Guest Post

Why do Gamstop Players Prefer Bitcoin Over Other Currencies?

Written by: Coinpedia

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Coinpedia

Crypto Journalist and Editor of guest articles in CoinPedia. I am also handling Outreach & Partnerships Manager. Contact me: [email protected]

    Dec 20, 2021

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    There are many reasons behind the huge popularity of cryptocurrencies among GamStop players. Besides preserving privacy and ease of use, digital currencies are volatile, and this creates many opportunities for punters to obtain double profits if they buy Bitcoin when its price gets decreased, gamble it at the casino to get some profits, then exchange the acquired amount with any fiat currency when its price goes up!

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    What do cryptocurrency and virtual gambling have in common? They share many features, both are risky, immune to fraud and offer users huge rewards. Currently, hundreds of trustworthy online casinos allow their users to make their deposits and withdrawals in a wide range of digital currencies.

    Although blockchain technology works in a complex way that can be difficult to understand, especially for novice punters, digital currencies have become widely available and easier to buy on eWallets like PayPal, Skrill, and Square. 

    Furthermore, the numerical timestamp on which ledger blocks are built makes financial transactions irreversible and can’t be duplicated or debited twice from your account. In other words, blockchain technology offers users enhanced security, faster settlement, and immutability.

    In this article, we will explain the key features of non GamStop crypto casinos which have become the dominant trend among UK virtual gamblers lately.

    Zero or negligible Fees

    Basically, most online casinos do not charge their users additional charges over their payments, but payment processors do! For example, PayPal has a fee of 4.4%, while Skrill has a fee of between 1% to 2.9%, while cryptocurrency has zero or negligible fees.

    Thus, you will get a bigger bankroll and higher cashouts! Moreover, deposits are processed instantly, while withdrawals take much shorter durations than fiat currencies. Justuk.club website reviews many cryptocurrencies, including Bitcoin, Litecoin, Ethereum, Dogecoin and more.

    Ease of use and convenience

    One of the main reasons for the popularity of cryptocurrencies is that they are easy to use, secure and convenient. You can download a crypto wallet app on your smartphone or tablet within a few seconds, and then you can quickly set up a new account and start using it. There are many methods to buy cryptocurrencies, including Coinbase, trading apps, interactive brokers, peer-to-peer marketplaces, and bitcoin ATMs. 

    Moreover, many countries allow their citizens to pay their household bills and government services in coins. Likewise, many well-known companies and major retailers like Microsoft, Subway, and Expedia accept crypto payments.

    British casinos do not accept cryptocurrency

    One of the main reasons crypto gamblers sign up for casinos outside of GamStop is that British casinos do not accept Bitcoin and its digital cousins! The UKGC views them with suspicion, as these virtual currencies represent serious loopholes in KYC and anti-money laundering protocols.

    Also, cryptocurrencies gambling isn’t easy to be taxed because blockchain networks can’t be monitored like banks, so it is not expected that this situation will be changed any time soon!

    Hide the player’s identity

    Cryptocurrencies hide users’ identities, free from tracking and third-parties interference. In other words, any transaction you make using Bitcoin or any other cryptocurrency will be kept in a ledger that is hosted on millions of computers around the world.

    Furthermore, the crypto wallet you are using will certainly require you to submit your personal documents to fulfil the KYC requirement. However, transactions made using blockchain technology are not linked to the user’s bitcoin address.

    In other words, cryptocurrency wallets are pseudonyms rather than anonymous. They give users fake names instead of completely hiding their names. For instance, instead of Elon Musk, you’ll get a bunch of jumbled numbers and letters that can’t be linked to your true identity.

    Ease of use

    Currently, the UKGC has banned gambling on credit cards at online casinos. Moreover, debit card users face increasing hurdles from banks, and their credit level may be affected if they bet large amounts within a short period of time. Quite the contrary, casinos outside GamStop allow their players to use digital currencies, e-wallets and all kinds of bank cards without any obstacles!

    Cons of cryptocurrency use at casinos not on GamStop

    Despite the revolutionary features of cryptocurrencies, there are some disadvantages and risks associated with crypto gambling at casinos not on GamStop, namely:

    • You can’t determine the exact value of your bet – Have you ever travelled abroad? The first thing that will surprise you is the difference in exchange rates and product prices between your country and the destination country. For example, if you are an Indian and want to travel to the USA, you will find that 100,000 rupees equal only $1,318! However, $1,318 is not a huge amount, and you may spend them in less than a week! This example applies to converting fiat money into digital currencies to wager them at online casinos, so you can’t determine the exact value of your bet on spin/ hand, given that cryptocurrency prices are subject to extreme fluctuations approximately every several days.
    • Cryptocurrencies have volatile values – digital currencies are still creating big bubbles that can explode at any moment, as many entrepreneurs and investors believe. Therefore, until the market matures, the Cryptocurrencies values will rise and fall sharply. Therefore, you should be careful when using this virtual asset to wager on casino games or sports.
    • Bitcoin trading will come to an end: Although trading is very active these days, cryptocurrencies were not created for the sake of trading only. They have been made to offer peer-to-peer transactions without the interference of any third party. In the end, Bitcoin trading will end, and it will get a stable price like the US Dollar and Euro. Although this will take several years, you mustn’t base your long-term investment plan on cryptocurrency trading.

    Conclusion

    According to a statistic published by GamStop charity, the number of British players participating in offshore casinos is 10% of the total self-excluded players! There are many reasons behind this trend, the overseas casinos accept UK-based players, offer the perfect bonus packages, feature games from top global developers.

    Besides all these advantages, cryptocurrency support is the most crucial feature. Many experts and analysts believe that these virtual currencies are the future of our financial system, and at the moment, they create significant investment opportunities. Although they are very risky, gamblers like to take risks, so it is very suitable for them, at least for now!

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    Coinpedia

    Crypto Journalist and Editor of guest articles in CoinPedia. I am also handling Outreach & Partnerships Manager. Contact me: [email protected]

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