Come hail, come storm, come Corona or lockdown, people who gamble will find something to bet and put their stakes on. Calculated risks are lessons that are best learnt from people who know the game, understand the numbers, the higher the adversity, the more likely they are to make a more informed decision. This isn’t limited to what they are betting on alone, but also to the currency they use, their mode of payment and its implications and also ease of use.
Old school mechanics of using cash are long gone, but even the more common forms of payment that are bank transfers, debit or credit cards come with a plethora of nuances. Anonymity of user and safety of their banking and other personal details, long withdrawals, unreasonable transaction fees are among a few of the reasons that make the odds tilt in favour of cryptocurrencies such as Bit Coins by quite a margin, making it an easy way to pay.
This becomes all the more pertinent for online Casinos, where people are look to curb their urge for gambling, yet trying to hide the fact that they are the ones making those bets for various reasons, professional influence, fear of mockery by peers, colleagues and fellow gamblers. As of today, there are multiple cryptocurrencies available in the market, however the most popular name appears to be that of Bitcoins.
Here are the prime reasons for why Bitcoins are considered an easy way to pay, especially for gambling and online Casinos:
- Safe mode of payment
- Anonymity ensured
- Little to no fluctuation in value
- No struggles to make withdrawals; payments, withdrawals, transfers, etc. all happen in real time.
- No delays
- No physical currency to carry and watch out for. The currency is virtual and stored in cloud
- Bitcoins are impossible to counterfeit
- Can’t be inflated
How to use Bitcoins for gambling
Having understood the benefits of Bitcoins, it is essential to understand how the process of using Bitcoins actually work to figure out if the same actually makes sense for you.
Also referred to as BTC, Bitcoins are completely imaginary and have no physical form and attributes such as shape, size, weight, or matter. It works like real money or rather more like a prepaid card that you can buy stuff with and place cash bets at casino sites. In a Corona infested world where Social distancing is the norm and people are avoiding touching anything at all from cash to card, this is an ideal solution. Here’s how you can use Bitcoins:
Step 1: Acquire Bit coins
Exchange regular government approved currency (ies) for Bitcoins and store the same.
Step 2: BTC/ Bit Coin wallet
Since the Bit coins are virtual, they need to also be stored virtually. Many Bit coin wallets are now available in the market, which store the Bit coins virtually in cloud space.
Step 3: Bit Coin Casinos
Luckily there are quite a few options here and one can take their pick, especially in the US. The top five Casinos in the US as of April 2020 are Bit starz, Ignition-Casino, My bookie, Casino Max and Café Casino.
Surely you must be convinced by now that using Bitcoins is fairly simple. This brings us to now understanding how one can get their hands on Bit coins. Bitcoins can essentially be acquired in a few ways. These are as follows:
- Buying BTC by exchanging local money for electronic cash. This is done through Cryptocurrency exchanges. Bitcoin exchange sites help people buy electronic money using their various methods. For instance, Coinbase, one of the world’s largest BTC exchanges allows players from the States to buy BTC using a connected bank account or SEPA transfer. Those who prefer to use their credit or debit card, often use Indacoin, since its fast, easy doesn’t require registration. Post a verification of the card, the cryptocurrency is sent to the buyer within minutes.
- Accepting BTC as payment from trustworthy sources
- Open source buying from people selling Bitcoins in your community using various forums and websites. For instance, from the popular forum Local Bitcoins. Local Bitcoins has sellers listed with reviews and feedback from actual buyers and thus it’s easy to pick a reliable and credible seller.
There are a few downsides to using Bitcoins as well and caution should be exercised for any cryptocurrencies since they are all still in very nascent stages. To the extent that In India, Bitcoins have become legal as recently as March 2020.