In the past, casinos like the Holiday Palace only accepted major international currencies, such as GBP and USD, but today, more businesses and people have started realizing the benefits of using bitcoin (cryptocurrency). So now, even the big players in the gambling industry cannot resist the change, as they can see the potential in bitcoins as payment method. Let’s highlight the reasons bitcoins are rising to fame as an online casino currency.
What Is a Bitcoin?
It is a digital currency that provides anyone (player) in the world with the power to send and receive money anywhere in an instant and anonymously, along with low commission fees. To know more, check out the next section.
Advantages of Using Bitcoin as Web Casino Currency
This is probably one of the unique properties of a cryptocurrency. It is not controlled by any government of any country, so only two parties are involved in the transaction.
Along these lines, bitcoins cannot be taken away from you and no one could freeze your account because there is no regulating authority in the picture, meaning you control your transactions and own your money.
If you’re someone concerned of your safety and security, then you may want to keep your identity anonymous and bitcoins can provide you with that. It gives users a high degree of anonymity, just like using cash instead of credit cards.
Speaking on anonymity, there are now bitcoin casinos that do not require signup before a member could start playing. In this case, all they need is to visit the bitcoin casino and play the games of their choosing.
Your payment information cannot be taken away from you because you don’t need to share your personal data before completing the transaction. In this case, you can also protect yourself from identity theft, which is pretty common these days. Also, there is no charge back unlike with credit cards. Once you have submitted the bitcoin, it is gone, meaning there is fewer risks, too, because the sender cannot reverse the transaction.
So summing up this section, bitcoins provide players with 100% privacy in their transactions in which they don’t have to part with their personal and financial details before making a deposit or a withdrawal from the casino.
Using bitcoins as a casino online currency lets players deposit or withdraw in an instant, like sending or receiving an email. Between two parties, in many respects, bitcoin is easy and fast with help from virtual wallets, including NFC and QR Codes, which let money transfer happen in less the time and with less the effort.
No matter where you want to transfer the bitcoins, such as deposit to your casino account, transferring money is also instantaneous.
Low Transaction Fee
It is also worth noting that bitcoins charge lesser commission than other payment methods. Because the transaction happens between only two parties in the bitcoin network, you will not be charged for anything, although there might be fees for a faster transaction processing or bitcoin conversion into flat currency, but they are minimal.
Provably Fair Games
Bitcoin casino games are also audited for fairness through the Provably Fair technology, ensuring that players are getting fair and random game outcomes. It simply means that casinos and players cannot tamper or cheat the results.
In this case, players can be sure that the casino is playing honestly with them. But if you’re using reputable gaming venues, like the Holiday Palace, honesty will never become a problem, as they only use trusted software on their website. [Plus, they keep players secured with 128-bit SSL encryption technology.]
This cryptocurrency is not subjected to inflation because they cannot be churned out like a flat currency for use in the economy. Also, bitcoin volume growth is predictable.
Summing up, the use of bitcoins in the casino industry has its potential because of its benefits for players, such as complete anonymity, privacy and fast transaction. Soon enough more and more casino operators may start with bitcoin technology, as they realize the advantages it comes with.