There are benefits to be gained from choosing to gamble with Bitcoin in Casinos. Despite the confusion that the layman has been known to develop about digital currency, playing with and for Bitcoin is no different from dealing with real money.
Bitcoin is real money, not merely a tool for gambling restricted to the virtual world of an online casino; one need only remember that they spent actual money purchasing Bitcoin.
The common attraction among those that understand Bitcoin Casinos is their high payout rates; granted, this is not guaranteed, not even for those most successful Bitcoin casinos that tend to advertise the highest payout rates.
Yet the mechanisms of Bitcoin are such that one doesn’t need to base their decisions of casino with the highest payout rates on guess work, not with the assistance of the block chain.
A virtual ledger, the so called block chain provides a record of all transactions taking place within the world of Bitcoin; analyzing the information contained within the block chain makes it that much easier to locate sites with the highest payout rates.
Admittedly even the highest paying casinos do not always payout; however casinos allow players to increase their chances of earning if one can select the most lucrative business’s.
Many a player have also shown considerable appreciation for the anonymity of Bitcoin casinos; traditional and online casinos are obligated to record and keep track of basic client information, this including phone numbers and addresses.
This system isn’t applicable to entities that utilize digital currencies such as Bitcoin gaming sites. Bitcoin operates on the goodwill of a network of users who provide their services and hardware in order to promote the trade and operation of Bitcoin.
This set up eliminates the possibility of external sources tapping transactions between payer and payee, and ensures confidentiality with any given transaction. With casinos dealing in a large volume of transactions, which tends to increase the possibility of interception, Bitcoin is an essential element of any casino intent upon evolving with its client base.
And the fact that Bitcoin exchanges occur via a third party means that banks have no means of accessing user account information related to online gambling. The fact that banks frown upon and could even penalize withdrawals sourced from gambling entities makes Bitcoin, a fairly innocent tool, considerably more convenient for the purposes of online gambling.
Considering the rapid rise in popularity of the digital currency, Bitcoin based sportsbook sites seem set to cement their position as truly cost effective, convenient and highly beneficial methods of gambling online.