Why Use Cryptocurrency in Gambling
Cryptocurrencies strictly comply with laws and regulations. In the United States, people cannot play their games with real money due to national gambling laws. In many cases, casinos have stopped delivering certain areas due to regulations.
Privacy-centric, encrypted currencies – if they aren’t interested in breaking the law, why would online casinos want to use Bitcoin? There are many reasons why gambling sites like to use Bitcoin. Here are the benefits cryptocurrency casinos to their customers:
Currency privacy shouldn’t be considered if the player has nothing to hide. Gambling is not illegal in many parts of the world, but it always carries a social stigma. If people know that you are playing a game, they may think you are an unpleasant character, immoral, or have an addiction problem.
These things can be associated with gambling, but most people do it for fun. Therefore, with the pseudonym of Bitcoin, casual gamers can have fun without worrying about being judged by the people around them.
Bitcoin is probably one of the safest digital currencies if you store it correctly. Keep your cash away from your online wallet; you’re probably someone you don’t have to worry about stealing money. Compare this security with by credit card or PayPal.
If your gambling website has been hacked and you have a credit card or PayPal account registered, you may be the next target for hackers. Various phishing and social engineering schemes encourage even intelligent people to pass credit card information to thieves. With Bitcoin, you can be confident that someone requesting a private key or wallet password will try to steal your funds. It’s okay if you keep the confidential key secret.
Bitcoin payments are incredibly fast, despite recent transaction delays due to blocking size issues. Most transactions are confirmed within minutes but can take hours. It may take a day to verify your Bitcoin payment in rare cases.
Compared with ACH bank transfer, which takes up to 5 business days, international transfers can take a week or more to process. With Bitcoin, players can fund their accounts and withdraw their winnings instantly (if they are using a reputable gaming platform). In the worst case, players will have access to their funds on the same day.