Why Should You Use Crypto When Gambling Online?

Crypto When Gambling Online

Rarely has there been seen such an explosion in any financial market other than the recent new creation of cryptocurrencies. This phenomenon has been on the tip of everyone’s lips as they debate whether to get involved in buying some, to hold, or to trade.

Various currencies are available, with some proving to be more successful than others. Numerous success stories of fortunes being made overnight can just as easily be counterbalanced by stories of people losing everything.

Despite the first cryptocurrency, Bitcoin, only being launched in 2009, it has spawned a wide range of competitors. Cryptocurrency is now becoming more accepted as payment for a number of products and services in-store and online.

While still in its infancy stages, it’s possible to pay for anything such as necessities or keep yourself entertained on sites such as a casino online with cryptocurrency. But are there advantages to gambling online with cryptocurrency as opposed to traditional methods?

Gamble from Anywhere

There are fans of cryptocurrency spread throughout the globe, with its presence now even entering the realm of social media with the aim of keeping everyone up to date and hopefully answering any questions that come up for discussion. This can be informative to anyone who likes to bet with cryptocurrency, as they know that each casino site differs in the rules they set.

Citizens of particular countries may be blocked from using their services, in fact, it’s also possible that even inside some countries where online gambling is legal, there may be certain states or areas that do not permit it.

With cryptocurrency, there don’t appear to be any such restrictions. Regardless of the laws in your area, they are always willing to accept new players. Internet providers cannot track or block transactions made with cryptocurrency, making this an important advantage that it has. It can be hard to pay casinos through banks in certain places.

Quicker than other Methods

One of the more commonly heard complaints about gambling online is to do with how long it takes to get their money in, and more importantly to them, out of their chosen online casinos. Playing with Bitcoin or other cryptocurrencies can guarantee deposits will be instant. For example, choosing to use bank transfers can be time-consuming, and most gamblers wish to play right away.

The withdrawal process is of huge concern to punters, who will wish to receive their winnings as quickly as possible. There is no intermediary institution so the fund transfer will be sent directly to your account. Worrying about business days or holidays, for example, becomes a thing of the past as crypto payments make their way to you as quickly as possible.

Worried about your Privacy?

crypto

People who like to bet tend to try and keep this fact quiet. It’s rare you find someone proudly announcing themselves as a gambler. In this day and age, there is still a stigma associated with it. However, you may not find yourself only encountering problems with family or friends, but with possibly with banks too.

Using cards linked to your bank account for the purposes of gambling will put you up for scrutiny, and could see denied a loan for example. Using crypto will also avoid your activities showing up on bank statements. To use your crypto wallet, however, will see you remove the use of a bank and also remove any need for information pertaining to yourself.

Boosted Security

Everyone who joins betting sites finds themselves concerned with how safe their money actually is. Cybercrime has been on the rise, and the thought their funds could go missing is troublesome. Personal information is not required, thus alleviating the fear of identity theft. All Bitcoin transactions are recorded, making all merchants feel at ease.

Most holders of Bitcoin keep their coins in cold storage, protected by strong passwords. This eliminates the chances of hackers being able to access them. However, if the gambling site you use contains details of your bank account or Paypal account for example, and gets hacked, you are then exposed to hackers stealing all that information.

User Friendly

Using cryptocurrencies like Bitcoin not only work out to be faster but will be cheaper overall in the long run. Deposits made with credit cards or bank transfers can incorporate hefty charges as a service fee. This is not what you want to hear when you know you are already going to be spending money on gambling.

The transaction fees associated with Bitcoin are minimal when compared to these options. Interestingly, this has advantages to both the person playing and the casino itself, as they are both faced with costs from using other methods. Funding your account through Bitcoin will save the casino from dealing with fees, whereas you will receive more cash when you win.

Summary

It’s no surprise that in a world dominated by talk of cryptocurrencies, they have begun to enter the realms of businesses that were previously unsure about accepting them. Progress has been made excessively fast, with many seeing crypto as the currency of the future, to be used or at least available to use, in almost every transaction.

The fact that cryptocurrency knows no boundaries holds appeal to people who like to bet all over the world. Anyone can buy crypto, to do whatever they see fit with it. Gamblers can work their way around restrictions put in place far easier with crypto than any other form of payment.

Its seen to be faster than other traditional methods of funding your betting account, and more importantly, when you are withdrawing your winnings. Using crypto can also keep your gambling habit private to yourself, avoiding the prying questions of people you love, and financial institutions that have the power to make your life harder than necessary.

With cryptocurrency, personal details can be kept private, and you will avoid the risk of hackers stealing your financial data from your chosen site. This is every person’s, never mind gamblers, worst nightmare. Saving on transaction fees alone will put you ahead in the betting game, and indeed over time using crypto can make a big difference to the amount of money you have.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.