Bitcoin: The Advantages for Online Casino Players

By Phillip Martin Micallef

December 2017

Text Copyright P.M. Micallef

Published: LinkedIn Corp 2017

There is no doubt that Bitcoin is the cryptocurrency of the moment. More and more online casinos are accepting Bitcoin as a method to deposit and withdraw money to and from an online casino. There is a reason for this. The attractiveness of Bitcoin as a bona fide currency is a testament to its robust and secure standing in the world today. With the value of Bitcoin set to increase exponentially, it has become more attractive and more commonplace. The future of money is at stake! Banks are trembling at the knees, as they are about to lose their absolute power. Bitcoin, along with a handful of other new cryptocurrencies are about to take over.

How it all started

Bitcoin was ‘invented’ by Japanese Satoshi Nakamoto in January 2009. Bitcoin was thus created, as a Peer to Peer electronic cash system. At the start of 2011, Bitcoin was worth just $1. In 2013, it reached its first peak at around $1,000. It reached a low of $450 in early 2016, only to reach a much higher value on 7th December 2017, when one Bitcoin was worth $15,156! At the end of 2017, one Bitcoin was worth $15,800! There is no telling what the value will be in the future, but if past performance is anything to go by, then the future bodes well for Bitcoin.

What’s new for Gamers?

The most important advantages gamers gain by using Bitcoin is complete anonymity and privacy, the speed of withdrawals and deposits, an ever-increasing Bitcoin value and low costs when effecting transfers with Bitcoin. These advantages can be translated into real cash savings. Players would do well to take note of the benefits the cryptocurrency offers. They are game-changing, innovative and possibly the future of monetary transfers.

Privacy

It’s a rare luxury to have complete anonymity when transferring money. In effect, you don’t even have to use your name! Bitcoin’s system enables players from any jurisdiction, to wager at casinos anywhere in the world, bypassing virtual border controls and restrictions.

Speed of Access

Bitcoin takes about ten minutes to ‘clear’ or confirm, and the process can even be instantaneous if the merchant accepts the risk of double spending. Furthermore, governments are not able to seize the Bitcoins you are using. There is no chance of fraud, as the super secure combination of your details and public key are held in a safe location, not online. Bitcoin is stored in a decentralised system; therefore, it cannot be manipulated by governments or institutions.

Value of Bitcoin

One Bitcoin was worth around $900 at the tail end of 2016. So far, one Bitcoin has reached $15,800 in December 2017. The start of 2018 is anyone’s guess how high the value will rise. Despite knee-jerk reactions from some banking institutions and governments, Bitcoin is taking over the investment sector by storm, with some people selling their homes to invest in Bitcoin; such is the feverish anticipation of the increase in value.  The Guardian UK, an online newspaper recently commented (that Bitcoin is an), "outburst of irrational exuberance" in the history of financial markets. In six years the cryptocurrency has multiply by 15,000 its value.

Low Costs

What has most banks and traditional service providers running scared is the fact that transferring Bitcoin is practically free, or meagre cost. Compared to banking fees for most depositing or withdrawing methods, Bitcoin is much cheaper to transfer. Over a period, the fees charged add up to a considerable amount, and the savings using Bitcoin are significant.

Specific Bitcoin Bonuses at Online Casinos

Many online casinos now offer specific and exclusive Bitcoin bonuses, over and above other Welcome/Sign Up Bonuses. It is not uncommon to find that some online casinos offer superior bonuses for using Bitcoin than any other currency. It is entirely feasible to utilise two welcome bonuses when signing up for an online casino, the ‘standard’ Welcome Bonus, in addition to the exclusive Bitcoin Bonus.

Technological Advances

With advances in technology, coupled with the surge in popularity of Bitcoin, there’s never been a better time to utilise the advantages the cryptocurrency has to offer. These forms of monetary transactions are becoming the norm, rather than the exception. Presently, still classified as a high-risk investment option, the future has overtaken the present, and the future is now! Bitcoin can no longer be dismissed as a fad, it’s here, and it’s here to stay.

The Mechanics of Bitcoin

Since Bitcoin is a Peer to Peer monetary system, there are no intermediaries. The transactions are verified by network nodes, listed within a publicly accessed ledger, which is a transaction database, called a Blockchain. This database uses Bitcoin as its unit of account. Bitcoin is essentially a decentralised virtual currency or cryptocurrency. The physical Bitcoin is created using a ‘mining’ process. This process involves granting Bitcoin as payments in exchange for computing power, which is used to verify, as well as recording payment into the public ledger.

Conclusion: Best of the Best

Let’s face it; the advantages outweigh any doubts one may have.  The safety features, privacy, increase in value are all factors that cannot be ignored. The sheer convenience makes Bitcoin a sure-fire, all-around winner. The simple fact that online casinos are more than willing to trade in Bitcoin speaks for itself. No doubt, the value of Bitcoin will continue to increase, impress and attract investors, merchants and users, just like you!

By Phillip Martin Micallef

Text Copyright: P.M.Micallef December 2017

Published: LinkedIn Corp. 2017