The act of gambling has been around since before mankind even began recording historical events. Making bets and placing wagers may well be some of the oldest pastimes human beings have ever known, and over the centuries these games of chance have faced many periods of change and evolution.
However, one single aspect has remained throughout – the very nature of a wager: the chance to select the right option or to guess the correct answer and win a prize. The risk involved, the arrogant confidence of believing one is right, the possibility of an embarrassing loss – all these elements add up to an intoxicating cocktail for the player.
21st Century Gambling
Technological developments have brought to us new and exciting ways to gamble in the 21st century, most notably over the Internet and from the comfort of our own homes. Online gambling has revolutionized the industry, making casino games available to millions of people who previously had no access to the sector at all. Not only does online gambling make the industry more internationally accessible, but also adds an extra element of privacy and simplicity.
Many gamblers who would have traditionally attended physical casinos on a weekly basis now prefer to play from the familiar safety of their own home. However, while this offers many advantages, online gambling has also brought with it inherent risks. Buying chips or depositing money over the Internet is dangerous because it requires you to hand over sensitive personal details. Not only is this a potential security risk but it is also slow and expensive.
Bitcoin to the rescue
Cryptocurrencies like Bitcoin offer a unique solution to this problem by providing the ability to transfer money online anonymously and without the need for any personal details.
Online casino sites began adding Bitcoin gambling as an option a few years ago but it has exploded in popularity more recently due to the increased interest in cryptocurrencies and blockchain technology. As more and more customers began to realize the advantages that if offers, online casinos rushed to add support for the use of Bitcoin on their platforms. Now, it has become one of the most popular methods of online gambling available.
What’s all the hype about?
Well, first and foremost, when gambling with Bitcoin you don’t need to hand over any sensitive banking details. No more worries about a catastrophic data breach that could result in your credit card details being sold online from some dodgy black market website. When gambling with Bitcoin, the only piece of info you need to begin playing online is your Bitcoin wallet address. Many websites also offer support for a multitude of other cryptocurrencies like Ethereum, Litecoin, XRP, and Dash, so you have a wealth of choices.
Secondly, the transferring of funds is considerably cheaper and far less time-consuming. Bank transfers take notoriously long to clear – sometimes as long as three days! Credit card payments are usually quicker but can often attract exorbitantly high fees of five percent or more sometimes. Due to the decentralized nature of blockchain technology, Bitcoin doesn’t require any third party interference, making fund transfers quick, cheap and easy.
Many people remain skeptical of cryptocurrencies like Bitcoin due to the reputation they have for being used by criminals. In reality, however, Bitcoin is far more secure and less susceptible to theft than almost all other traditional means of online payment.
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