The year of 2017 has been quite good for bitcoin, considering the fact that the digital currency has reached a new all-time high of over $5,700. Given the recent growths in value, people are finally realizing the fact that the digital currency is here to stay and that most likely, in the future, its value is bound to increase even more.
While the digital currency is still fairly new to the market, it is important to point out the fact that casinos throughout the world have adopted it as the payment method of choice. There are a couple of important reasons explaining why bitcoin has managed to play such an influential role in the casino industry, and in this article, we will cover a few of them!
To kick things off, debit and credit card-based transactions generally take around 72 hours before they are fully confirmed and cleared. This means that if you want to play at a casino, you won’t get to gamble a few minutes after you have deposited, but rather after three days with most credit card providers. On the other hand, most bitcoin transactions are confirmed in around 20 minutes, and many casinos even offer a feature known as instant play, which allows bitcoin users to start gambling the second they have made their transactions.
Bitcoin is also known for its very low transaction costs. Because of this aspect, when it comes down to either depositing or withdrawing, most casinos will not charge any additional commissions. Not only this, but bitcoin also allows players to get rid of the possible withdrawal limits imposed by certain casinos, as it is an entirely different method of payment that is not based on the same protocols as other forms of monetary transfer.
It allows people throughout the world to gamble
Most countries where people cannot gamble for money on the internet have laws imposed on actually sending and receiving money via credit/debit cards, bank transfers and more. As there is a lack of regulation and given bitcoin’s anonymity protocols which do not require users to share personal details, people from all around the world can actually use the coin to gamble on their favourite bitcoin-accepting casinos.
Let’s say you end up on a fishy casino, where you proceed to enter your credit card details, which are then stored and later used to steal your money. Running into such an event while using bitcoin solely to gamble is close to impossible, as you are only sharing your bitcoin address – no passwords, no usernames, no emails. Additionally, there are also numerous bitcoin casinos with very strict security protocols that will not even request that you create an account. Therefore, on those, you can be anonymous 100%.
Taxes paid on bitcoin winnings
When winning in bitcoin and storing your digital currency, you won’t have to pay a dime on government-imposed taxes. This means that theoretically, you can win a jackpot of a few million dollars, and not have to spend any of it on paying taxes. Additionally, exchanging to cash is easy, and most countries do not ask proof of income for bitcoin that is then exchanged to fiat currency.
Based on everything that has been outlined so far, it should now be a little bit clearer why bitcoin-based casinos have gotten so much traction in the last couple of years, and why they are here to stay for the long run.