the popularity of Bitcoin increases. As more and more people have started using cryptocurrencies in general and Bitcoin, in particular, they will look out for online casinos that accept it. That is a good enough reason for the online gambling industry to accept Bitcoins! Get the latest news on casino games and the casino industry to know more about it.
