Reasons Why Bitcoin Gambling is on the Rise

Jump to page contents

Reasons Why Bitcoin Gambling is on the Rise

Online casinos have been pioneers of innovation and technology. Therefore it’s not surprising that a good number of online casinos are offering bitcoin gambling games. The main reasons for adopting bitcoins in the gambling industry hang on the multitude of possibilities that bitcoin affords both online casinos and gamblers. Below are the reasons for the rise of bitcoin casinos.

1. Anonymity

If there is only one thing most people would not forget about bitcoins, it is the fact that bitcoin does not reveal users’ identity. User identification is quite a concern for some gamblers in particular countries. This particularly rings true, where gambling activities are used as key determinants of how much loan or credit facilities are available to the gambler. Anonymity may offer gambler better credit standings.

Since most bitcoin gambling sites such as Syndicate Online Casino, require only your bitcoin address, users’ gambling history may be concealed effectively. Also, if a bitcoin gambling site gets hacked, players need not worry as none of their details would be saved on the site itself.

For online casinos that require registration, a hacking incident can cause lots of worry to players who have supplied their details.

2. Freedom

Many online gambling casinos that accept fiat currencies have geographical limitations and regulations on players. For instance, players from some particular countries may not be allowed to play their favourite games. However, bitcoin casino games remove most of these restrictions as players can circumvent regulations and continue to play their games unhindered.

The new-found freedom for gamblers also bodes well for the bitcoin casinos as they get more patronage and reputation in the business.

3. Low fees

Many online slots for cash offering bet games in fiat currency charge withdrawal and third party fees. Since third parties are reduced in bitcoin casinos, there is no need to pay such fees. However, during each transaction, bitcoin users are required to pay a compulsory transaction charge. Bitcoin transaction charges are generally lower when compared to transaction charges from fiat currency alternatives.

4. Reduced Risk

Many people acquire bitcoins either through mining or as a gift from peers. The use of such bitcoins instead of fiat currency minimizes the risk of going bankrupt as a result of poor gambling habits.

5. Opportunity To Increase The Value Of Wins

Due to the price volatility of bitcoin, many gamblers are taking advantage of increasing their cash-out value. For example, a gambler wins one bitcoin, which was worth $8500. If he leaves the bitcoin in his wallet for a few days and the value of 1 bitcoin goes up to $9000 and above, the gambler has added at least $500 value to his winnings if he converts the bitcoins to cash at the given instant.

6. Access To The Use Of New Technology

Gamblers who are new to the bitcoin scene can gain more experience and knowledge through the use of online bitcoin gambling sites. Once the new entrants understand how bitcoin works, they can then join other people around the world who are using the bitcoin platform to their advantage.

Also, as many bitcoin casino games are being integrated into blockchain, gamblers can be sure they cannot be cheated, since it’s a reliable platform. Once a gambler is lucky enough to make a win, he or she will surely get paid.

As blockchain technology gets more advocates globally, it is more likely for online casinos to find more ways of integrating their games to enrich players’ experience. Syndicate Casino predicts bitcoin gambling will keep transforming the online betting space until something new comes up.

Can you give us your thoughts on your first bitcoin gambling experience? We’d love to hear from you!

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar Guides

Latest Guides

Crypto Mining,Mining

CPU vs GPU Mining at Home: Which is Better?

As cryptocurrency becomes mainstream, more and more people are getting involved in the crypto-world. This has also raised curiosity on how to mine cryptocurrencies and not just exchange and purchase them. As exciting as this sounds, crypto-mining is not easy to achieve, as it requires deep technical knowledge. If mining cryptos is something you are […]

15 June, 2021
Crypto Wallets,DogeCoin,Ethereum,Litecoin,Ripple

Best Ways for Coin Storage to Protect Your Cryptocurrency

As the price of Bitcoin and other cryptocurrencies continues to soar, news of people who have lost access to their crypto stash is always hitting the headlines. Recently, Stefan Thomas, a German-born crypto enthusiast, made news when he had only two attempts to his password for him to access his 7,002 Bitcoins worth millions of […]

9 June, 2021
Crypto Mining,Mining,Monero

How To Mine Monero (XMR) In 2021

In this how to mine Monero guide, we will provide you with the important information you need to know before you mine this cryptocurrency. We will also offer guidance on building your Monero mining rig and where you can sell your coins for a profit. What is Monero? Monero is an open-source digital currency that […]

6 June, 2021
Bitcoin,Crypto Mining,Crypto Wallets,Litecoin

How to Mine Litecoin in 2021?

Although Bitcoin is seen as the “gold” of cryptocurrencies and a value for long-term purposes, Litecoin is seen as the “silver” of cryptocurrencies and a trading tool for cheaper and daily purposes. Litecoin was released on October 7, 2011, through an open-source client on GitHub. The Litecoin network was launched on October 13, 2011. It […]

2 June, 2021
Altcoins,Cryptocurrency,Exchange Platforms,Investment

Open Source Cryptocurrency Exchange Explained

Cryptocurrencies are turning the Fintech world upside down. As the immense power of Blockchain technology continues to unfold, it comes with limitless opportunities that are transforming the global economy. Apart from the decentralized nature of crypto, there’s one fundamental aspect of this mind-boggling technology: the open source aspect of cryptocurrencies. To understand how crypto works, […]

19 May, 2021
Cryptocurrency,Investment,Liquidation

Cryptocurrency Liquidity And The Importance Of It

The worldwide recognition of cryptocurrency has drawn people’s attention to certain terms like market capitalization, staking, harvesting, NFT, liquidity, and many more. Cryptocurrency traders know that they have no other option than to learn these terms if they want to succeed in the crypto market. This is because such terms make it easier for them […]

17 May, 2021
Bitcoin,Bitcoin Cash,Litecoin

Litecoin vs Bitcoin Cash – Which is better?

Bitcoin is considered one of the biggest innovations of the recent past. However, the rapid development also brought problems that were not expected so soon. Scalability, in particular, has become a challenge. In response, a hard fork of Bitcoin eventually created Litecoin and Bitcoin Cash. Litecoin (LTC) was launched in 2011, making it one of […]

14 May, 2021
simulated trading,Trading,virtual trading

How To Automate Bitcoin Trading?

Bitcoin is the most accepted, traded, and valuable cryptocurrency. It has come a long way since its launch in 2009 and virtually all crypto exchanges offer bitcoin on their platform. If you’re looking to trade bitcoin, you should consider using crypto trading bots. This article will touch on what trading bots are and will provide […]

11 May, 2021