When you think online gambling, Bitcoin might not be the first currency you think of. Despite its recent rise in popularity, Bitcoin is still a currency that operates outside of most people’s remit. Yes, the world is changing and, as the digital revolution continues to infiltrate every avenue of our lives, it’s becoming increasingly likely Bitcoin will become a major currency within the coming years. However, as it stands right now, the cryptocurrency is still not a major player in the global market.
As we’ve said, however, this will certainly change in the coming years and one of the industries helping the currency proliferate is the world of online gambling. Bitcoin is now used by a number of major sites both as payment alternative and as the main on site currency.
Although it might seem like an unlikely combination on first inspection, gambling, Bitcoin and online betting fans are a match made in heaven. Why? Because the majority of online casino and sports betting fans are tech savvy, they are (generally) more willing to embrace the latest innovations. Whether that’s mobile casino gaming or live dealer tables, the average online gamer is not only willing to accept new technology, but will often become an ardent supporter of it because they see the added value of it.
This dynamic has been seen in the online gambling world and in the last few years Bitcoin has been embraced by the iGaming community to the point where cryptocurrency casinos are now the norm. Although there are many reasons why, when it comes to gambling, Bitcoin is a great option, the main reason is its safety. In comparison to traditional currencies and payment methods, Bitcoin is extremely secure and that’s something all online gamblers appreciate. Protecting your bankroll is a skill in and of itself in the gaming world and the more secure a payment method is, the less work a player has to do and that can only be a good thing.
Of course, Bitcoin gambling hasn’t become a boom industry in the iGaming world just because it’s secure (although that is a major reason). In fact, there are many reasons why Bitcoin has become a hit with online gamblers as well as the average Internet user at large.
To give you some insight into the positive links between gambling, Bitcoin and your bankroll, here are some of the cryptocurrency’s major benefits. However, before we do that, let’s quickly run through what a Bitcoin is, just in case all this talk of cryptocurrencies has left you scratching your head.
What are Bitcoins?
Bitcoin is defined as a cryptocurrency which basically means that it is a digital currency that uses inbuilt encryption systems to regulate it rather than banks. Essentially, Bitcoin is a decentralized, peer-to-peer monetary exchange system designed to allow online users to process transactions through units known as Bitcoins.
Although the exact origins are sometimes unclear, it’s believed that Bitcoin was first created in 2009 by Satoshi Nakamoto. The reason the exact origins of Bitcoin are unclear is that Satoshi Nakamoto was a pseudonym for a programmer or a group of programmers who wanted to ensure that the product was anonymous from the very start. Since creating the online currency, Bitcoin has inspired awe and scepticism in equal measure; however, it’s now known as a “third” currency as it’s an alternative to government flat currencies (i.e. the Euro) and pure commodity currencies like gold or silver coins.
Bitcoins are mined (created) by a computer that’s capable of solving increasingly complex mathematical algorithms. This process adds a new Bitcoin to the economy; however, for the average online user the way to acquire pre-existing Bitcoins is to purchase them with standard currencies and place into a Bitcoin wallet. After loading up a Bitcoin wallet with some coins, payments are processed through a private network of computers linked through a shared program. Each transaction is simultaneously recorded in a blockchain on each computer that updates and informs all accounts.
After each transaction has been verified then the Bitcoins are sent to the relevant party/parties and the process is complete. In a nutshell, Bitcoin is a self-governing, self-regulated and self-secure system for paying for goods and services.
The Benefits of Bitcoin
OK, so now we’re all clear on what Bitcoins are and how they get moved around the Internet, it’s probably a good time to talk about some of its benefits. As we’ve said, in terms of online gambling, Bitcoin is a great option for all players because it offers a safe, secure and efficient method of moving money around the virtual world.
It’s Quick and It’s Cheap
In comparison to traditional currency transfer methods, Bitcoin transactions are extremely cheap to process. In general, a standard Bitcoin fee is 0.0005 BTC per transfer. In contrast, a typical international wire transfer you could expect to pay $15/£10 per transaction. Moreover, accepting credit cards will usually cost 3-5% of the transfer amount.
On top of this, international wire transfers can much longer to process than Bitcoin payments. Indeed, in some cases an international wire transfer processing times can range from few days to more than a week. In contrast, Bitcoin transactions are generally confirmed with an hour.
So, what does this mean for an online gambler? Basically, if an online Bitcoin operator has processes payment faster and cheaper, it means it can pass on these savings to its customers. For example, when you join VegasCasino.io you’ll be able to choose from a range of deposit methods that don’t charge any fees. Additionally, because VegasCasino.io is Bitcoin only, it means its costs are lower and these can be passed back to players in the form of better bonuses and loyalty offers.
Transactions are Irreversible
One of the biggest dangers for merchants accepting credit card payments is charge backs. Although this doesn’t happen all the time, it is something that happens regularly enough to cost major companies a lot of money. Essentially a charge back happens when someone pays for something using their credit card, they wait for the item to be sent and then they contact their credit card company and make up a story (such as their card was stolen and they didn’t authorise a payment). At this point the credit card company will reverse the transaction, take the money back from the merchant which then leaves them out of a product and money.
Fortunately, because of the way Bitcoins are produced and transferred, it is the only payment method that is 100% irreversible and cannot be charged back. Although this also means you should be careful when sending Bitcoins to someone you don’t know, it also means the major operators aren’t at the mercy of charge backs. Again, as with lower processing fees, this is great for online gamblers because it means more value.
When it comes to gambling, Bitcoin operators can give their customers more simply because they don’t have to fear charge backs. Without having to put a surplus of cash aside to cover any unforeseen charges, Bitcoin betting sites can use their extra funds to give players better bonuses and more offers.
Forget the Paperwork
One of the best things about Bitcoin from an administrative point of view is that anyone, from any country and of any age can accept funds within minutes. Unlike traditional currency exchanges methods where you may need to show your ID card, passport or proof of address (things all conventional banks ask for when you want open an account), Bitcoin payments are a sign-up and go system. In fact, all you need to do to start sending and receiving Bitcoins is to download a Bitcoin Wallet program and generate a Bitcoin Address.
In terms of online gambling, Bitcoin’s lack of paperwork means that it’s easier for players to join the action and start playing for real money. Although you will still have to verify your age and identity when you join a platform such as VegasCasino.io (to prove you are old enough to gamble), the process is a lot more streamlined than it is when you join a traditional online casino.
For example, when you join a standard online casino site, the sign-up process will often require a number of steps that all involve verifying your identity and your banking method. All this can take as long as a day or two and that’s time you could have spent playing games such as blackjack or roulette. Fortunately, Bitcoin gambling sites don’t present as many administrative hurdles and that means you can get to the tables and start betting a lot more efficiently.
In the same way you can with other online payment systems, Bitcoin users can pay for their coins anywhere they have Internet access. This means that purchasers never have to travel to a bank or physical location in order to buy a product. However, as we’ve just mentioned, you don’t need to give away any personal information to complete a transaction.
What’s the benefit of mobile payments for online gamblers? Simple, the faster you can join the action, the more chance you have of making money. Over the last five years mobile casino, poker and sports betting has become big business and the term “gamble on the go” has now become synonymous with the modern players.
For gamblers, moreover online gambling, Bitcoin and its ability to be processed using a mobile device is great because it fits into this model extremely well. Today, when you join a Bitcoin betting site such as VegasCasino.io, you’ll not only be able to move money into and out of your account using a Smartphone, but you’ll be able to play your favourite games anytime, anywhere.
Joining a Bitcoin Gambling Site
Having read the previous paragraphs and digested the information we’ve presented, you should now have an insight into the wonderful world of Bitcoin. Indeed, now you know how it’s made, how it’s processed and why it’s a better way to pay, the only question you should have left is: where do I sign up?
When it comes to online gambling, Bitcoin sites are starting to pop up all over the place and one of the leading operators currently offering a slew of betting options is VegasCasino.io. Known as a Bitcoin only betting site, VegasCasino.io doesn’t simply process Bitcoin payments, but every prize and bonus is also paid out in the cryptocurrency.
To join the Bitcoin gambling revolution and become a member of VegasCasino.io all you have to do is create your first account. By navigating to the registration page and filling in your details you’ll be able to open an account and start playing for free. Once you’ve done that you can verify your account using Google Verify and then start playing for real money using Bitcoins. To do this you simply have to head over to the cashier page, hit the deposit tab and choose your preferred method (this can be Visa, MasterCard or Skrill etc) before hitting the “start now” button.
This button will take you to a nominated Bitcoin wallet where you can load it up and then send Bitcoins to VegasCasino.io’s dedicated Bitcoin address. Once you’ve completed this final step your VegasCasino.io balance will show the relevant amount of money which can then be used to play all manner of games.
In a nutshell, if you’re looking for a better way to bet online then Bitcoin is the answer. Although gambling, Bitcoin and your bankroll might not be the most obvious combination, the facts speak for themselves. As we’ve demonstrated, Bitcoin is a safe and secure payment method that has a number of inherent benefits that are great for players. Essentially, if an operator can reduce their costs and still offer their players high level of protection, then it’s better for everyone. At platforms such as VegasCasino.io you’ll find that the inherent benefits of Bitcoin has meant the operator can pass on its saving to players and that means more money for you in the form of bonuses and VIP rewards.