3 Reasons I Prefer to Use Cryptocurrency When I Gamble
Published on May 28, 2018
When I first heard of cryptocurrency back in 2010, I was skeptical. I was still recovering from the housing market crash in 2008, and I had just dealt with a malware scam that led to identity theft.
Why on earth would I buy stock in digital currency with all of that going on? I believed that it was doomed to fail at best and a total scam at worst.
Fast forward seven years, and to my surprise, cryptocurrency is still around, and it seems to be flourishing.
My financial situation is different, and I have learned how to use my virus protection software to protect my information on the internet. My buddy, Joe, could not stop talking about Bitcoin and how much he loved it.
I stood my ground and refused to believe in trusting digital currency, and I told Joe that he was going to regret it. But I was secretly beginning to wonder. So, I started doing my own research, and I learned all about how cryptocurrency works. Suddenly, it didn鈥檛 seem as crazy after all.
The more I learned, the more it looked like Joe鈥檚 digital money was even more secure than the money I had saved in my bank.
I decided to give it a try to find out for myself, but I was sure to start by purchasing a small amount that I knew I could risk losing.
Over the past year, I have been investing in cryptocurrency, using it to process international transactions, and gambling with it. Joe is ecstatic that he finally convinced me to try it, but he is a little ticked that I have become the student who surpassed the master with all of my research.
I have learned to love a lot of the qualities that cryptocurrency offers that you can鈥檛 get with paper money, especially for gambling.
Another reason that digital currency is so convenient is that you can make transactions globally. I have some friends who live in Switzerland, and when I went to visit them, I was still able to make Bitcoin transactions.
I didn鈥檛 have to notify the bank that I was traveling out of the country, and I was able to have instant access to my funds, just like I do when I鈥檓 in the US. There is no difference in how I make my transactions or how I can use my funds.
And the Bitcoin Wallet app even includes a currency converter, so I didn鈥檛 have to do the math in my head.
The best news is that anyone can reap the rewards of investing in cryptocurrency.
If you are on the fence about it, check out the reasons that I have learned to prefer it, especially if you are a gambler. Then I suggest that you try it out for yourself. You may begin to see how much better it is than you think.
Online casinos were revolutionary in offering players the convenience of gambling from home, and mobile technology allowed bettors to make their bets from anywhere. Cryptocurrency offers online gamblers a new form of convenience.
Transactions in cryptocurrency are circulated almost instantaneously, and it takes just a couple more minutes to have them confirmed. You can access your funds from any computer or the app on your smartphone or tablet.
When it comes to online gambling with Bitcoin or other digital currencies, the only thing that you have to wait on is the site you鈥檙e using.
Your deposits are usually available instantly, but each site will vary in how quickly they can process payouts. If you choose to cash out using a credit card, wire transfer, or check by mail, you will have to wait even longer for those companies to process the payment on their side.
I needed Joe鈥檚 help for my experiment, and luckily, he was a good sport about it. Joe and I both have accounts on the same online casino.
We decided that for one month, we would both make our payout requests at the same time, on the same day, for the same amount. Every Friday at noon, we both cashed out $250. I used Bitcoin; he used the next fastest option, Skrill.
For those of you who aren鈥檛 familiar with Skrill, it is a website that processes payments and transfers through the internet, similar to PayPal.
During that month that we were conducting our experiment, we texted each other as soon as we got our payment. The casino consistently processed my payment within two business days.
They usually processed my payment by Tuesday, and the funds were added to my Bitcoin account every Tuesday. Joe, on the other hand, often didn鈥檛 get his funds until the following Friday.
Using cryptocurrency to fund my online gambling account is just faster and more convenient for me. There is no middleman at the bank who slows down the process, and I can access my fund quickly without having to check my credit card number.
These factors may not seem like they make a big difference, but they really do.
If you don鈥檛 believe me, try it out for a month or so. I bet that you will see the impact pretty quickly.
After my malware incident in 2010, I have been pretty careful about protecting my identity and information. I don鈥檛 ever want to deal with all of that hassle again.
You might think that putting my funds online in a digital format would seem like the last thing I would want to do to protect myself. For a long time, that is what I thought as well.
The thing that finally made me realize that possibility was the fact that your cryptocurrency account is never linked to any personal information. Your account is connected to your email, but only on your end.
As soon as you begin creating transactions, you are assigned a private 鈥渁ddress鈥?that cannot be used to trace any personal information.
The address is usually a chain of 30 random characters, so there is nothing that links to your real-world identity. To protect your data even further, digital currencies give every user a public key and a private key.
So, the private key is associated with your account but is not included in your transaction information.
Lots of people use the term 鈥渁nonymous鈥?to describe cryptocurrencies, but what they are really referring to is the pseudonym that you are assigned. That鈥檚 why pseudonymity is a better term to explain the privacy that is offered by cryptocurrency.
Your account isn鈥檛 wholly untraceable, so it鈥檚 not exactly anonymous. But the only thing that can be traced is that private key, which is not attached to your personal information.
Once I understood how digital currency uses these private addresses that are completely random, I realized that I could actually use it to protect my identity even further.
When I purchase something online using my credit card, I have to use my name, zip code, and often other information to confirm my identity. Using my Bitcoin account, none of that information is required.
Pseudonymity is not the only thing that makes digital currencies secure. The reason they are called cryptocurrencies is because of the cryptography that is used to store and process information. They are embedded with multiple layers of encryption that work to protect everyone.
Encryption is a way of coding information so that it can only be read by the entity it was written for. It makes it so that programs like malware can鈥檛 interpret your data even if they are able to steal it.
This is why you often have to enter a code or click a box that says 鈥淚鈥檓 not a robot鈥?in order to transfer valuable information on the internet. You are reassuring the encryption that you are the person who is supposed to be able to access the data.
Cryptocurrencies use a specific type of encryption called blockchain encryption, which works by adding each transaction as a 鈥渂lock鈥?to the blockchain.
The chain is copied every time the system is used, so there are thousands of copies of the chain, each connected to the user accounts.
Every single block has to be in the right place in the chain for it to recognize a transaction.
If you are not a tech expert, all of this information can be very confusing. At the end of the day, all that you need to know is that digital currencies use advanced encryption technology to make sure that your information cannot be shared with other computers.
Your funds are as secure as they can possibly get while still allowing you to use them online.
When I am gambling, I am taking enough risks with my money. I don鈥檛 need to add the risk of my funds being compromised because of a lack of security. As I learned about all of these encryption techniques, I compared them to what I could find about how my bank encrypts information.
To put it simply, blockchain encryption is a far more sophisticated system, and I think it protects my information better than the simpler methods used by banks and other websites.
If security is your main concern, cryptocurrencies offer some clear advantages.
Using cryptocurrency may not be the best option for everyone, but it is certainly the option that I prefer most. This futuristic way of processing payments is convenient, it protects my identity, and it is secure.
I was skeptical at first, but the research that I conducted has convinced me that it is the best way for me to transfer money when I gamble online.
I highly recommend doing some research of your own before your brush it off. Whether you decide to try cryptocurrency or not, have fun, and good luck on your next bets!