Bitcoin casinos are rapidly developing and increasing in popularity. So why should you switch to this new payment system? Is it really trustworthy? Is it any better than using a traditional online casino? This article looks at the advantages of playing poker online with Bitcoins and finds out how they could work for you.
What Are Bitcoins And What Is A Bitcoin Casino?
Before we think about the advantages of using them, we need to know exactly what a Bitcoin casino is and how they work. Bitcoins are a digital currency and can be quite difficult to understand as a concept. Basically, regular money is regulated as well as being printed in paper form by the treasury and and has a value based on precious metals. Bitcoins are a uniquely digital currency meaning that they have no printed format and are completely uncontrolled by a third party. Bitcoins are created using “digital operations” and are earned by miners who solve computer problems for a Bitcoin fee. Ordinary people can purchase these and store them in an online “digital wallet” where they can save them up or use them in Bitcoin casinos for gambling. Bitcoin casinos are online gaming rooms where you can pay using Bitcoins rather than regular forms of payment.
What Are The Advantages Of Playing Poker Online With Bitcoins?
Although online Bitcoin poker rooms are still an emerging phenomenon, they are steadily gaining a foothold in the gaming market. This is due to the numerous advantages in using the digital currency. Here are some of the reasons why Bitcoin is gaining in popularity:
Time is precious and waiting for a card payment or a bank transfer to clear before being able to play is no longer the way forward. Bitcoins are instant. Once you’ve purchased them and they are in your digital wallet you can start playing straight away, no need to wait. Maybe you can make a bunch of money and take a nice trip!
The Bitcoin security system is completely secure. More so even than other traditional banking systems. There is no need to enter sensitive information such as your CSV number, you are issued with a private key which only you can access. Although there is a public, visible key, no transaction can be made without twinning it with the private key that only you possess. As long as you never share it, nobody can take your currency without your permission.
When you use a credit or debt card to pay for your transactions online, often the gaming site will charge you a fee for providing the service. Bitcoin transactions are generally free or at a very low cost.
With Bitcoin, all transactions are final. Nobody can perform a chargeback as they can with a credit card. This, therefore, effectively eliminates the possibility of fraud.
To some people, privacy is very important. With a traditional bank account, the owner’s name is public knowledge however with Bitcoin, although the amount that you have is known, your name and identity remains secret. This means that you can make purchases anonymously.
Advantages Of Bitcoin Gaming Rooms Over Conventional Online Casinos
We have already seen that there are many advantages of using Bitcoins over regular currency for online gaming transactions. So why are Bitcoin poker gaming rooms better than conventional ones?
In some states, gambling is illegal, even if it is carried out online. However, if you use a digital currency like Bitcoin to gamble online, your transaction is perfectly legal, so you can gamble anywhere.
- Fast Payments
When you hit a winning streak, it can take up to 10 days to be able to take your money out of your regular online casino account. With a Bitcoin casino, you can instantly access your winnings.
- New Gaming Opportunties
Because Bitcoin casinos are unregulated, they are free to generate exciting new ideas, inventing new games or creating alternatives to those that are more traditional.