Reasons to Choose Bitcoin Casinos Over Traditional Online Casinos
The online casino industry began in the late 1990s, and steadily gathered momentum over the years. The United Kingdom retains ranking status as the most developed online gambling market in the world, with the United Kingdom Gambling Commission (UKGC) tasked with regulating all forms of gambling activity in the island nation. Online casinos, online poker rooms, online bingo halls, and online sports betting options abound across the UK. There is no tax on winnings, and players have carte blanche to pick and choose their preferred betting options. Of course, the statutory frameworks in the United Kingdom warrant that operators must act within the legal framework vis-a-vis responsible gaming conduct at all times. Much the same is true in the EU, the US and elsewhere.
From a player’s perspective, online casinos offer many benefits such as cost, convenience, and comfort. That players no longer need to frequent land-based bookmakers, land-based casinos, land-based bingo halls, or land-based poker rooms is a big deal. Rather than supplanting the bricks and mortar gambling industry, the online gambling industry runs along a parallel track, and supplements it. Players now have many more options; the tactile appeal of pulling one arm bandits, playing blackjack in person, or betting on the Player/Banker in baccarat still remains. We now simply have more options available.
Blockchain-based Online Casino Entertainment
One of the biggest challenges facing the global online casino industry is payments processing. Operators – legal and otherwise – have often struggled to attract legitimate payment processing solutions (for deposits and withdrawals). In the United States, the UIGEA of 2006 made it incredibly difficult for banks and financial institutions to process transactions for online casinos, online bookmakers, online poker rooms, et al. The Unlawful Internet Gambling Enforcement Act of 2006, section 5363 money transfers states that, ‘…no person engaged in the business of betting or wagering may knowingly accept any money transfers in any way from a person participating in unlawful Internet gambling. This includes credit cards, electronic fund transfers and even paper checks.’ The law did not apply to players, just to businesses involved in gambling.
Fortunately for gambling proponents, multiple states across the US including New Jersey, Delaware, Pennsylvania, Nevada, and scores more have adopted a pro-online gambling approach in recent years. For players interested in casino games online, limitations remain in effect. Traditional payment options are highly restrictive in terms of accessibility, convenience, cost, and information dissemination. Enter Bitcoin casino options. The world’s premier cryptocurrency – established in 2009 by Satoshi Nakamoto was the most transformative technological innovation of modern times. Blockchain-based technology is so groundbreaking that it is still not completely understood or embraced by the mass market.
Ironclad Safety While Playing Online
In essence, the blockchain is immutable, completely transparent, and devoid of middlemen. This presents as an existential threat to established financial institutions such as retail and commercial banks, credit unions, brokers, and central banks too. The cryptocurrencies that populate blockchain-based technologies are not backed by the Federal Reserve Bank, and are not regulated by governments. The value of Bitcoin, Ethereum, Litecoin, Ripple, and 10,300+ other cryptocurrencies is based purely on demand considerations. The greater the demand through trading, investing, adoption, and speculation, the higher the price. For Bitcoin casino operators, there are innumerable benefits. Players don’t want to have their personal financial information splashed all over the Internet. Bitcoin answers that call. It is an anonymous cryptocurrency which does not require users to post their biographic information online.
Even if anonymity is removed from the equation, owing to the requirement that email addresses are input, or IP addresses are visible to Bitcoin casinos, there is the cost factor. It is much cheaper to process money transfers to and from a reputable Bitcoin casino than it is using fiat currency methods. Fiat refers to fiduciary currency issued by banks such as USD, GBP, EUR, ZAR et cetera. Everyone wants their cut along the way, whether it’s Visa, MasterCard, bank transfers, NETELLER, Skrill, Todito Cash, Nordea, and hundreds of others. This reduces your profits, and it also amplifies the potential for your information to be picked up on a database somewhere over the World Wide Web. Security breaches are commonplace with banks and financial institutions (recall the massive Wells Fargo scandal). Casino players certainly don’t want to deal with that.
Bitcoin Casinos Can be a Win-Win for All
Another issue worth considering with Bitcoin casinos is the time taken to process a financial transaction. Once you win money at a casino, operators are notorious for taking their sweet time getting the money from their accounts into your account. Some players complain that it takes days, perhaps even weeks to receive their payouts. When you use cryptocurrency, the time taken to process a withdrawal is significantly shortened. This is certainly appreciated by online casino players in a big way. For all of these reasons, safety, anonymity, cost, convenience, and speed of transactions processing, it just makes sense to play Bitcoin casino games over traditional online casino games. Besides, the blockchain-based games are really exciting, and it’s all cutting-edge technology. There are even Bitcoin bonuses changing hands for newbies – a real win-win for all!