It’s time to accept the fact that cryptocurrencies like Bitcoin are here to stay. It seems that every day more people are willing to accept cryptos as a viable means of exchange. That’s becoming especially evident in the online gambling space where online gamblers in Europe have begun embracing the concept of using Bitcoin as a viable banking option.
The next time you decide to go on one of your online gambling ventures, you might want to consider using Bitcoin to fund your gambling account. If you look at the online gambling landscape, you’ll notice a lot of top online casino operators are more than happy to accept Bitcoin and other cryptos.
Why should you consider using Bitcoin as your go-to online gambling banking option? Let’s start with the following five (5) benefits you would get from doing so.
1. Protect Privacy
If protecting your privacy was the only benefit afforded by funding a gambling account with Bitcoin, it would be enough to warrant your consideration. The privacy provided by using Bitcoin as a means of exchange comes from the blockchain technology that supports crypto platforms.
Blockchain technology creates a decentralized environment where transactions are recorded in numerical order without intervention from outside sources like your tax authority, a bank, or a central bank. When a transaction is created from one Bitcoin wallet to another, no personal information is connected to the transaction.
Participating parties get nothing more than a transaction code they can use as confirmation of their transactions whether sending or receiving. The transaction gets connected in perpetuity to the blockchain where it can never be changed or manipulated.
Even better, online gambling sites are happy to play along with the privacy issue. If customers use a crypto wallet to fund their gambling accounts, operators often require them to provide very little personal information beyond a user ID and password.
Security should also be at the top of your list of concerns. When you fund your gambling account with a bank card, credit card, or bank wire, you risk getting exposed to the efforts of criminals who are trying to find out who you are and where your money is hidden. If they hack in, they can get that information.
When using a Bitcoin wallet, you have extra layers of protection from the blockchain as well as the crypto wallet provider. These wallet providers tend to be very versed in battling rogue operators and keeping your coins and identity safe.
3. Cost Savings
If you are an experienced online gambler who uses debit/credit cards to fund your gambling account, you no doubt have experienced those excessive transaction fees. The fees are coming on two fronts, the online gambling operators and the debit/credit card providers.
News flash! Crypto wallet providers charge extremely low transaction fees. Also, online gambling operators often charge low to no fees for crypto transactions. Why? The transactions are digital, going from the customer’s crypto wallet to the operator’s wallet. It involves very little human intervention, which saves operators money when it comes to maintaining extra administrative manpower.
4. Fast Transactions
When you send money via a traditional online gambling banking option, you won’t be getting access to the funds until the operator grants it. With deposits, they won’t credit your deposits until they have confirmed funds. With withdrawals, they won’t process them until they have put you through a pending period while they make sure all the I’s are dotted a the T’s are crossed.
Crypto transactions get processed almost immediately. Operators are willing to do this on the deposit end because they know immediately they are getting good funds. On the withdrawal side, they feel no need to delay withdrawals because they know they received good funds in the beginning, and they know the withdrawals will be headed to the right linked crypto wallet.
5. Bigger Deposit Limits and Bonus Offers
If you use standard banking options, you might get access to an occasional bonus like the traditional 100 free spins no deposit required offer. It’s a good thing, but you might find you’ll do much better if you fund your account with Bitcoin. Why?
As evidence that online gambling operators are supportive of Bitcoin transactions, they like to increase potential benefits to customers who are willing to transact with Bitcoin.
First, they tend to allow bigger deposit and withdrawal limits for crypto customers. Second, they like to further motivate customers to use crypto by offering bigger bonuses. They tend to do these things in recognition of the fact that crypto customers tend to be people of means who will often deposit and wager larger amounts.
As you can see, the benefits of using Bitcoin as your primary gambling account deposit option are many. The only question is, “What are you waiting for?”