If You are Thinking About Using Bitcoins to Gamble, Read This
Sure, you’ve tried the casinos in the real world – low lit rooms, sometimes smoky, full of a wide variety of gamblers looking to strike it rich at a blackjack table. The alcohol flows, the music plays on, and we could stay there all night (and usually do). Big companies know how to keep us there. They know how far we will go before we give up in the game. But how much do we know about the people who create the game? How can we make sure they’re playing fair?
Transparency in gambling (and in any large financial transaction) has always been questioned, but recently developers created a new potential solution – bitcoin. Cryptocurrency has the ability to paint anonymity for the users while holding everyone accountable for their share of the spending. Casinos, especially the online ones, have embraced the cryptocurrency revolution more than any other industry. Here are some reasons why.
Cryptocurrency like bitcoin speeds up transactions during cash out. Some debit cards can take up to a week to transfer, while bitcoin gets the money there much faster. In gambling, speed is everything – when you get the urge to risk and win, time is of the essence. Be cautious and use discernment when choosing a cryptocurrency company to use: some have higher exchange rates than others and therefore may not be worth your time.
Unity comes with universal currency and a lack of government control. Despite the restrictions based on location that have been created, any place that is permitted to use the system becomes part of a unified world without currency divisions. As you know, traveling and interacting with people from other countries in financial transactions gets messy when converting currency between cultures – this is no longer an issue with a common internet currency. Bringing people together in bitcoin games around the world is now possible.
The anonymity factor is huge for lots of online gamers. No one wants to feel like Big Brother is watching your every move through details on your monthly MasterCard statements. Eliminate the middleman (and the Big Man) by using a depersonalized, decentralized monetary exchange system. Everyone is responsible for the system and its upkeep. Users trust the cryptocurrency system, so it works for all users.
Efficiency, privacy, and security are the top three elements cryptocurrency gurus highlight in their product. Cryptocurrency is optimized for the internet world. All it takes is a few logins and a few more clicks to have your regular money transformed into cryptocurrency, and the process will only get more streamlined with time and popularity gains.
Of course, as with any new technology or new transaction process, there are risks. For one, if you forget any passwords or get locked out of your bitcoin account for any reason, it can be almost impossible to get back in. Second, the system is still pretty fragile and the values of bitcoin are constantly fluctuating. Lots of people have gotten rich quick from cryptocurrency but many have lost thousands. When users are careful, the process works like a dream, though! Best of luck, and have fun!
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