Cryptocurrencies and Blockchain Technology are already revolutionizing many industries and in this article you will understand how they are changing Online Casinos. The enormous potential that Blockchain Technology will be seen in the following years, but already major Entrepreneurs and CEOs are calling Blockchain Technology the next major layer of our society. When the Internet came out, there were many naysayers, skeptics and doomsday predictions, but fast forward 5-10 years later and the internet is one of the Foundation layers of our society and for businesses.
The utility and convenience the Internet brought to the table can’t be matched by any existing technology, that’s why the Internet became the most important invention of all of humanity’s history. Blockchain Technology is similar to the Internet, because it is a foundation on which many projects will be built that will change the world. The first major project on the Blockchain – Bitcoin has already changed the financial industry and is making its way into mainstream industries with the many benefits and features it has over fiat currencies.
From government data protection, to economic or gambling revolution, Bitcoin does it all. An interesting phenomenon is currently developing with the Gambling industry. First of all, Online Casinos are disproportionally taking over the Industry. Never before, such a large percentage of the Gambling Industry was taken by Online Casinos, but even they aren’t perfect. That’s why more and more Bitcoin accepting Casinos are taking a big market share. The folks at Scams.info have done their research on the best bitcoin casinos, and in this article you will learn why people are choosing to pay with Bitcoin, more and more than with PayPal.
The many advantages of Bitcoin Casinos
Paying with Cryptocurrencies is nearly the most secure payment method in the world. Cryptocurrencies are the most disruptive financial tool of our time. The Blockchain stores all data and transactions and it removes the ability to tamper with the information. Once it’s on the Blockchain, it will always be there. So paying with Bitcoin is perfectly safe, it depends more on the site you are using. Many Bitcoin Casinos even encourage people to pay with Bitcoin to prevent insecurity and fraud. Bitcoin transactions are way faster, so if you deposit right now your money in Bitcoin, you can start playing in five to ten minutes.
A question arises! Aren’t Bitcoin fees too large for people to use the Coin? Well, they aren’t. With the implementation of the SegregatedWitness (SegWit) protocol and the development and further implementation of the Lightning Network, Bitcoin transactions will complete in less than a minute with fees ranging from just a few cents. Major Technological Advancements for Bitcoin will allow Bitcoin micro transactions to be made in our everyday lives. However, Bitcoin Casino users need to check the Casino’s terms. Some Casinos may impose a higher tax on Bitcoin deposits and withdraws, which is not something we want.
For users, to use Bitcoin as payment is quite easy. Create your own wallet, deposit your Bitcoin, use the wallet to send to the Casinos Wallet and you’re set. Same is for withdrawals; use your Bitcoin wallet as the address you wish to send your Bitcoin winnings. Although, withdrawals can take up to few days, because Bitcoin Casinos need to approve the transaction before it is sent. But this is also a work in progress. There isn’t an existing payment system that utilizes Cryptocurrencies so the process is complicated, but soon this will change.
Paying with Cryptocurrencies has many benefits!
Cryptocurrency Point-of-Sale machines are currently being developed and created for a large scale use. These Crypto PoS machines will change the status quo, as many businesses, merchants or online businesses will have a simpler way to incorporate Cryptocurrency transactions and at the same time increase security and convenience. But probably the biggest advantage of Bitcoin Casinos is privacy. When you pay with Cryptocurrencies, none of your personal or credit card information goes to the Internet or to the Casino itself.
This is a massive deal for many people, because we all know how our personal information is changing hands and traveling the world through the internet. Playing from the convenience of your own home and at the same time, not worrying about someone stealing your personal information is the biggest reason why Bitcoin Casinos are taking over the Gambling Industry. You don’t have to wait for the third party (your bank) to approve the transaction before you can play, you can do it immediately.
Another big reason why Bitcoin Casinos are better is that in most countries your Gambling winnings are taxable. Meaning that not only you have to beat the odds and win, but then you have to give your hard earned winnings to the government, because they said so. Not such a good deal at all. Playing with Bitcoin, means that in most cases your winnings will not be taxed. Or if they are going to be taxed, the tax percentage is much lower than Gambling taxes.
The UK has the fastest developing Bitcoin Casinos and Online Casinos
The UK’s approach to Online Casinos has been pretty straight forward and the adoption of these types of Casinos is amongst the highest in the world. The British gambling user base has contributed a lot towards Online Casino adoption in the UK and they are contributing a lot towards the adoption Bitcoin Casinos. But the Online Gambling Industry in the UK has been developing faster than its user base, so currently there are too much Online and Bitcoin Casinos.
The gambling user base in the UK is left with too many Online Casinos that are growing in numbers by the day, so users need to find not only the Online and Bitcoin Casinos that offer the best User Experience, but also the best quality Gaming Experience. That’s why sites like Scams.info give the best insight of the Best Bitcoin Casinos in the UK. They provide a detailed insight on user reviews, brand reviews and gaming experience reviews that help UK’s betting community to enjoy Casino Games as they will.
You can also find which UK Bitcoin Casinos are worth your time and the reasons why Bitcoin Casinos will take over PayPal Casinos. Bitcoin Casinos also offer a different range of games, so learning where you can find the games that suit you and the Casinos that offer the best bonuses, needs some time and research. Doing your research and educating yourself is your best friend when dealing with the unknown so I advise people to read more on the subject, before going head first with their money.
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