Why did bitcoin gambling appear in the online casino industry?
Let’s list the problems customers can face with while gamble with real money. Difficulties may arise at the stage of deposition like charging a commission by payment systems or it can take a long period of time or there may be a probability of receiving the refusal from emitting bank. Such problems can arise also in the procedure of withdrawing funds. And of course we can’t not to mention the difficulties in regulation of gambling in different countries.
Many players still remember the so-called Black Friday in America, when four the most popular poker gaming websites were caught in conducting illegal activities. This incident made the owners of online casinos to think that it is necessary to find new ways of organizing the gambling process. And the solution was found. The situation was rescued by a relatively new virtual currency – it was decided to open such thing as a bitcoin casino.
So what are the advantages of bitcoin and which of the abovementioned problems it can help to solve?
Answering these questions we will name 7 features, which are going to help you to understand, why it is better to have a bitcoin wallet. Well, here they are:
- Decentralization. Of course, this is the main feature. If you are using real currency to make remittance, the payment system needs a permission of the Central Bank for this transaction, but if we speak about cryptocurrency it is no longer required.
- A higher speed of a transaction. You can transfer money directly from the clients’ account to the account of another player. It is an implementation of the so-called «peer-to-peer» principle.
- An improved security level of the information. All funds are directly on the player's computer. Therefore, unauthorized persons do not have an access to confidential data.
- Minimal or no fees for transactions is another feature of bitcoin gambling. Bitcoin casino has a much lower cost in such remittance.
- Complete anonymity of players is another important distinctive characteristic. Bitcoin wallet consists of 27 numerals and it is used in filling the data while registering a transaction.
- An immediate withdrawal of your winnings. It is absolutely free to register a bitcoin wallet on the Internet, and it does not take much time. Just make a small effort to find a casino that accepts cryptocurrency and enjoy the possibility to withdraw your funds quickly.
- A possibility to circumvent legal aspects that regulate gambling for real money with the help cryptocurrency.
In countries where the government restricts cash transactions on the Internet gaming websites and black-books online casinos, this virtual cash will be extremely useful. Nowadays, the very essence of bitcoin gambling is about to give gambling websites a chance of not being banned.