5 Reasons You Should Use Bitcoins for Online Gambling
The global financial crisis 2007, which had its roots in the US, led to the emergence of a completely new currency system – the digital currency. This currency has no central authority, i.e., there are no intermediaries during a transaction between two or multiple hands. To make this currency available to user’s phones, a client was developed – Bitcoin Wallet, on all platforms. The benefits of replacing conventional transactions with bitcoins can be narrowed down to one point – speed. This article classifies 5 reasons you should use bitcoins for online gambling.
Hide the shame
Online gambling can quite be a shameful activity in the eyes of society. Bitcoin provides anonymity to the gambler, which allows him to bet in games without using his official identity. Bitcoin Wallet generates an address for every user. A gambler can protect his privacy by creating multiple wallets and using a particular one for online gambling.
Divisibility of bets
Suppose the value of one bitcoin is $600 (hypothetical), this does not lead to the fact that the gambler has to place a minimum bet of one bitcoin, i.e., $600. Bitcoins are divisible down to 8 decimal places. So 0.00000001 bitcoins ($0.000006) can be the minimum that can be placed as a bet. But the rules regarding the minimum amount of bet of the online casino do restrict this feature to a certain extent.
Conventional online banking supports numerous intermediaries which delay the transaction process. These intermediaries, in the first place, are the reason behind the global financial crisis. Bitcoin is completely decentralized, i.e., there is no interference during transactions. Online gambling demands very quick payments, unlike land-based ones, which is only supported by bitcoins.
A good speculator
In the digital economy, the supply of bitcoins is limited to 21 million. Thus, the value of bitcoins is not likely to fall. Still, the value of bitcoins tends to fluctuate in the short run. A good speculator can participate in online gambling for two incentives –
- When the value is comparatively low, the gambler will not lose much in real value during gambling. The speculator can seize the opportunity of depreciation of bitcoin value.
- A gambler can also store the bitcoins which he won in online gambling, and sell them later when the value of bitcoins is appreciating. Hence, he can convert a short term win into a long-term
Simplicity and cost effectiveness
Bitcoin Wallet has a very simple user interface which makes people unfamiliar with the digital banking system to take the initiative to use this mode for online gambling payments. This is perhaps the most important reason out of the 5 reasons you should use bitcoins for online gambling. Cost effectiveness follows from the concept of decentralization. No intermediaries save the money that could have gone to their pockets.
The 5 reasons you should use bitcoins for online gambling highlights that Bitcoins are not exactly the replacement to the conventional currency in the current period, but are surely a fantastic substitute.