The Benefits and Drawbacks of Playing at Bitcoin Casinos
Cryptocurrencies are now part of our daily lives. You may hear a lot about them due to the fact that they are a pretty comfortable asset to have. The online gambling world has not fallen behind the trend. Using Bitcoin while gambling turned out to be a great idea for numerous reasons, which we are going to preview down below.
Before we go into details about why bitcoin casino games might be advantageous, it is important to know that making bets with digital coins is nothing complicated. In fact, anyone who owns crypto can do it easily using different e-wallets. After reading this article, you can easily decide if depositing with Bitcoin is a good choice for you or not.
As already mentioned, Bitcoin has a lot of good characteristics. If it was not so, no one would come up with the idea to use it for gambling, right? The first and most important advantage of using it for online casino games is privacy.
Did you know that with the help of bitcoin, it is possible to stay anonymous? This is possibly the most significant advantage of gambling with Bitcoin, not just for casino players, but for everybody. The amount of anonymity provided by cryptocurrencies is far greater than that provided by any other sort of payment mechanism.
The only time you might be required to give your personal information to the online casino is if you decide to purchase Bitcoin using a credit card/another payment method. Additionally, this information can not be accessed by the gambling website itself.
The speed of transactions
When playing blackjack in a live casino or any other game, you definitely want money to reflect in your balance as soon as possible. If you decide to go for banks or other online payment services, transaction time can go up to 4 or 5 days. This might be inconvenient, especially if you want immediate cash from your earnings.
With the best online casinos, all bitcoin transactions are completed in minutes, especially if the total amount is not much. As a result, Bitcoin is the quickest and most popular withdrawal option in online gambling.
The majority of crypto casinos try to encourage using bitcoin with multiple fun activities. One of them is through different bonuses and offers. If you decide to go for bitcoin casino games, you will have the chance to take advantage of numerous different promotions.
For instance, there are a bunch of online casino websites that have generous welcome bonuses. It is the first reward after registering your accounts. It may be available to you after making a deposit with bitcoin. However, this is not everything. You can also go for deposit bonuses. What this means is that the online casino will require you to make a specific amount of bitcoin transactions. Once you do that, you are awarded either free spins, cash, cryptocurrency, or something else.
All in all, the best online casinos will always have something generous available for crypto players. Make sure to check their promotions section before you start playing!
Like everything else in our lives, using bitcoin in online gambling also has some disadvantages. You can check the list down below and then decide whether or not to use it for online casino games.
Bitcoin is volatile
While bitcoin casino games are fun, it’s important to know that this digital coin is extremely volatile. Exchange rates vary unexpectedly and might work in your favor or against you. The unexpected bounces are caused by the limited amount of coins in circulation. Therefore, it is not a good idea to keep large quantities of bitcoin for a long time. Unless you plan to sell them whenever the price goes up.
You can’t trace Bitcoin
We already mentioned anonymity in the pros list. While this feature is advantageous for gamblers attempting to hide their identity, it can also be a drawback. In today’s world, online fraud is a pretty common thing. So, if you lose your digital coin to a scam, it is very hard to get them back.
For that reason, we advise you to only go for e-wallets or blockchain exchanges that are carefully supervising transaction history. This will protect your cryptocurrency account by alerting you to any questionable activity.
The bottom line
Bitcoin gaming, like everything else, has perks and downsides. As a result, it must be a player’s personal discretion whether or not to use cryptocurrencies while gambling. Now that you are aware of all the pros and cons, you can easily make a knowledgeable decision. Whatever you decide, make sure that you are playing responsibly on a licensed online casino.