Table of Contents
Bitcoin Casinos: Pros And Cons
Best bitcoin casinos have become the next revolution in the iGaming industry. Almost every iGaming platform is working on implementing a system to support cryptocurrencies. Which begs whether it is a good idea to use Bitcoins. What are the pros and cons of using BTCs in an online casino? Let’s explore this subject further in this article:
Understanding A Bitcoin Casino
A bitcoin casino is the same as any other online iGaming platform. It supports a wide range of currencies and payment options. Additionally, it supports BTCs as well.
Bitcoin is a popular cryptocurrency that has paved the way for other cryptocurrencies like Litecoin, Etherium, and such. So, many ‘Bitcoin’ Casinos are also implementing support for other cryptocurrencies.
While crypto-casino sounds like a better term, the former term has become more popular. With the new benchmark of the BTCs’ value and new cryptos, there has been significant growth in people’s preference for a bitcoin platform. Ethereum and other cryptos are close to second in use on these platforms.
So, with that in mind, let’s dig into the advantages and disadvantages of the BTC igaming platform:
Advantages Of Bitcoin Casinos (Pros)
There are many in-house advantages that you can come across. For instance, you can find many BTC-oriented bonuses and rewards waiting for you. Many of the games have also started to support direct betting of Bitcoins. Here are some other benefits to add on top:
The Decentralised Benefits
There’s no doubt that the primary benefit is that bitcoins are decentralized. None of the banks or governments have any command or control over BTC. Nobody can take it away from you, and nobody can decide its value, except for the people and the use of bitcoin. There’s no control over your money, and this makes it the number one perk.
As a result, it is not illegal for you to use BTC to gamble. Even in places where it is illegal to use ‘money’ or ‘currency’ to play a game, Bitcoin casinos can exist due to technicalities.
After encryption, Blockchain became the new frontier of security systems worldwide. Bitcoin works on blockchain technology. Thus, you receive high-grade security. But that’s not all!
BTCs also maintain fantastic anonymity. Nobody other than you can control the transactions.
Bitcoin doesn’t attach itself to any specific private information. However, there’s a public ledger available for you to access. As it uses blockchain, you won’t have to worry about any breach of your data. Thus, you maintain anonymity and privacy. There’s no risk of losing personal data or someone linking or accessing information through BTCs.
There has been significant growth in the availability of crypto wallets. All the wallets support BTCs. Thus, you receive high-speed payment options. The payments made from Bitcoin are almost instant, and you can use it almost anywhere, as long as the place has a way to receive payment in BTCs.
So, you don’t have to wait too long to make deposits or withdrawals from the casino.
Low To No Fees
Most casinos don’t charge you anything extra for using bitcoins. There aren’t any excessive fund transfer or maintenance charges that you see if you use any other payment method. Thus, you save a significant amount on all those hidden fees that you would otherwise pay.
Disadvantages of Bitcoin Casinos (Cons)
There’s a significant lack of platforms and methods to implement bitcoins. Not everyone owns bitcoins, either. So, that reduces the availability of the pool of players. One could get from incorporating crypto. But of course, it still opens plenty of new possibilities for expansion and getting new players that only focus on bitcoins.
Therefore, Bitcoin casinos have to expand and incorporate other forms of cryptocurrencies consistently. With that being said, here are some more noticeable disadvantages:
Bitcoin is a crucial part of the cryptocurrency market. Like any other addition in that market, it is prone to hikes and falls in value.
While you will see Bitcoin’s value rising most times, they also tend to fall or fluctuate. So, it is not the best idea for Bitcoin casinos or the prize winners to keep their savings in this format. It is better to convert it as soon as possible.
Prone To Various Changes
There are many unpredictable factors at play here, just like the value of cryptocurrency. You have to consider what the government will decide in your country. There could be future rulings on the use of cryptocurrency.
It also takes significant efforts into implementing bitcoin support. So, not all casinos ultimately have the best support. Some accept payment in that method but don’t allow you to gamble.
Overall, it is a work in progress with several potential outcomes.
Not Easy To Trace
As Bitcoin uses blockchain, it becomes increasingly challenging to find a way to trace it back to the source. So, there are a lot of problems in authenticating the use of BTCs, among other things.
Unpredictable Value Changes
You probably saw this coming, but it is highly possible that when you use a BTC, the value is higher. Later, it dropped when you won BTCs back. As a result, it can impact your overall winnings and profitability. Indeed, Bitcoin is one of the safest bets available for you to use as a cryptocurrency in casinos. Yet, this unpredictable factor also prompts people to use traditional payment methods over these.
Bitcoin Casinos present an ‘extra’ option of payment for the players. Indeed the currency itself has plenty of benefits. However, these are not exclusive to the use in the Casino. You will find similar benefits on every platform that uses BTCs.
Still, it is quite an excellent addition. The recognition of the cryptocurrency in the iGaming industry will open the entire frontier to other currencies in the future. That could lead to something massive.
Hopefully, that clears out whether these gambling platforms are worth your time or not.