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6 Reasons Why Smart Gamblers Prefer Bitcoin to Fiat currencies

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Introduction

There are many reasons why bitcoin is a better choice than fiat currencies for gambling transactions. In this article, we will discuss six of those reasons. Yet, first and foremost, let’s take a closer look at what bitcoin, in particular, is and how it works.

What is Bitcoin and How it Works

Bitcoin is a digital currency firstly established in 2009 by a person unfamiliar to anyone yet with the alias Satoshi Nakamoto. It is a peer-to-peer currency, meaning that there is no central authority controlling it. Transactions are certified by network nodes using cryptography. And afterwards, they’re recorded in a public dispersed ledger known as a blockchain. BTC is unique in that there are a finite number of them: 21 million.

The majority of Bitcoin’s earliest adopters were tech libertarians who saw it as an anti-authoritarian tool. They believed the lack of government control over economic transactions used to exchange goods and services was a positive trait worth embracing. They wanted decentralization so badly that they were willing to refrain from using their coins for even the simplest everyday transactions, to stave off centralization.

As Bitcoin’s popularity has grown, so has its value. And, soon enough, it has become widely used in online gambling on betting platforms like Bitstarz and many others.

So, Why do Gamblers now Prefer Bitcoin to Fiat currencies?

#1: Smart gamblers know that BTC is a deflationary currency

This means that its value is likely to increase over time, as opposed to usual money which tends to lose value over time due to inflation. Since there is a finite number of Bitcoins, which means that there can only ever be 21 million in circulation, the value of BTC has been rising consistently. This makes it an attractive option for gambling purposes, as opposed to traditional currencies whose value often fluctuates wildly.

#2: Fiat currencies can be devalued by central banks, but Bitcoin is immune to this

Central banks often manipulate the value of fiat currencies by printing more money, which reduces the value of each individual unit. BTC, on the other hand, is immune to this kind of manipulation. This makes it a safer option for gambling, as the value is less likely to change suddenly and unexpectedly.

#3: BTC transactions are irreversible, so there is no risk of fraud or chargebacks

This means that if you send BTC to the wrong person or make a mistake when sending it, there is no way to get it back. With usual money, however, you can usually reverse a transaction if you contact your bank within a certain time frame. This safety net is not available with BTC, which makes it a great choice for gambling.

#4: Fiat currencies are subject to capital controls, but BTC is not

Capital controls are measures that a government can take to regulate the flow of money in and out of the country. They can include things like limiting the amount of money that people can take out of the country, or preventing people from exchanging their currency for foreign currency. Bitcoin is not subject to capital controls, which means that you can use it to move money in and out of a country more easily than you can with fiat money. This makes it a more desirable option for gambling, as you can bet with greater confidence that your funds will be available when you need them.

#5: BTC can be transferred anywhere in the world in a matter of minutes

BTC can be transferred anywhere in the world in a matter of minutes because it is a digital currency. This means that it is not tied to any physical location and can be used to purchase items or services from anywhere in the world. The digital aspect of the currency also means that it is not affected by any governmental or banking intervention. A fiat currency works in a completely different manner and often takes several days for wire transfers to take place. This can make a big difference for gamblers.

#6: Bitcoin is much more secure than fiat currencies

BTC is much more secure than usual money because it is not subject to the same regulations and controls. Bitcoin is also much less susceptible to fraud and theft. BTC is easy to transfer and can be moved quickly without significant losses similar to traditional currency. When a Bitcoin exchange like Bitcoin Up gets hacked, only the BTC in that single wallet is usually stolen, not all of them or all of your funds. With traditional currency, if you lose it via fraud or theft you have no recourse – unless you have insurance against such an event.

Bitcoin’s independence from government regulations also means that it will continue to exist even if the current financial system collapses. If you have a fiat currency, what would you do if suddenly there was hyperinflation? Fiat currencies are only worth whatever the government which created them says they are worth. What would happen if suddenly governments said all pre-existing money was no longer legal tender?

Bitcoin is designed to handle a world that currently has fiat currencies, but it will continue to work even if the current system of government-issued currencies collapses. It is decentralized and can’t be directly controlled by any one government or entity.

Conclusion

In the world of gambling, there are many different ways to wager your hard-earned money. You can choose to bet on sports, play casino games, or invest in lottery tickets. But out of all the different gambling options available, Bitcoin has become the preferred currency for smart gamblers. In our article, we’ve explored six reasons why BTC is a better choice than fiat currencies for gambling transactions. And hope it’ll help you make your own choice!

 

Also Check:

A Transparent Digital Ledger: What You Need to Know About Blockchain

Beginners In Crypto: How To Safely Invest and Protect Your Assets

Types of Cryptocurrency Apps and What to Look for Before Utilising One

Is Dogecoin Still Worth Buying in 2022?

Breaking! Thailand to Regulate Use of Cryptocurrency in 2022

 

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