Benefits of gambling with Bitcoin

Discussion in 'Bitcoin Marketplace' started by Shariar Porosh, May 17, 2021.

  1. Shariar Porosh

    Shariar Porosh ECZ Member

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    Benefits of gambling with Bitcoin

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    Bitcoin is often talked about due to its high volatility (variability) such as soaring and falling, but it is said that it is actually very compatible with online gambling such as online casinos and sports books. One of them is that "identity verification is not required". Why is that possible?

    In this article, we will explain the advantages of Bitcoin in online gambling, how to deposit and withdraw with Bitcoin, how to use a gambling site specializing in virtual currencies, and points to be aware of.


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    What are the benefits of Bitcoin in gambling?
    Bitcoin is a digital currency that uses blockchain (decentralized ledger) technology. Unlike currencies issued by countries, there is no country or organization that issues them. Cryptocurrencies are recorded and stored directly on the computers of the users, creating a system that does not require organizational management. This has several advantages for use in online gambling.


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    Quick deposits and withdrawals, low fees
    One is that Bitcoin can be sent quickly and cheaply anywhere in the world. Therefore, you can make deposits and withdrawals at online casinos quickly. For example, the usual deposit / withdrawal method is "Onkaji-> Payment service-> User", and there is an "intermediate company" such as a credit card, electronic wallet, or bank between the Onkaji and the user. As a result, it costs a fee and it takes time to settle, but since Bitcoin allows direct communication between users and online players, although there are differences, this problem has been solved.

    Transaction transparency and security
    And the other point is high traceability. For example, if a fraudulent transaction is detected somewhere, Bitcoin will be distributed to each user and there will be a ledger, making it impossible to operate the system and steal money. Some people may be worried about entering their credit card information on the gambling site, but Bitcoin has a system that does not allow fraudulent transactions.

    With Bitcoin, online gambling "identity verification" may not be necessary

    One of the bottlenecks in gambling online is "identity verification." Because gambling sites handle money, you are usually required to verify your identity to withdraw from your account. In order to be authenticated, you will also need to submit an ID card and a copy of your phone number, address and, in some cases, the credit card you used to make the deposit.

    If you are an on-kaji or bookmaker who has acquired an online gambling operation license and operates it steadily, sufficient security measures are taken, but it is a service operated by overseas companies on the Internet There is no change. No matter how much Japanese language support is provided by major online players, there are many people who feel uneasy about uploading personal information.

    For such people, we recommend using "Bitcoin" and "BitCasino" to enjoy online casinos.

    Onkaji "Bit Casino" that does not require identity verification

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    BitCasino was opened in 2014 as the first gambling site to introduce deposits and withdrawals in virtual currencies such as Bitcoin in earnest. One of the selling points of BitCasino is that "identity verification is not required". Basically, you can enjoy online gambling just by registering your email address and date of birth.

    BitCasino describes cryptocurrencies as "built from scratch using incredibly complex algorithms and cryptography, and the information is anonymized but verifiable and secure." This proves the "high traceability" introduced earlier and the high encryption of the character string "bitcoin address" issued when actually exchanging bitcoin between the bit casino and the user. It is nothing but because it is.

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    Bitcoin is "no need to verify your identity + you can play with a quick and cheap fee" from the user side, and "you can lower the threshold for playing" on the onkaji side as well. It is a very useful deposit and withdrawal method.

    Many gambling sites allow deposits and withdrawals in virtual currencies such as Bitcoin and Ethereum, but most game currencies are legal tenders such as USD and EUR. However, Bit Casino has the feature that you can bet the deposited Bitcoin as it is.


    Things to keep in mind when gambling with Bitcoin
    Although not limited to use on gambling sites, all you need to send Bitcoin is an alphanumeric Bitcoin address. If you make a mistake and send money, the amount you sent will not be returned regardless of whether the address exists or not. It's easy and convenient to deposit and withdraw money from a gambling site with Bitcoin, but be sure to copy and paste and be careful not to make a mistake!


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