Are Bitcoin Casinos the Future of Online Gambling?
Cryptocurrency is officially considered to be a financial success story. Although its value dropped temporarily as a result of Tesla’s public announcement that they would no longer accept Bitcoin payments, its stock increased again rapidly, and Tesla soon reversed their controversial decision. Bitcoin payments can now be made in a huge variety of mainstream locations, and no industry has embraced cryptocurrency quite so wholeheartedly as the online gambling industry. It is widely believed that Bitcoin casino will be the future of the industry, with more online casinos accepting Bitcoin than ever before. Here’s why:
Bitcoin Use is Anonymous
One of the factors that makes Bitcoin so attractive is that it is completely anonymous: there is no need to share your personal details with any other party. Not only does this protect you from bank fraud or identity theft, it also means that every transaction you make or bet you place is private. There is a myriad of reasons why people seek privacy when they’re gambling online: they might not want their hobby to show up in their bank account when they are making a mortgage or business loan application, for example. That makes the anonymity of Bitcoin incredibly appealing.
Bitcoin Casinos Are Fast and Easy to Use
Because you don’t have to create an account and share your name, address, bank account details and ID verification to start playing at a Bitcoin casino, you can log in and start playing much faster than you can at a conventional online casino. In a world where people are increasingly time-poor, this frees up more of your precious time to focus on having fun rather than on unnecessary admin.
Bitcoin is also an instant currency, meaning that any cash you deposit or withdraw from your casino account will be moved immediately. The speed of these transactions means that you will know where your money is at all times, and that you will always have your cash available to play with.
Geolocation Requirements Are Removed
Finally, because Bitcoin is a centralized currency, the casino you are playing at will have no way of knowing where you are based; this removed any geolocation requirements from the casino. It doesn’t matter whether you want to play at an online casino based in America or Australia, you can log on and start having fun without concern, and you can play any game you want to play, no matter where in the world the casino happens to be based.
Although it is not officially recognized as a legal tender, it is perfectly legal to own and to gamble with Bitcoin. This means that cryptocurrency gambling does not have many of the legal hoops to jump through that conventional gambling does, and it also means that cyptocasinos are not bound by any national gambling laws. This is incredibly appealing to online gamblers who want game play that is fast, fun, and convenient: the three factors most driving the popularity of cryptocurrency casinos.