Here we look at the top 5 benefits Bitcoin brings to online gambling websites:
In many countries gambling is legal, but it is the local communities that may see it as an immoral or that you have an unsavory character. However, most people don’t have those problems as they do it strictly for entertainment. Bitcoin provides pseudonymity to every casual gambler that only seeks for ways to have fun without being stigmatized by other people.
Credit cards, bank accounts, PayPal, all that holds the risk of being hacked. Not Bitcoin. There is no way to be hacked, nor has anyone succeeded in that. For one to steal your Bitcoins, needs to have your private key. And there is no way to have them unless you give it to them. As long as you don’t share it with anyone, your Bitcoins are 100% secure.
Most Bitcoin transactions take only minutes to be confirmed. For some larger sums that can be extended to a few hours, and on rare occasions (seven figure transfers) up to a day.
On the other hand, traditional transfers can take up to five business days, while some bigger international transfers need more than a week to be completed.
For the average online player, the transactions are instant.
The fees associated with Bitcoin are practically nothing compared to what standard payment processors and banks take. For the average gambler, that means more money on the table.
Bank transfers and credit cards were never planned to be used on the internet as they are nowadays. The efficiency, their idleness, and overall cost speak of that more than anything else.
Bitcoin was designed with the internet in mind and as such is almost perfect for online gambling websites. It’s fast, it’s affordable, it's anonymous - everything that traditional payment methods aren’t.