Did you know; Nearly all US friendly online casinos now accept Bitcoin?

Imagine the scene; You’ve just won a thousand dollars on your favorite game. Your palms are sweaty with excitement. You’re so happy because it was your last $20 you had free this week. The rest you had was to go on an ever increasing weekly and monthly bills. And then boom, $1000 in your pocket. This isn’t just winnings, for you it’s a life changing amount. Especially when you need a new washing machine – this money will do perfectly.

You request a cash out immediately. No sense trying to win more because you know through experience that if you do that then the Casino will take it all back. Yup, this is going to be yours to keep, and help you through that daily uphill struggle of life.

But what’s this? You have to wait two days for a bank transfer? Idiots! You can usually have this done in a day with your own bank. Aggravated you phone up support and they assure you that everything is well, they just have to process it and check that everything is tickety-boo. Knowing you have no other choice, you decide to wait the two days. Two days isn’t much anyway.

As the second day passes you log into your casino account and find out that they have refused your withdrawal because they need a bit more information from you. Now they are requesting proof that your name matches the name on your bank account, or that your current address is correct, or maybe the bank refused the wire because it was gambling related.

I’ve seen this happen to a friend before, and these are the kind of problems that modern Casino’s have because of their fraud checking procedures. You have to at all times keep your accounts above board or they will snipe you off that pedestal when the time comes. It’s not their fault of course, it’s because with gambling there’s a certain element of the population that try to pull fast ones on the casino’s, and to safeguard their monies they are sometimes over-zealous with the protection.

How Crypto Has Changed The Face Of Online Gambling

However, in a world of blockchain this is no longer an issue. Using Bitcoin to gamble online allows you to cashout right away, in a safe and secure way. You need not provide a bank name, address, or any other data. All that is required is your unique Bitcoin wallet public address. If you don’t understand cryptocurrencies then I’ll do a little run down for you.

Bitcoin was revolutionary when it was first put on the market. It solved an age-old problem that economists, finance managers, and bankers have been trying to solve for many years. They solved the double spend problem. Double spend for those of you that don’t know is essentially counterfeit money. With Bitcoin there is no middle man, no private information one must provide, and it is an all inclusive system that anyone can use. The term BYOB is often used in the crypto community, and it stands for “be your own bank”.

At this very moment, you can download a Bitcoin wallet, and have a unique bitcoin address accessible only by you, within a minuet. You do not need to even provide your name, as bitcoin is pseudo anonymous. “It is anonymous in the sense that you can hold a Bitcoin address without revealing anything about your identity in that address.”

And since there’s no human interaction, there is no one to delay the flow of money. This means gambling with an online casino using cryptocurrency can shave the banking times down astronomically. No longer will you need to wait for depositing your stake, and no longer will you need to wait days to receive your funds. Bitcoin is transparent, trust less, and can be sent and received for a fraction of a bank wire. When cashing out at an online casino, transfers are instant. As soon as the cashout is approved, you will see your funds secure in your Bitcoin wallet. From that point you have the option of exchanging them to USD and sending them to your personal bank, saving them for later use, or spending them elsewhere.

I’ve already seen quite a few online casinos adopt a cryptocurrency approach and their trust level has skyrocketed when it comes to deposits and withdrawals. You no longer have to fear the fraud hammer smashing down over your head. Or the long arduous wait times for withdrawals. It makes for a fairly streamlined and straight forwards, enhancing the entire online gaming experience.

I expect this method will only become more popular as time goes on. Once you use Bitcoin for the first time, and experience how seamless and fast the entire process is, its hard to imagine anyone going back to using the traditional banking system, waiting days for a payout that could have taken moments.