By
Steve Muchoki
April 19th, 2024
Transaction times are a major point of friction for gamblers around the world. Bitcoin transactions are instant, which means you’ll be ready to spend again as soon as you hit the cash out button.
With plenty of smartphone upgrades over the last few years, online slots have become more popular with consumers. This is likely because apps have made it easier to get involved compared to previously used clunky, unoptimized websites, but also because newer infrastructures such as 4G and now 5G have paved the way to easier use on the move.
As such, the proportion of people who gamble weekly in Great Britain alone has risen to 31.1% and this looks set to continue to trend upwards. Nevertheless, many people have issues with modern online casinos relating to things that make them overly restrictive at times. However, Bitcoin and other cryptocurrencies are stepping in to make online slots more accessible in several ways.
Privacy
Unfortunately, gambling transactions can negatively affect certain aspects of life, even if you’re a casual player. One example of this is mortgage applications, which can be flat out denied – or at the very least complicated – if a bank sees deposits to casinos on your statements, no matter how small.
Bitcoin alleviates this problem because a bank account is not required to make a deposit. Therefore, if you’re someone who likes to gamble casually for fun, you won’t be penalised by the middleman – in this case, the bank.
Payment Options
It must be said that traditional online casinos have at least been trying to cater for different deposit methods in recent years. Casinos like Betsson, for example, allow users to deposit by debit cards, PayPal, alternative eWallets, and even bank transfer.
The same can’t be said for all casinos, however, and regulations are making it more difficult to avoid having to deposit via debit card alone. Credit cards, for example, were recently banned in the UK as a deposit method at bookmakers.
Bitcoin address this problem as anyone can open a Bitcoin wallet and deposit without the need for regulation from banks. It’s a simpler way to remain in full control over how you spend your money. It’s also worth noting that many casinos charge you to deposit or withdraw by debit card as they must pay fees to service providers. With Bitcoin, this isn’t an issue because transactions are peer to peer.
Transaction Times
Transaction times are a major point of friction for gamblers around the world. Sadly, many casinos take days to process withdrawals and this can be frustrating if you’ve earmarked that cash for something else.
Bitcoin transactions are instant, which means you’ll be ready to spend again as soon as you hit the cash out button.
No Registrations
Perhaps the most important point, depending on where you live in the world, is that Bitcoin casinos aren’t location restrictive. As they’re not controlled by governments, people can log in and play from anywhere in the world, even if gambling is restricted in that region.
Of course, there may be issues with location tracking depending on where you live, but there are easy workarounds for this, such as using VPNs, and this means that online slots are becoming more accessible.
Ultimately, Bitcoin cuts out middlemen such as banks and governments that deny access or, at the very least, make things complicated regarding registrations, deposit and withdrawal methods, transaction times, and hidden fees. When playing online slots with cryptocurrencies, you alleviate most of these issues, meaning that anyone in the world can get involved if they have the correct cryptocurrency wallet.