EXPERTS Are Bitcoin Casinos a Solution? 4 years ago Iwo Bulski Post Views: 988 The African gambling market is considered as one of the largest and most remunerative markets in the world. They attract many financiers to open up their land-based gaming space to the neighborhood players. Although the government has set quite a rigid system of rules and regulations in this domain, it still gains the fact that gambling has a notable share to Africa’s budget. Contemporary research has revealed that 35% of the population in Africa are involved in gambling. However, there is no official record showing which part of this rate belongs to online casinos. People love to get along with online gambling for evident reasons; such as a broad vision for alternative games, quick and easy approach to the casinos with no need to travel and secured privacy, as well as diverse payment options. Are Bitcoin Casinos Suitable to Online Gambling? Before diving into bitcoin casinos you must know terms related to bitcoin. Bitcoin was created in 2009 by Satoshi Nakamoto. To this day, nobody knows if Satoshi Nakamoto is a real person, a pseudonym, or the name used by a group of people who came up with the Bitcoin concept. Bitcoin is a cryptocurrency. This means that it exists ‘physically’ as a currency even though it is a value in a piece of software called a Bitcoin wallet. Like all cryptocurrencies, Bitcoin has a decentralized currency, which means it is not tied to one particular country or group of countries. The bitcoin casino platforms are based on blockchain technology which is hosted on the fully secured server and ensures the anonymity of players’ data and payments. You can see the list of the best bitcoin casinos to decide which suits you best. Bitcoin casino software is beneficial for users for various reasons: Innovative technology creates the reputation of a financier who reinforces and embraces the latest modifications. A decentralized system of bitcoin casinos allows users to play from countries with restricted gambling. Launching Bitcoin Casino is an easy and quick process. How to use bitcoins at online casinos? The Bitcoins usage is incredibly simple once you have everything set up, and all your transactions are processed without the intervention of any banking organizations. Ponder at these given points for using bitcoins at online casinos: For every new startup, do your research for making a profit. Choose a platform according to your needs. Head towards the cashier section and select bitcoins as your deposit option. Open a bitcoin wallet, enter the transfer amount to the casino bitcoin wallet. Transactional approval will allow you to gamble with other players. The same procedure applies to withdraw your winnings. Why Bitcoin Casinos are Preferable? Bitcoin is a decentralized currency: No one can take your Bitcoins away from you or freeze your account, due to the sheer absence of central regulating authority in the system. You own your money and control your transactions. No tax on transactions: Again, owing to the absence of a single central authority that would regulate Bitcoin transactions. Gambling is secured with bitcoins: Your transaction information cannot be stolen away from you. No, reverse action is applicable for transactions that reduce risks for trading. Anonymous behavior: Since no personal information is attached to your Bitcoin wallet, people do not know who purchased what. Saves time: It does not matter where you are and where you want to transfer your coins to be it an international transfer or a payment to your neighbors. With Bitcoin, such transfer becomes close to instantaneous. Zero or low transaction fees: Since there are no middlemen in the Bitcoin network, no one will charge you for anything. There might be fees for faster processing of transactions or conversion of bitcoins into fiat currency. Still, the transaction costs are very low. If you decide to explore Bitcoin for online casinos, try to learn as much information on its usage and security measures to keep your coins safe. You don’t have to be a Bitcoin genius to use Bitcoin, just as you don’t have to be a financial expert to use a fiat currency at an online casino. As long as you have sorted your Bitcoin wallet solution, you are good to go. Source: nyasatimes.com About Post Author Iwo Bulski Issues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. See author's posts Iwo BulskiIssues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. 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