We love gambling, and the chances are that you do too, or else you wouldn’t be reading this article right now.
Although, what do you really know about online gambling using the famous cryptocurrency Bitcoin? Do you know why it is good for betting and what are its disadvantages?
Today we are going to look at the Bitcoin gambling pros & cons. But before we do that – we’d like to take a look at how things are different when using this cryptocurrency.
Is gambling with Bitcoin similar to traditional means of using an online casino, or is it entirely different? Let’s find out!
How Is Bitcoin Gambling Different to Traditional Gambling
Well, the first thing that is different is that traditional gambling requires a brick and mortar casino to take place, while using Bitcoin doesn’t. Even if we are talking about online casinos then betting with cryptocurrencies is entirely different from what you already know.
And not only are some things distinct in Bitcoin casinos, almost everything is. The software providers of the games, the various bonuses, and promotions, the registration process, the payout system. Pretty much every little thing.
But not everything is all good and dandy as there are some pretty significant disadvantages accompany Bitcoin gambling.
The Advantages of Online Gambling with Bitcoin
Without delays let’s jump right into it because we have many things to mention. Here are the six advantages of online gambling using Bitcoin:
The single-handedly biggest reason not only gamblers but Bitcoin-users, in general, all over the world love to use this cryptocurrency is because of the level of privacy it can offer.
The only time you have to provide any personal details is when you want to purchase some Bitcoin where you would have to input your bank account or credit/debit card details.
Afterwards, you will only need to connect the cryptocurrency wallet address to your online casino profile, and you would be set to go. No personal details provided whatsoever.
When it comes to Bitcoin gambling pros & cons this can be either one of them as most online casinos that accept cryptocurrency will not take a fee for any transaction you make but some other may do.
It had to be placed in the advantages, though, because even if there are any transaction fees, they would usually be tiny. Keep in mind that a charge of the money you may withdraw will be kept from the Bitcoin central system that goes into maintaining the public ledger working.
Bitcoin, like most other cryptocurrencies, is decentralised. This means two things. First, there are no banks or any other physical jurisdiction behind the system, and second, everything runs on the Internet.
Because of that, no intermediaries have to review the transactions, and in most cases, deposits and withdrawals will take about ten minutes to complete, if not instantly.
This is very important as regular online casinos will many times take up to 7-10 days to even take a look at your application to withdraw money, let alone accept it which can take some time as well.
Bonuses and Promotions
Now, this is one of our favourite advantages when it comes to using Bitcoin for online gambling purposes.
In regular online gambling platforms, you may see bonuses, especially the first deposit welcome ones, offering a 100% match bonus up to a couple of hundreds of dollars. However, when the casino accepts Bitcoin, those rewards can range anywhere from 1BTC all the way to 5BTCs.
At the time of this writing, one bitcoin is equivalent to more than $6,000. By promotions, we often refer to additional bonuses on one-time ones. For example, freeroll Poker tournaments may be held where you can join for free but win a respectable amount of Bitcoin should you win the event. Reload bonuses are often offered and can be very generous as well.
Make sure to check out our ranking of casinos with the best bonuses for Bitcoin players.
As mentioned earlier – when you use Bitcoin for online casino gambling, your details will not be shown anywhere. That doesn’t only prevent anyone from getting critical personal details you may want to hide, but it protects you against identity theft as well, which is a pretty big deal should you think about it.
Just as any other cryptocurrencies go by the demand and supply rule – Bitcoin is currently on the rise due to the high demand as more and more people on the work start using Bitcoin by each day that passes. What started having a value of a few dollars back in 2009 turned to a couple hundred by 2011 and now is worth more than $6,000.
So online gamblers can play it very smart when it comes to Bitcoin. They could withdraw or exchange their coins for fiat currency, or they could keep gambling using their available funds. Thus have an even more considerable amount of money shortly.
The Disadvantages of Online Gambling with Bitcoin
For Bitcoin gambling pros & cons, there may be far more advantages, but you should for sure be aware of the few drawbacks you will find on your way. Here are Bitcoin’s online gambling five disadvantages:
Yes, the value of a unit can either take a positive or a negative role. For the time being gambling with Bitcoin is profitable but what happens after some years when the cryptocurrencies demand has plummeted?
Its worth will start going down at a rapid pace so you should be aware of that and know when it’s time to withdraw and exchange your earnings for real money.
It’s still a digital currency
It runs on the public ledger and every single thing, no matter how small or how significant, which runs online can at any time collapse due to a considerable number of reasons.
Sure most of each player’s funds are stored in secure cold storage but what about the amount that is still on the “air”. It could be lost in any time, and most likely you wouldn’t get a refund, not even a partial one.
This goes for any online casino and not only the Bitcoin ones. Most online gambling site owners don’t wish to “fight” with the law over things, so they decide to base their operations on specific countries and areas. Thus you have no guarantee of taking back your money if something goes wrong.
This happens because the legal system cannot protect you whatsoever if the online casino you play in isn’t placed in your country of residence.
The laws of online gambling with Bitcoin depend on the local jurisdiction.
Minimum wage requirements
Earlier we talked about the bonuses and promotions that go together when depositing using Bitcoin. The drawback to these enormous amounts of money is the minimum wage requirement a user, will be asked to meet to become eligible to withdraw the winnings acquired with a said bonus.
Most online casinos will not let you withdraw Bitcoin if you haven’t fulfilled the whole needed amount, but there are still some that let you take part of your earnings based on the minimum wage requirement percentage you have cleared. These can often be as high as 35x-40x times rollovers.
Not always fair gaming
Probably the most significant disadvantage when gambling on Bitcoin casinos is that the games may not be certified as being “provably fair” even if the casino itself is fully licensed to operate and offer its services to potential players worldwide.
This will not happen when betting on a regular online casino but when it comes to Bitcoin and cryptocurrencies in general, unfortunately, things can take a wrong turn very fast. Sadly, the number of online casinos that have been involved in scams is still a very high one.
Now, you have read through the whole article you can see for yourself that using the famous cryptocurrency may be convenient, but there are also some drawbacks.
When we talk about Bitcoin gambling pros & cons, fortunately, there is still a perfect balance between the two. So no matter which one you choose, to gamble with Bitcoin or not, you should be fine.
However, we encourage you to use Bitcoin as the bonuses are worth it in our opinion.
Always remember to play responsibly and we wish you may win every bet you make. Good luck on your potential future Bitcoin online gambling adventures!