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Although there are many benefits to using cryptocurrency for gambling, the benefits of blockchain technology are not limited to just this one industry. Blockchain can be used in almost any industry that requires secure and transparent transactions. Some examples include real estate (property ownership), identity management and voting systems, supply-chain management (certification of product origins), health care systems, currencies, and financial exchanges such as stock markets.
But in the meantime, let's take a look at why cryptocurrencies are a viable payment method if you want to play poker online.
1. Faster Transactions
If there's one thing that we all want when paying for something, it's speed and convenience. Cryptocurrencies can provide both of these things in abundance, making them a fantastic option for users everywhere. Unlike traditional currency transfers, cryptocurrency payments won't take days or weeks to process; instead, they can be completed almost instantly every time you make a payment!
With standard currencies, when you're sending money, it needs to be verified by the bank, which can take up to several days.
With cryptocurrencies, however, you can send funds with no delays, and they'll arrive in a matter of minutes. Currently, it takes around 10 minutes for a Bitcoin transaction to be confirmed. That's why cryptocurrencies are also faster when it comes to depositing and withdrawing funds from online casinos. Whereas regular bank transfers might take up to 3 days, cryptocurrency deposits and withdrawals are instant.
So, if you get lucky, you don't need to wait for days to go and spend your winnings!
2. More Anonymous
Cryptocurrencies don't need to access your personal information, which some people may find appealing since they get to keep their identity hidden.
They don't need to access your personal information. Since the transaction is made through blockchain, there are no banks or credit cards involved. You can play anonymously without ever revealing your real name and be sure that you won’t be scammed by hackers.
Also, it is not possible to track Bitcoin transactions. Cryptocurrencies do not leave a paper trail (which was one of the main reasons for creating them in the first place), and this makes them impossible to track back to a specific user. The only way someone can find out about your money movement is by hacking into your computer or mobile device and accessing your wallet files (but even if they manage to do that, it would still take them days before they could decode it).
For those who don't want their bank account information tied to an online gambling site: great news! Your transaction details will remain confidential thanks to blockchain technology's decentralized nature.
Although gambling within your limits is perfectly fine, you may not want your gambling transactions to appear on your bank statement.
3. No Risk of Inflation
It's an alternative currency that isn't government-controlled and offers no risk of inflation or fees when compared to traditional fiat methods and traditional currencies such as USD or GBP.
Nobody can simply print more cryptocurrencies and devalue an existing one since they're all limited by design (which means there will never be more than 21 million bitcoins ever created). This critical difference between cryptocurrencies and traditional currencies ensures that fiat currencies don't get undermined and lose value over time. The fixed supply of cryptocurrencies also reduces the risk of inflation, which is good news for gamblers.
4. Low Fees
Another big issue with traditional banking methods is the fact that transferring your own money around can end up costing you quite a bit of money in service fees or other charges from your bank each month. Because such costs don't exist with cryptocurrency transfers, you'll have more control over where your hard-earned cash goes!
This means even if you want to withdraw and deposit into your online casino funds regularly, you won't have to pay extra fees.
There is also less risk associated with paying by cryptocurrency than by credit card or PayPal (which has been known to freeze accounts). It takes all sorts of problems out of making deposits at an online casino.
5. It May be Required in the Future
In the future, it's likely that most online casinos will use cryptocurrencies because of their numerous benefits and the convenience they offer to players.
So, why not jump on board the trend now, so you're ready for any potential changes in the future?
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.