Bitcoins have started to make a splash in an unexpected location: online casinos.

Bitcoin is a type of currency, similar to American dollars or pounds, that is used primarily for transactions made on the web. You’re never going to have a physical bitcoin, instead, it’s a form of digital currency you can use to make purchases. The currency was originally used primarily for purchasing of things online you didn’t want tracked, for instance, illegal firearms or drugs; however, now it has started to enter the mainstream, and can be used to purchase everything from a new pair of shoes to takeout for dinner.

Using bitcoin for online gambling can have many benefits, the largest of which is that the currency is by default international. That means that from your home in America, you can gamble in online casinos that are located everywhere from the UK to China, just as if you were a native in those countries. On a basic level, that might allow you access to a casino you might have otherwise not been able to use, but it can also have a dramatic effect on your winnings. The good news for the casino, and even better news for gamblers.

Typically when you gamble in a foreign casino you’re required to transfer the funds that you’re gambling with into the native country’s currency. Then when you’re done gambling, you have to exchange the money once again back into the currency for your country. Depending on the casino you’ve chosen and how you’re handling the transaction (your bank account, credit card, etc), that could mean paying exchange fees on both sides of the equation. Depending on how much money you’re transferring in and out of the casino, that could add up to a ton of cash.

With bitcoin, you’re using an international currency, that means there are no exchange rates on either side of the transaction. Depending on the cost of the transfer, that could equate to big savings for you.

Another reason people are moving toward using Bitcoin over other forms of currency online is for security reasons. Bitcoin is one of the most secure ways you can conduct business online. The highly-secure currency is less susceptible to fraud than other forms of payments like credit cards. Using it can be a great way for you to gamble, without handing over private information to a foreign entity.

Speaking of private information, the private nature of Bitcoin is one of its largest advantages. With Bitcoin you’re able to conduct transactions completely anonymously. That’s why the currency gained such popularity in the “black” market because it could not be traced by the government (or any other), so you were able to make purchases of whatever you want without fear you were being tracked or watching.

In a casino environment, that means you could gamble online without anyone knowing that it was you specifically doing the gambling. Despite this being a feature of the currency, you might run into issues where the casino still requires that you provide some form of identification in order to gamble. That need isn’t currency based, however, so it might be bypassed in some situations.

And then there’s the matter of Bitcoin casinos. Bitcoin gambling sites have started to pop
up all over the web. With these, they’re counting on you coming to the
party with just Bitcoin, in fact you can’t use anything but Bitcoin to
gamble in them. When you win, that’s also what you walk away with: more
Bitcoin.

Bitcoin casinos do have another strong advantage: they often have better odds and high payouts. With traditional casinos, the owner has to deal with the cost of taking in and distributing funds to bank accounts, credit cards and the like. While you might take on some of those charges, there are others in place for the casino, and they can add up to be something pretty high.

With a Bitcoin casino, everyone is able to transfer Bitcoin in and out freely, that means there’s no cost for the casino when it comes to bringing cash in or out. Since they’re saving there, they can afford to pass some of that saving on to customers through bigger jackpots and better odds.

Visit bitcoincasino.best for a great selection of trusted bitcoin casinos.

 

Tags: bitcoin