Top 3 Reasons Why Bitcoin Gambling is on the Rise
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Online casinos in Canada work similar to traditional brick and mortar casinos: Players use real money to place bets that have the chance to pay out even more money.
A significant slice of punters prefers online gambling over traditional gambling in casinos. Some of the more compelling reasons for this are relative anonymity, faster action, and the convenience of playing from home.
Guest author Lucas Goldberg gives us a list of reasons why bitcoin gambling is on the rise. To find out more about Lucas Goldberg, click here.
The benefits of playing live casino games have always been hampered by the use of fiat currency. Players have to go through a lot of verification checks before they can gamble freely using fiat money, especially if they are playing for high stakes.
In contrast, the benefits of playing online are all amplified with Bitcoin gambling: safer from digital thieves, more private, faster transactions, and, once you learn how it works, more convenient to use.
Here are three reasons why Bitcoin gambling games are rapidly gaining ground among online gamblers, and why you should consider it if you’re a long-time casino denizen.
Bitcoin is (More) Anonymous
While Bitcoin is not the most private cryptocurrency available (Monero is your best bet if absolute privacy is needed) it allows for much more anonymity than can be had with fiat currencies.
You are more anonymous online compared to real-life casino settings, but you will still have to go through several hoops to prove your identity, location, and ownership of your payment methods. Canadian players can use bitcoin to play their favourite casino games online free as there are a number of Canadian friendly casinos that accept bitcoin and other cryptocurrencies.
Disclosing such information involves leaving traces of your identity online. While most reputable online casinos in Canada say all the right things about protecting their customers’ data, it would be unfair to blame punters for taking such assurances with a rock-sized grain of salt.
Troves of private information have been leaked or hacked in the past, from companies that claimed to have ironclad privacy policies. A modest payout from hacked companies can hardly compare to the hassle of dealing with your private data potentially being used for criminal activities.
With Bitcoin gambling, you don’t need to disclose any personal information to establish ownership of your payment method. If and when the Canadian online casino you play at is hacked, you can be reasonably certain thieves won’t be able to identify you from their hacked data trove.
Massive personal information leaks don’t occur every day. But if and when they do, you can be sure that you’re protected from the worst-case scenario with a Bitcoin casino.
Bitcoin Facilitates Cheaper and Faster Transactions
If you’ve played at an online casino, you already know about all the fees that can come with ordinary transactions.
Not only can you be subject to fees from the casino for depositing and withdrawing, you will also have to deal with fees imposed by third-party payment providers.
If you use credit cards and bank transfers to move your gambling money around, these fees can stack up quickly. Unless you are an absolute high-roller that gets top-level VIP treatment and waived fees anywhere you play, your casino bankroll will dwindle faster than you think with every transaction.
To win a non-trivial amount gambling, you’ll have to tangle with Lady Luck in addition to dodging multiple transaction fees. If you thought winning at casino games are hard, wait till you see how much you’re losing out with a constant stream of third party fees.
Bitcoin gambling evades this problem altogether. While many online casinos impose a fee on Bitcoin transactions, they are negligible and much cheaper than you can ever get from fiat transactions.
Bitcoin’s Volatility Can Work for You
One key advantage of fiat currency is its relative stability. You can win $1 and be certain that that dollar will always be worth $1.
Bitcoin values fluctuate and contract much more frequently. This can be a disadvantage for most people, but hardcore punters may view the volatility as an added mini-game of sorts.
For example, if you play Bitcoin slot machines today and win one Bitcoin (current value: $18,869.80), you can wait for the Bitcoin to gain substantially more value before converting it into fiat currency.
If you check Bitcoin projections for 2030 online, you will see that experts offer varied opinions on this question. Some predict a Bitcoin to be worth $397,000 in 2030, while one prominent investor even speculates that it could be worth $1 trillion by then.
Whether this is something you’d like to do or not, you have to admit this is a pretty cool aspect of Bitcoin that you won’t be able to find with fiat currencies. And if you’re risk-averse, simply cash out your Bitcoin winnings immediately with no fuss.
Conclusion
If you have the opportunity to play with bitcoin in Canada, go ahead and take it as market analysts are confident that you are going to have more of an upside than a downside with bitcoin in the years to come.
