By now, in 2017, most everyone has at least heard of Bitcoin, a name given to a form of digital currency or crypto currency. But that doesn’t mean that most people have an understanding of what Bitcoin is, and how it is changing our world of financial transactions. Rather than defining exactly what a digital currency is and how it works, this essay will give a short tutorial on the benefits of utilizing bitcoin as a preferred financial option over standard banking procedures, especially if you frequent online gambling sites.
As with any other grouping of web sites currently operating on the internet, there are some online casinos that are sketchy and more than a little dishonest. But as a whole, the online gambling industry is fairly reputable, especially the larger and more well-known casinos. The majority practice strict adherence with local laws and in many cases actually deny access to areas that have regulatory restrictions, as is the case for many areas of the U.S. The use of Bitcoin will greatly enhance the safety of and protection of users’ financial data.
Security is perhaps the biggest worry amongst users of online casinos. Handling financial transactions with credit cards or paypal, can expose a person to not only financial theft, but to identity theft as well. No matter how impenetrable a website professes to be, determined hackers will find a wall to gain access. If a gambling site gets hacked by criminals, then user’s financial records will be accessible, exposing credit card numbers and other sensitive data. Bitcoin is a totally secure alternative to standard payment processing, i.e. credit cards. But bitcoin must be handled correctly in order to keep it secure. Keeping your coins away from online wallets (storage method) and instead keeping the majority of your bitcoins in cold storage and protecting your private keys with strong passwords will go a long ways toward preventing anyone from being able to steal your coins. If anyone asks for a private key or wallet password, you know that person is a thief.
As an online casino user, most people would like to see instant payments for their winnings. Bank transfers can take up to five days to complete while international transfers usually take more than a week to clear. Bitcoin is light years ahead of standard payment processing. Most transactions are confirmed within minutes, but no more than a few hours at worse. Both funding an account and withdrawals are instant transactions with bitcoin, as long as the website is being run on by reputable gaming software.
Using bitcoin actually saves users money by charging a very low fee. Besides the high rate of interest charged to consumers on a credit card balance, companies are also charged a credit card transaction service fee. Companies will invariably pass that fee on to the consumer as a service fee. Bank transfers also come with a high cost. Both the online casino and their customers benefit from choosing bitcoin to fund their online gambling accounts.
Without the advent of the internet, bitcoin and other digital currencies would never have been conceived. The old adage, “necessity is the mother of invention”, has never been truer. Online financial transactions have always been lacking as far as security and privacy is concerned and people never had a choice. Digital currencies have fulfilled that need, especially for online use. Many online gambling sites are now offering digital currency as an option. For online use, banks, credit card companies and payment processors, for all intents and purposes, will be phased out in the near future. With the phenomenal rate of growth taking place in the crypto currency world, don’t be surprised if that happens much sooner than thought possible.