Why Bitcoin and Online Gambling Enjoy Such a Great Marriage
NewsBTC.com feature a good story this past week on six aspects of Bitcoin that have made it one of the most popular methods used for processing funds by online gambling sites.
The anonymity is an obvious benefit. But some sites take things a bit further in an effort to gain an edge.
Depositing and withdrawing through Bitcoin eWallet is anonymous on its own, but in a really great Bitcoin casino, the process of signing up also is completely anonymous. Sites with features like these are the ones that attract many players.
Gamblers also hate divulging personal information. And while the international online gambling sites not based in the United States tend to be less intrusive compared to their US counterparts (which almost always require a social security number be provided for tax purposes), Bitcoin processing actually eliminates the need to provide even the most basic information such as a driver’s license.
Then there are the fees, or lack thereof. Bitcoin doesn’t include fees unlike other payment methods like credit cards and bank wires. In the early days of online gambling, when processing methods were more plentiful, the biggest turnoffs were typically the costs tied to certain options and sites would routinely compete to offer the lowest fees.
Then there are the fast payouts. Often Bitcoin payments are made within minutes as opposed to days or even weeks.
NewsBTC.com also notes that the currency value never increases despite fluidity in trading Bitcoin. The anonymous digital currency is also infinite in volume.
“When using Bitcoin, it is more like making a gold investment rather than a hard currency investment. And you will enjoy being anonymous and it is very possible for Bitcoin stock to take off thus adding to your own Bitcoin.”
- Aaron Goldstein, Gambling911.com
