Gambling

How Fast are Bitcoin Transactions with Casinos Online

March 30, 2021

If you had to pick out two of the most lucrative industries in modern society, those would definitely be the online gambling industry and the cryptocurrency industry. Among video games and other forms of entertainment, online casinos and trading bitcoin are the places to be. It should therefore be no wonder that when they come together they create something truly special for the users.

Source:bektashi.net

Online gambling and web-based casino services have been around for decades. However, they never used to be as prominent as they are at the moment. There are various factors that influenced this situation but one thing is certain. The future of gambling is online and everyone knows it and has no problems with it. It is easy, straightforward, fast, and fun. More importantly, you can do it from anywhere in the world through your mobile device. To learn more about online gambling, make sure to visit Playamo.com.

On the other hand, there is the ever-growing craze surrounding digital currencies and everything they bring to the table. As the leader among them as well as the most valuable example, bitcoin leads the way and paves it for the rest of them. And there are thousands more. To make things even better, it has been experiencing rapid growths in value, crushing the old record of around $20,000 and then multiple new records. The all-time high now sits at more than $60,000, and at the moment of writing 1 BTC is worth $57,000.

Modern Online Gambling

Source:partycasinobonusz.com

When the owners of online casinos realized how beneficial it would be for everyone involved to start using bitcoin to finance their online gambling, there was no looking back. Considering the fact that the crypto has been in use as a legitimate payment option for years now, both online and in the real world, there was no reason not to implement it into the already established and well thought out system.

Apart from traditional means of online payments like credit and debit cards, bank transfers, and services including PayPal and the like, players from all over the world are now able to connect their electronic wallets to their favorite casinos and finance their daily gambling with bitcoin. This was a logical next step for both of these industries as nothing can propel you further into a bright future than utilizing new and modern technology to drive your own business forward. Therefore, all the top casinos now accept bitcoin.

Security, Privacy, Anonymity

There are many reasons why having the bitcoin as a payment option is beneficial for the world of online casino gambling. First and foremost, transactions are much safer and secure than regular payments. This is due to the fact that a cryptocurrency transaction cannot be hacked into or stopped once it is in progress, nor can it be reversed.

What is more, it is as private and anonymous as possible since the two parties involved are the only ones participating in the transaction. Cryptos are made to be used as a peer to peer system without the need of any intermediators and middlemen overlooking and carrying out the process. With regular payments you constantly have to give out your personal and payment information and the banks, government bodies, and other organizations overlook the transfers and keep data to themselves. There are no such intrusions with digital currencies which is why many people are in favor of them.

This is not where anonymity and privacy stop however. In order to carry out a transaction, you only need each other’s electronic wallet addresses and nothing else. You never know who is on the other end of the transaction, their name, location, or other data. Nothing is necessary expect the wallet address. Once in motion the transaction cannot be stopped nor reversed and that is all there is to it.

Transaction Speed

Finally, it is time to dive deeper into the matter when it comes to the titular issue of the article. In the world of online payments, it can be tough to wait for the transfers to complete especially when you withdraw money. Although card transfers are fast when you pay for things, it takes days for the actual payment to get processed in its entirety. The same goes for other types of payment. With bitcoin and the rest of the cryptos, you can always expect fast withdrawal speeds which is always more important to the online gamblers than deposit and payment speeds. Picking up your earnings is crucial and nobody likes to wait.

Getting the hold of your winnings through traditional ways on online casinos lasts around 3 or 4 working days on average. When bitcoin is concerned, since it is completely virtual and exists only on the web, it is much faster. Moreover, if you remember, nobody has to check anything and no third parties need to approve it. This means that the funds will appear in your crypto electric wallet almost instantly. Within a few minutes you will be able to see the amount you withdrew from your online casino added to your bitcoin balance. The most amount of time you will wait is a few hours if the traffic is busier, but that is again multiple times faster than with real money.

Source:observer.com

Last but not least, we should also mention that crypto related fees are lower than fit fiat currencies across the board. Since there are no governing bodies involved to take the cut from every transfer, you only pay minimal, barely-noticeable fees that are only there to support the network and be used in maintenance and new additions to the network and the systems in use.

Conclusion

Experts from the economy, finance, and business sectors largely agree that the future of mankind is digital and cryptocurrency related. Therefore, whenever a new market and line of business decides to make the switch to virtual currency the world is that much better and advanced because of it. As long as more and more people are being drawn to bitcoin and the such, many others will follow the decision of online casinos and help bring us into the future where we no longer have to rely on traditional means of paying for products and services.

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