Bitcoins vs Credit Cards – Which is Better for Online Gambling?
The inception of cryptocurrency into online transactions brought a significant interruption in the industry, completely changing the way transactions are done, wagers are placed, and so forth. Bitcoins have revolutionized the whole gambling experience so much that other currencies and methods of payment have been rendered near irrelevant.
Previously, the predominant and more convenient mechanism of deposit for online casino transactions was the credit card. The introduction of digital coins has prompted a shift from credit cards in such a way that it is only reasonable to look why it is so and which of the two payment methods is better for online gambling. Let us look at the different aspects of online gambling and how each of the payment methods performs.
Privacy
Privacy is an essential aspect of gambling. This is especially so because gambling is negatively viewed in society as being a vice and gamblers are stigmatized even in the job market. When using credit cards, it is necessary to disclose your details to do transactions. This compromises your privacy. Cryptocurrency, on the other hand, requires no such disclosures of identity. All you need is to have an email address to have an account. Players looking to remain anonymous for whatever reason find gambling using cryptocurrency much more convenient than credits.
Payment: deposits and withdrawals
Digital coins make it possible for instant deposits and withdrawals. Majority of the transactions get confirmed and processed within minutes, with an occasional confirmation taking an hour. Very rarely will payment take more than an hour to process. Credit card payments can take up to 5 working days to process. This may be even worse if the transfer is international. This also applies to make deposits. It, therefore, follows that Bitcoins allow for faster transaction.
Digital currency transactions are cheaper than e-wallets, bank transfers and credit card payments. Bitcoin wallets charge virtually nothing for transacting on their platforms. Credit cards, on the other hand, have fees attached to them, generally proportional to the amount at stake. Most online casinos encourage people to use an either e-wallet to either deposit to withdraw their crypto coins.
Currency Stability
Credit cards are just placeholders for fiat currencies, which fluctuate with demand and supply, making them prone to inflation. This quality of fiat currency makes it likely to be valueless in a blink of an eye in the event the amount of given money can surpass its demand. Digital currency is quite stable and completely secure from the risk of inflation. This is because there are a maximum number of coins that can ever be generated or produced. This is a crucial quality as it makes digital currency a more reliable measure and store of value. The stability of digital currencies makes them widely accepted across industries and countries as a means of exchange.
Gaming experience
Digital currency enhances the online gambling experience. Digital coins were born on the internet, and they are specially tailored for use on the internet. They carry practical solutions for challenges on the internet as a whole and in online gambling in particular. Credit cards weren’t necessarily made for the online environment; they were just adopted for lack of a better mechanism. The cost of their transactions and the speed of transactions bear witness to the fact that the internet isn’t entirely their place.
Security
Security is a critical aspect of online gambling. Every player wants the surety that their coins are safe and secure at all times. Credit cards are relatively harmless but can be prone to hackers. If the gambling site gets hacked, then you are sure to lose your funds both in the casino account and the credit card. There are various ingenious methods that hackers use to get credit card information through phishing accounts. Digital currencies are much safer if you take the necessary steps towards storing them properly. The availability of offline storage mechanisms makes it even harder to get their security compromised. All you have to do to be safe with digital coins is to buy a hardware wallet and protect your private keys somewhere safe.
From the above comparisons, it is evident that digital currency is much more convenient than credit cards or any other transaction method for that matter. Cryptocurrency is the cash for the digital age, and financial institutions like banks and credit card processors are indeed becoming more and more irrelevant in online transactions.
In conclusion
Bitcoins are valid in that they adequately address and give solution to the pertinent aspects that are central to the online gambling experience. Issues like security, privacy, ease of use and efficiency are significant to make gambling online worthwhile. Cryptocurrency immediately becomes a welcome transaction mechanism for online gambling. With cryptocurrency being more widely accepted, its convenience keeps on growing as a currency of the future.