In the traditional system of gambling, players are usually required to place their bets with fiat currencies, at first look, you may be wondering what difference it makes whether people opt to use fiat currencies or otherwise, seeing as you either win or lose when gambling. We will highlight some reasons why people are opting for Bitcoin gambling over the use of fiat currencies.
Bitcoin was introduced to us in 2009, and while it was met with a lot of resistance, it surmounted the challenges, and rose to become one of the most valuable cryptocurrencies that we have at the moment. The popularity of Bitcoin gambling began some time in 2012, and since then, there has been an unprecedented growth in the Bitcoin gambling industry, because at the moment, there is a plethora of Bitcoin casinos and Bitcoin sportsbetting sites.
One question that may linger in your mind is “Why bitcoin?”, and it is quite simple, because the answers to the ‘Why’, are the reasons why Bitcoin gambling has continued to rise over the years.
Privacy and Anonymity
It is important to note that the underlying technology that makes Bitcoin function, called blockchain, gives Bitcoin a default decentralized feature, hence, there are no intermediaries, no central bank or authority, no third parties, the transactions take place between your Bitcoin address and the casino’s address. That invariably means you do not need to begin the tedious process of inputting private and sensitive information when carrying out your registration. We have heard about people’s identities getting stolen as a result of hacks on servers, and that is one of the things that Bitcoin gambling avoids effectively and efficiently. Furthermore, you are safe from prying eyes.
It may interest you to know that data sent to the Bitcoin blockchain cannot be altered or manipulated, and that means there is no room for fraudulent practices, on both the casino and players’ parts. Thus, it is a trustless system, because the contracts are automated, and thus leaves little room for human factor to happen.
It is no news that with the traditional gambling system, winners have to wait for days before they can get their winnings, and in the process of waiting, a lot can go wrong, and thus cause players to lose faith in the system. However, with Bitcoin gambling, transactions and transfers are almost instantaneous. The amount of Bitcoin and the location it’s being transferred to doesn’t matter and that invariably means the user does not have to wait for days to get their winnings.
Because it is decentralized, it eliminates the need to go through third parties in the form of banks, personnel, and payment gateways. The transactions happen just between the players and the casinos, hence they do not have to pay third party fees, and because there are no intermediaries, the process is fast and seamless.
There are several other reasons why the popularity of Bitcoin casinos and Bitcoin sportsbetting sites is on the rise, but the rot in the centralized system has made people look for alternatives, and Bitcoin gambling is just the perfect alternative.