Bitcoin is a so-called cryptocurrency, a decentralized digital currency used in online transactions, which has been gaining popularity in recent years. It has also found its way into online gambling as more and more players decide to use cryptocurrency. It works the same way as when you deposit via debit card.
Before you start playing with Bitcoin, you might have to take a moment to weigh the pros and cons of doing so. Cryptocurrency means that your gambling transactions are faster, safer, more private, and have no fees. On the other hand, it’s a very volatile currency with scalability issues.
Bitcoin isn’t a perfect payment method yet, so next time you want to play poker, baccarat, or slots in online casino, you’ll probably have to decide what is more important for your gambling experience. This article focuses on the pros and cons of playing online casinos with Bitcoin to help you make your decision.
Faster Transactions
The number one advantage is that you can make your deposits and withdrawals almost instantly, so you won’t have to wait for your money to reach the casino. The process of depositing with Bitcoin is also straightforward. You just need to connect to the casino’s website, click “Deposit,” and send your bitcoins to the designated address. The transaction will be confirmed within minutes, and you can continue playing if you want.
If you don’t have a lot of patience, you’ll definitely appreciate not having to wait for days to get your winnings paid out after a session at the online casino. In traditional casinos, it can take a couple of days or longer before you receive your winnings, but with Bitcoins, you don’t have to waste those precious moments. With this payment method, you can get your money and be on your way in just minutes.
More Anonymity and Security
The anonymity and security provided by Bitcoin are among the most attractive features of this payment method. When you deposit with a bank card, you have to give up a lot of personal information to verify your account and identity. This information is then stored by the online casino and used to track your activity.
However, if you use Bitcoin, you don’t have to provide any personal information to anyone. There is no risk that a gambling site operator will sell your information to third parties. You can stay completely anonymous and enjoy gambling without having to worry about your activity being tracked.
Not to mention that it’s excellent protection against hackers.
No Fees
Another advantage of Bitcoin is that there are no fees involved. The transaction fee is paid by the person who sends the money, and it is minimal. This means that you don’t have to worry about any hidden fees that some traditional payment methods might charge you.
You’ll know exactly how much money will reach your account before you make a withdrawal, and you can rest assured that nothing is going to be taken from you. Not having to worry about these things means that you can spend more time enjoying gambling and less worrying about whether your payment will go through or not or whether you’ll lose your money because of hidden fees.
Volatile Market Means Losses and Gains Can Be Big Too
It’s also important to keep in mind that the value of Bitcoin is constantly changing. You might make a deposit when the price is high, only to find out that it has dropped by the time you want to make a withdrawal.
This makes it harder to keep track of your balance, especially if you’re only concerned about the amount of fiat currency that will reach your bank account. Because of its volatile nature, it’s not recommended that you use it for gambling purposes unless you’re an experienced trader who knows how to manage risk and volatility.
Scalability Issues
While Bitcoin is becoming more popular each day, there are still some issues with the scalability of the entire system. You might run into problems if the casino or exchange gets overloaded and cannot process your payment in time. This might prevent you from playing at the casino or even force you to lose your money.
The scalability issue is one of the main disadvantages of Bitcoin, but there are some ways of dealing with it. For example, you can use an online wallet that has enough resources to process your transactions quickly. If you choose to do so, you’ll have to be careful about your wallet provider, though. Even though it’s safer than using a third-party service, you still have to ensure that your money is being handled safely before depositing large amounts of bitcoins.
Legal Issues with Bitcoins
Another potential risk of using Bitcoin is its legal status. Governments are still figuring out how they are going to regulate cryptocurrencies, which means that they might be illegal in some jurisdictions. There are some countries that have banned it completely, and there are others that have either not regulated it or declared it legal.
As more time passes, governments will likely start regulating Bitcoins just like they do with other currencies. Until then, you should avoid gambling with Bitcoins in some countries just to be safe.
Conclusion
A lot of people prefer to use Bitcoin because of its many benefits, especially if you use the cryptocurrency for playing in online casinos. The fees are lower, the transactions are faster, and you don’t have to provide personal information when making deposits or withdrawals.
However, you should keep in mind that there are also drawbacks to using this currency, especially as it isn’t widely accepted. No matter what payment method you use, there are always pros and cons. If you decide to try out Bitcoin for yourself, there are plenty of casinos that offer it in addition to other methods of payment.
