What is online gambling all about? Winning money, right? Well, applying the usual methods can prove to be a bit harsh in your pocket.
The future is gambling with cryptocurrencies and what better cryptocurrency than the very first one and the king of them all, Bitcoin.
So instead of telling you why you shouldn’t use real currencies to gamble, we are going to present you with the seven benefits of using Bitcoin with an online casino.
Do yourself a favour and read the whole article. If you do, then we can guarantee that you will want to change to using Bitcoin right afterwards.
7 Benefits of Using Bitcoin with an Online Casino
When reading our article, you will understand not only why Bitcoin is a fantastic tool for gambling online, but as we present the drawbacks, you will see beyond that straight to the advantages.
Even though the idea of cryptocurrencies has been mentioned through the decades to have passed the actual very first one was none other than Bitcoin.
It launched back in 2009 with its primary purpose being to make internet transactions faster and more private. Privacy is the whole thing Bitcoin was created to serve.
Just like most other significant cryptocurrencies similar to Bitcoin, it is a decentralised unit meaning that no banks or any government’s system has jurisdiction over it or the transactions made using it.
This means that your details will not be visible anywhere. You just have to provide the address of your cryptocurrency wallet (the place your bitcoins are stored), and you are good to go.
As years pass more and more people pick up on the art of hacking so keeping your details safe and private is of the essence to prevent your money from being stolen.
This is why you should value security very much. There are multiple physical storage units in which you could keep your bitcoins.
Some of the best ones are TREZOR, KeepKey, and the Ledger Nano S. If you want to more know about some of the best cryptocurrency wallets, you should read our guide on how to manage Bitcoin gambling.
#2 Low Fees
Just as we previously mentioned, Bitcoin, just like most other cryptocurrencies, is a decentralised unit.
Apart from keeping your personal information secure, the transaction fees you pay can be very low, if not of zero value, as the transaction isn’t carried out through any other banking system or service.
However, all the transaction made using Bitcoin are stored in a public ledger called blockchain. It’s a type of database all cryptocurrencies are built on to operate correctly and to keep track of their users’ transactions.
So even though you will not usually pay a fee for withdrawing money from an online Bitcoin casino, a small fee will indeed be subtracted from your withdrawn amount.
This will be so low you probably will not even notice it. It goes into the maintenance of the Blockchain’s smooth operation.
#3 Fast Transactions
Due to the decentralisation reasons we spoke of before, the duration of the transactions will be minimal as well.
When fiat currency takes many hours or even more than 2-3 days to be transacted, Bitcoin has the advantage as everything is run entirely online.
With no intermediaries involved, this means that as soon as the online casino authorises your withdrawal application, your money will be almost instantly on the way to your cryptocurrency wallet.
Be aware though; each transaction will be carried out as soon as the current block of the blockchain has finished processing.
For Bitcoin’s block reading speed this can take from 10 minutes to a few hours on average, but this doesn’t mean you would have your money in 10 minutes as the online casino may take its time to authorize the withdraw.
As a result, the whole transaction process could take more than a day which is still way faster than using fiat currency.
#4 Bonuses and Promotions
One of the most significant benefits of using Bitcoin with an online casino is the level of the bonuses and the various promotions you are eligible to get.
Traditional online casinos will offer a 50%-100% match bonus up to a couple of hundred dollars at best, on your first deposit. When using Bitcoin this changes.
The 100% match bonus on your first deposit is almost always guaranteed as well as the amount being at least up to 1BTC.
CloudBet, one of the best Bitcoin-only online casinos offer a first deposit 100% bonus up to 5BTC.
Usually, there are more bonuses for your next few deposits, and in some cases, there will even be a lifetime reload bonus.
Various promotions offered by the Bitcoin online casinos will often award you with free spins or cashback bonuses and sometimes even ticket to special events like a poker tournament or anything else of that sort.
Read more about some of the best Bitcoin welcome bonuses.
When using Bitcoin, most online casinos will not ask for any personal information other than a cryptocurrency wallet address and a username.
In the first section of Bitcoin’s benefits, we stated that privacy is the alpha and the omega for cryptocurrencies.
So if you are asked to provide any further details then steer away from that specific online casino and try finding a new one.
We have published multiple lists consisting of the best online Bitcoin casino.
At the time of this writing, the price of Bitcoin has reached more than $9,800 US and is expected to breach the $10,000 in the following couple days or so according to CoinMarketCap.
This is a milestone for Bitcoin, and cryptocurrencies in general, as the total market capitalisation will reach the $300 billion mark becoming one of the top 20 valued “corporations” in the history of humanity.
But why have we included this as one of the benefits of using Bitcoin with an online casino?
The answer is simple. Say you had 1BTC in your account back at the start of 2017 when Bitcoin’s price was about $1,000.
If you have withdrawn it all instead of keeping it until now, then you would have made ten times less money than what you would make if you were to withdraw it now.
Keeping an eye on Bitcoin’s price changes can be vital for your earnings, and if done correctly it could quickly make you thousands of dollars, if not millions, provided you are a high roller of course.
Imagine that some people had purchased Bitcoin back when it started and its price was only a couple of dollars. Fast forward eight years and they now are millionaires, if not billionaires, provided they kept it instead of previously exchanging it for fiat currency of course.
Similar to the “value” section. The process of helping the blockchain with keeping track of the transaction by using special hardware and software is called “Mining”.
Mining can be a profitable business depending on a chosen currency. However, in case of Bitcoin, the process becomes a loss.
With the price of Bitcoin reaching a ten times multiplier of what the value was at the beginning of 2017, more and more people have started mining it with robust computers. Hence, the pool for smaller players has significantly narrowed down.
Disadvantages of Bitcoin Gambling
The seven benefits of using Bitcoin with an online casino come with a couple of drawbacks as well.
Let’s take a look at them. Remember that we only mention the drawbacks from the side of the casino and not the ones a user itself might encounter.
Minimum Wage Requirement
Just as how it goes with traditional casino bonuses, for you to withdraw any winnings from a bonus you received, you first have to meet a minimum rollover.
This can be as low as one time all the way up to 40 times or more – with the current Bitcoin value, that is a substantial amount.
We mentioned this one in the benefits but imagine what would happen if Bitcoin’s value plummeted. You would lose money the same way you could win if the price would increase.
Even though digital, it remains a currency, and so the demand and supply law applies here too.
Most major online Bitcoin casinos will usually be fully licensed and have their games certified as being “provably fair”.
However, some will not feature the latter credential. Therefore, you would be better off avoiding those and choosing one that has provided a fair gaming gambling experience.
Remember that cryptocurrency gambling is still a new field. Hence not many casinos are well-established yet.
So, Is Bitcoin Gambling Better Than a Traditional Casino?
As we are sure, you have already noticed the seven benefits of using Bitcoin with an online casino can easily be considered to have the winning edge over the few drawbacks.
Bitcoin gambling is as risky as traditional gambling – but the winnings could be much more substantial.
We hope that after reading the article, you fully understand why you should join the Bitcoin party and start increasing your earning and your level of privacy.
We wish you good luck in your future Bitcoin gambling adventures with some of the best Bitcoin casinos.