One of the biggest drawbacks to online gambling is that there is often a wait time to gain access to your winnings. While this is a minor problem in the grand scheme of things, it is understandable that a long wait time to gain access to your own money can create a level of annoyance.
The reasons behind this all stem from security and the number of middlemen that are in place for an online transaction. Firstly, when carrying out an online transaction, the online casino will need to verify it. Because credit cards, debit cards and bank transfers can be hacked into without a huge amount of difficulty, the verification process is in place to ensure that problems are limited.
Secondly, the middlemen involved in the transaction, namely the financial institutions that are in charge of handling the transaction, all take time to process your transaction. This is not the worst thing in the world, but it is a slight annoyance when you want to get your hands on your winnings.
There is also the added issue of processing fees being so high for credit cards. The credit card provider will often charge twice, to withdraw and to deposit money. This is on top of the money that they are already earning in terms of interest on any payments. This obviously eats into your winnings and makes withdrawing your money a slightly less positive experience. For many years, there was nothing that online casinos could do, but things have changed
Bitcoin is moving the goalposts
Bitcoin has changed a lot of that. In case you were not already aware, Bitcoin is a cryptocurrency. It offers increased levels of security when compared to other currencies out there. Unlike traditional money, Bitcoin does not exist in a physical sense. It is only an entity online. This may sound like it offers less security, but the unique way that Bitcoin and other cryptocurrencies work means that the level of security is far more advanced than with regular currency
Because Bitcoin transactions are tracked using the blockchain, it works in a different way from other transactions. The blockchain is in very, very simple terms like an online ledger. From here, the blockchain uses a peer-to-peer network to transfer Bitcoin to different places. A Bitcoin will only be transferred when the blockchain has a reference on both sides of the peer-to-peer network.
This level of security means that it is impossible to charge Bitcoins twice, or to steal them during the transaction process. It is infinitely more secure than a financial transaction where once the money is sent, if it does not make it to its destination, it is gone. If a Bitcoin transaction does not make it to its destination, then it is cancelled, which means that the Bitcoin cannot be stolen.
It is also much cheaper to carry out than credit card transactions as it is a fully automated process. There are very small additional charges in comparison. All of this makes Bitcoin a much safer and cost-effective manner of carrying out financial transactions.
Bitcoin also has the added bonus of allowing users to split it into much smaller portions than regular currency. Even the limited number of Bitcoins that are available does not matter when you can split one single Bitcoin into 100,000,000 pieces.
How does it help casinos?
Say you have managed to win a big prize on some slots. A good example would be VIP Filthy Riches, which offers some fantastic wins. If you are playing at a traditional casino, then gaining access to your winnings would not only take a significant portion of time, but the extra charges could also eat into those winnings.
Here at Bitcasino, we only work in cryptocurrency, with Bitcoin being our main currency of choice. This means that your transactions are instantly carried out at a much faster rate than a traditional withdrawal. You will be able to access your winnings within an hour, as opposed to the three or four working day minimums that are applied to every other transaction method.
There is also the added security that Bitcoin offers. When withdrawing your winnings after playing one of our many games, you will no longer have to worry about your winnings being taken from out of the ether by an unscrupulous hacker. The blockchain ensures that the level of security on offer from Bitcoin transactions far outweighs what any other financial method can offer.
The final added bonus to using Bitcoin with us is that the charges are significantly smaller on Bitcoin transactions. You can carry out three or four Bitcoin transactions and still not have paid out as much as in one credit card transaction.
As Bitcasino is at the forefront of the Bitcoin revolution in online casinos, we offer the best Bitcoin gambling experience available. With increased safety, lower transaction fees and a much faster transfer rate, there is no reason to keep living in the past when it comes to choosing your online casino.
What else does Bitcasino offer?
We offer a huge range of games for players. We have everything that you might want from an online casino, including slots, baccarat, blackjack, roulette, table games and live casino games. No matter what your preferred game of choice is, we have got an option for you at Bitcasino. Our game selection stands up as one of the best on the market.
As has already been mentioned, we are the trailblazers in the industry when it comes to using cryptocurrencies. You will not be able to find any casino out there that has as much choice and expertise as we do. We make it our mission to provide the best-quality online casino experience anywhere in the world. If you want to take part in the new breed of casino experiences, then a visit to us at Bitcasino is just what you need.
Words: Sean McNulty