Why Bitcoin Is The Perfect Casino Currency
When it comes to gambling with cryptocurrency, nothing beats good old-fashioned Bitcoin. Since the very beginning, the venerable coin has been front and center in the exploding world of all things crypto. As such, it enjoys a particular spotlight as the go-to crypto that many try to replicate, but none succeed. Crypto casinos like Coincasinos have taken note and have largely accepted Bitcoin as a second option to fiat money for placing bets. The popularity of Bitcoin is its most defining and important trait. A trait that influences everything about and around it.
It is for this reason, and if for no other reason, that Bitcoin is the perfect casino currency. It’s insanely popular. Of course, it has many other beneficial quirks and details that certainly help its cause. But many other cryptocurrencies offer similar benefits, even better ones, but none of them currently carry the weight of Bitcoin’s immense popularity and are ultimately inferior in this regard. Bitcoin’s transfer speeds are relatively fast; it features considerable anonymity and excellent security. Many others do it better in each particular case, but none do it all with the weight of big daddy BTC behind them.
Anonymity & Security
As a rule, cryptocurrencies are considered an anonymous method to transfer funds. While that isn’t precisely the case, it does hold a kernel of truth. To possess Bitcoin, you need a wallet. These can be hosted online (less secure), installed on a computer (more secure), or housed on a detachable USB stick that you keep locked in a safe located in an underground vault (most secure). Any way you slice it, you need a wallet. This wallet will have a random string of characters attached to it, something like “wANLPBstZejqDFn9Aa4m4QFg7xMaO” (that one’s fake), which represents an address that can send and receive Bitcoin.
There is a publicly viewable ledger that records all the transactions that the address will ever make. So how, exactly, is Bitcoin anonymous if the transactions are public? Anybody can have any number of wallets; they’re free and don’t take much know-how to set up. Even if a Bitcoin address is associated with a crypto casino, which usually has your personal information, any other wallets you may have out there do not. The ledger only records transactions on the blockchain, not the IP addresses of devices or computers that accessed it. Of course, any persistent attacker with enough time and skill will always find the cookie jar. Using Virtual Private Networks (VPNs) with multiple wallets (some for buying and selling, some for storage) will make tracking your Bitcoin adventures an endeavor best suited to Sherlock Holmes and his crack team of Watson AI supercomputer hackers.
The Best Of All Worlds
Crypto casinos and sportsbooks accept Bitcoin because it has it all. The popularity, the desirability, the security, and anonymity. The whole package, so to speak. It’s the perfect cryptocurrency to use at a casino. Far more private than any credit card or bank transfer could ever hope to be. It generally transmits faster than waiting for cash transfers to go through; banker’s hours are a thing.
Assuming you’ve done your due diligence and protected your back-end with multiple wallets, used VPNs wherever you could, and aren’t uploading pictures of yourself holding your Bitcoin wallet ID and driver’s license to Facebook and Instagram, using Bitcoin is about as anonymous as it gets. There are no records of your spending outside of the exchange where you converted fiat currency for Bitcoin and the casino you spent Bitcoin in. Between the two, who knows where that Bitcoin went?