This last decade has seen us witness a huge surge in the popularity of cryptocurrencies, with Bitcoin (BTC) in particular emerging as the most popular form of crypto. Numerous businesses in the online space, including plenty of online casinos, are now letting their players to make transactions with Bitcoin.
A lot of good crypto gambling sites now offer the numerous advantages over traditional gambling that BTC offers, including added privacy and faster transactions. However, as with most things, using cryptocurrencies for online gambling does come with a few limitations.
This article is an attempt to take an in-depth look at the pros and cons of gambling with Bitcoin to provide a comprehensive understanding of the many benefits and undeniable limitations of this relatively new type of currency.
Crypto gambling pros
Enhanced privacy
According to a report issued by experts from a leading antivirus and online safety company, 71% of adults globally have taken measures that will help them improve their online privacy. What this tells us is that online privacy is becoming increasingly important for consumers.
Most of the time, this is centred around employing VPNs and privacy settings on their devices, others have gone further in order to secure their transactions by utilising cryptocurrencies such as Bitcoin to make transactions.
Whenever you want to make a traditional banking transaction, numerous organisations, ranging from your credit or debit card company to third-party payment processors and, of course, the gambling sites themselves, require access to your sensitive data. BTC, on the other hand, offers an unparalleled level of anonymity.
While you may have to submit some of your private information when purchasing crypto with your credit or debit card, every other transaction that you make with Bitcoin, including depositing and withdrawing money from an online casino, will stay completely anonymous.
Lower transaction costs
Fiat currency transactions regularly pass through numerous institutions before they reach your cryptocurrency casino. And, because everyone wants a cut, this regularly culminates in higher transaction costs.
Cryptocurrency transactions on the other hand work through the blockchain, enabling transactions from your BTC wallet straight to your online casino with Bitcoin. Because of this, there are much lower transaction costs for both you and the online casino. Online Bitcoin casinos regularly pass on the savings to their players through bonuses and other good offers.
Security and the prevention of fraud
Bitcoin transactions are extremely secure thanks to the decentralised nature of the blockchain technology. So long as you keep your cryptocurrency wallet keys totally private, there is no possible way that anyone can access your funds.
Crypto casinos also benefit from the reduced risk of chargebacks, fraud and any other payment related issues, which gives players and the online casino the peace of mind.
Crypto gambling cons
High volatility
The ever changing value of crypto can be subject to substantial fluctuations. While BTC’s heightened volatility can often lead to bigger profits in the case of a market upturn, this can also work against you on occasions. For example, if you buy crypto at a higher value before withdrawing any winnings at a lower value, you will have actually made a financial loss.
Requires learning
Another factor you need to consider is that working with crypto requires users to be at least basically tech-savvy in order to use Bitcoin effectively. Unlike old fashioned fiat currencies, Bitcoin is a little bit more complex and requires some learning before you can appreciate how it works exactly.
Uncertain regulation
The regulatory uncertainty around BTC is concerning. Different nations seemingly pass new regulations every other day, which makes it difficult to keep up to date with BTC’s progress. In fact, there are some countries that have gone as far as to ban it altogether. Failure to observe these set regulations can leave both players using crypto and online casinos liable to legal action.
Conclusion
Despite its popularity and general acceptance in the world of online gambling, Bitcoin does come with a couple of drawbacks. However, apart from the legal technicalities, opting to use crypto for online gambling ultimately depends on your personal preferences, especially when it concerns your privacy and financial security which BTC excels at.
Disclaimer: Play responsibly. Players must be over 18. For help visit https://www.gamcare.org.uk/