Bitcoin is fast becoming the currency of choice for online casinos and for a very good reason, digital currencies are simply superior in just about every aspect to conventional (fiat) currencies. The advantages are many but as more and more casinos are adopting digital currencies. Bitcoin casinos are popular, because bitcoin is a great currency to use for online gambling. Here’s why:
Bitcoin is decentralized which means no one power set its rates or controls its flows. With conventional currencies like the dollar, pound or euro, governments can control the exchange rate of the currency in order to bolster local economic policies and national fiscal strength. This isn’t the case with cryptographic currencies like bitcoin. The price of bitcoin is influenced only by demand and this results in a very fair and relatively consistent exchange rate for the currency.
The decentralized nature of bitcoin means you and only you control your bitcoin funds, you can do with them as you will, and that includes putting as much or as little into any online casino as you so choose.
Unlike banks which have just about every personal piece of information about you imaginable, your bitcoin wallet doesn’t care if you are male, female, or an alien from out of space, if you have your secret key you can access your funds. This anonymity is great for online casino gaming because not every individual wants to tell the world just how much money they are spending for entertainment in a casino. With fiat based currencies you will always have a very visible and clear audit of exactly what you are doing with your money.
Not so with bitcoin. While there are isolated cases of an individual’s activity with cryptographic currencies being identified, on the whole the currencies are anonymous. This means that you can do as you please with your currency. Spend it as you wish, and no one but you know knows what you have done with your money. We think this is fair and this is another reason why crypto currencies are proving so popular with online casinos.
Unlike winnings into your bank account which are often taxed very quickly due to the transparent nature of fiat currency exchange, you and you alone are responsible for the tax that you pay with your crypto currencies. Of course you should always obey your local laws with regards to tax declarations, but we think it is a thing of beauty and a very powerful feature of cryptographic currency that you are empowered with the choices you make when it comes to when you pay your taxes and who to, because it is only you that has access to your funds.
The future of online casinos
Limits are also often non existent because the casinos do not need to obey as many laws as they do when it comes to fiat currencies with regards to recording what amounts of money they are taking and from who.
It is for all these reasons and more that bitcoin is fast becoming the currency of choice for online casinos.
Finally we should mention volatility. Cryptographic currencies are more volatile than fiat currencies, this means that you may win an amount in bitcoin that is worth $400 when you win it, but if you leave it in your account for a few weeks it may be worth $300 for instance when you return. This works both ways however, the general trend for bitcoin right now is upward and you might win the equivalent of $400 in your local currency only to find the same bitcoin is worth $500 a couple of weeks later. This can be quite exciting but it’s important that you are aware of this factor.
A word of caution however, the anonymous factor works both ways, just as your funds are anonymous, the wallet you are transferring into generally is also. This means you should only use bitcoin with casinos that you trust. The easiest way of ensuring you are making the correct decisions when it comes to the trustworthiness of the casino operator you are using is to only use sites we feature on gamblewithcoins.
All of our sites are tested personally by us, and if any ever have payment issues and we find out about them, we mark this very clearly at the start of the review, so you are always informed.