Pros And Cons of Using Bitcoin Casino Sites
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The online gambling business is one of the fastest growing industries on the planet, and bitcoin gambling represents a significant portion of that growth. Ever since it became possible to play casino games with bitcoin in 2012, this particular sector of online gambling has been growing by leaps and bounds. Today, most online casinos accept bitcoin as a form of payment and quite a number of traditional ones as well.
One of the recent additions to Las Vegas casinos’ game floors is cryptocurrency exchange kiosks, allowing players to use bitcoin and other coins for gambling. While only a few casinos on The Strip have them so far, it is only a matter of time before others join them. This is probably the best illustrator of how bitcoin slowly but surely is becoming a part of mainstream gambling.
Pros And Cons of Using Bitcoin Casino Sites – Overview
- What are Bitcoin Casinos?
- Pros of Using Bitcoin Casino Sites
- Anonymity
- Cheap Transactions
- Security
- Convenience
- Promotions and Bonuses
- Cons of Using Bitcoin Casino Sites
- Volatility
What are Bitcoin Casinos?
Bitcoin rose from obscurity to a global phenomenon in just a few years. When the world’s first cryptocurrency was launched in 2008, it was a little more than a meme, worth less than 10 cents. In 2010, Laszlo Hanyecz made history by performing the first bitcoin commercial transaction, paying 10,000 bitcoins for two Papa John’s pizzas. That would be roughly $231 million according to today’s exchange rate. If you use Bitcoin’s all-time high price of $64,000, it means Laszlo paid more than $640 million for those pizzas, making a decision we are sure he will regret for the rest of his days.
As bitcoin become more involved in global financial transactions and became an accepted form of payment, it was only a matter of time before it was used for gambling as well. It happened in 2012 for the first time and since then, a lot of online casinos started accepting BTC and other cryptocurrencies.
Pros of Using Bitcoin Casino Sites
Anonymity
Many people have problems with online casinos appearing on their cards or bank statements when they make a deposit. Gambling still carries a certain amount of social stigma, despite its popularity and people would like to avoid being seen as gamblers. Using bitcoin casinos eliminates that since all transactions are private and nobody can see them. Not only do bitcoin transactions only appear on your personal crypto wallet, but they are also completely anonymous. Unlike credit card transactions, bitcoin transaction contains no personal information. There is no way to link the transaction and the person who made it. This removes the risk of someone accidentally (or on purpose, for that matter) releasing your personal information from the equation and gives you one less thing to worry about.
Cheap Transactions
Bitcoin transactions are not free of fees, just like any other blockchain transaction. However, compared to the fees charged for a card and bank transfers, they are extremely cheap. Depending on how much you spend on gambling (and you shouldn’t spend too much, mind you), this affordability can save you substantial amounts of money. The added benefit is knowing that you are skipping the middleman and you are only charged for the real cost, not some arbitrary number banks agreed upon.
Security
Bitcoin transactions are extremely secure, thanks to the encryption they use. Blockchain technology pretty much guarantees that your transfer will be conducted safely, no matter what. Of course, that assumes you are using a legitimate bitcoin casino, but more on that later. The easiest way to make sure you are safe is to use one of the bitcoin casino sites listed here, as they are all thoroughly vetted. Knowing that you are in safe hands will allow you to play without having to worry about scammers or casinos ripping you off.
Speed of Transaction
Often, when you try to make a deposit in an online casino, you will experience long waiting times until the transaction is completed. This is true for both banks and online payment platforms when casino transactions are in question. Bitcoin transactions, on the other hand, are almost instant, so you can use your money almost immediately.
Withdrawals are a different matter, though, but not due to any bitcoin-related issue. Most casinos have a mandatory waiting period, ranging from 48 hours to seven days before they will initiate your transfer. The cited reason for the delay is security concerns, designed to prevent someone from withdrawing your money without your consent. With a waiting period, you will have enough time to review the transaction and cancel it, if needed.
Convenience
Online casinos boast of how convenient to use they are. You don’t have to live near a casino or spend a small fortune on a weekend in Las Vegas to be able to play a few rounds of roulette or poker. You can log in to your account from anywhere in the world and play your favorite games. Bitcoin casinos take that convenience one step further since you can now access your funds from anywhere as well. Your crypto wallet is just a few clicks away, regardless of where on the planet you are.
Promotions and Bonuses
Bitcoin casinos, and especially exclusive crypto casinos, still represent a small fraction of the online gambling industry. In an effort to increase their visibility and attract new players, many of them are offering special promotions and bonuses for players who use bitcoin and other cryptocurrencies. Bonuses are nothing new for online casinos, but bitcoin casinos feel compelled to add little something extra. Instead of getting a welcome bonus of $100, for example, at a bitcoin casino, you will get $150. A matching deposit bonus will be 120% instead of 100%.
The idea is to get people to try bitcoin casinos, as many of them are suspicious about everything crypto, casinos included. Once they have tried it, casinos hope that the inherent advantages of gambling in a bitcoin casino will be enough to make them stay.
Cons of Using Bitcoin Casino Sites
Volatility
The biggest worry if using bitcoin casinos is the volatility of cryptocurrency. Last year alone, bitcoin’s value ranged from $20,000 to more than $60,000 and back on two separate occasions. Then came the crypto crash that messed up the entire market. Considering all this, it can be a bit hard to calculate your winnings and losses on any given day.
The inherent instability of bitcoin is the main obstacle on its way to becoming a fully accepted means of payment and that is a concern shared by the gambling community.
Every now and then stories about bitcoin scams and frauds will appear in the media. As it turns out, one of the biggest selling points of bitcoin, anonymity, is also one of the biggest risk factors. Once the criminals get a hold of your bitcoin, it is almost impossible to trace it. As one could imagine, that provides a powerful incentive for hackers and scammers to try and swindle people.
Conclusion
There are many advantages of gambling in bitcoin casinos, as well as some disadvantages. You will have to make the decision for yourself, but we feel, and it is a growing consensus in the gambling community, that the advantages far outweigh the disadvantages.
SWAGGER Staff
Collaborative content by SWAGGER's in-house editorial team.
