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Gambling On Bitcoin

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Bitcoin

Embracing change is one of the most difficult things to do and there is nothing that best exemplifies this
than Bitcoin. When Bitcoin emerged around 2009, only a few people managed to embrace it and the
rest dismissed it as a fad. As years passed, the situation remained the same as most people were
skeptical about the digital currency including most of the world’s governments. It was only after Bitcoin
managed to gain traction after an exponential rise in value which led many economists to label it a
bubble about to burst that many individuals, as well as governments, managed to warm up to.

The majority of people who embraced Bitcoin are online gambling players who find the cryptocurrency
appealing owing to a number of factors which make their gaming experience worthwhile. Below, we
highlight the factors that make Bitcoin a huge favourite for online gambling players.

Anonymity

Most, if not all gamblers, prefer to keep their identities hidden. There are different reasons for this,
some of which include hiding their personal and banking information from fraudsters. Using
conventional currencies, gamblers are bound, at one point or the other when using UK slot sites, to
reveal their banking information (due to regulation by the UK gambling commission). However, when
using Bitcoin, gamblers need not reveal any sensitive data and it is for this reason that many gamblers
prefer using Bitcoin.

Playing Games in Restricted Territories

Closely related to anonymity, is the fact that players also prefer using Bitcoin because it allows them to
deposit and also withdraw at online casinos from locations that maybe restricted. This is made possible
as Bitcoin is unregulated, hence its transactions cannot be tracked. This is also great for people who do
not like opening bank accounts as they can simply use a cryptocurrency account and conduct their
transactions via a crypto-based platform.

Instant Transactions
One of the major disadvantages of using conventional currencies at an online casino is that withdrawals
may take a long time before being processed. This is a huge turn off to gamblers who like withdrawing
their winnings as soon as they reflect in their casino accounts. However, with Bitcoin, the challenge of
waiting for long periods as withdrawals are processed is none existent as all Bitcoin withdrawals are
instant. It is for this reason that many gamblers prefer using Bitcoin.

Low Associated Fees
Minimizing losses and maximizing profits is the ultimate aim for all gamblers. One way of doing so is
through opting for payment methods that charge low banking fees. When it comes to low fees, there is
no other better payment method than Bitcoin as this cryptocurrency does not charge any costs for its
transactions.

No Taxation

Several governments view online gambling as a cheap way of making money as such they levy
exorbitant taxes and some conservative governments do this as a deterrent measure. All this works
against the gambler and as such, many players opt for Bitcoin as transactions are not taxed. However,
you should note that Bitcoin transactions are untaxed only in countries where the coin is not regulated.

Kelly Asay is an entrepreneur, software developer and performing musician. As the publisher of Eugene Daily News, Asay is continually searching, finding and promoting the best unknown journalists, photographers and inspirational people from all over Lane County.

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