While, in the space of 14 years, Bitcoin may not have heralded quite the financial revolution intended, it has certainly made its presence felt in the world.
Governments are at odds over what to do about this new kind of currency. Investors blow hot and cold about its potential. And, gradually, a few major retailers are starting to accept it as a method of payment.
The online casino sector is another that is gradually starting to embrace cryptocurrencies in general, and Bitcoin in particular with many casino providers now accepting Bitcoin as a form of payment. On the surface, this looks like a logical step. After all, it’s a digital currency exclusively intended to be used online where the casinos operate.
Theirs is also a sector that has thrived on innovation, always looking to bring players the latest games to play and the most up-to-the-minute ways do deposit funds and receive winnings.
So, gradually, more and more Bitcoin casinos are starting to emerge and are gaining an increasing number of fans.
For anyone thinking of joining them, there are a good number of advantages of going crypto, as well as a few disadvantages to consider, as we shall see.
What you'll learn 👉
The Pros
As already mentioned, some people may see it as a bit of a no-brainer that Bitcoin and online casinos make for natural partners, and there are plenty of reasons to support this.
Privacy
One of the big advantages of all cryptocurrencies is that it is impossible to link ownership to any individual. In a world where data theft is rife, and fraudsters go to great lengths to get people’s financial and personal details this is obviously a good thing.
Privacy is also something that many players in an online casino also value highly. So, the fact that they can play anonymously is going to be of great appeal.
Security
Going hand in hand with privacy is the fact that transactions using Bitcoin are reliably secure. This is thanks to the blockchain technology that lies behind it and which ensures that all transactions can be carried out as intended as well as being totally irreversible once they are confirmed.
Anyone who has fallen victim to a fraudulent transaction in the past will surely see the advantage that this kind of peace of mind can deliver.
The fact that many banks and many other institutions are now looking at how they can use blockchain technology for the safe transfer of everything from transactions to confidential documents underlines just how secure it is
It’s fast.
Players in online casinos don’t just need to be sure that their transactions are secure, they need them to be fast too. This is as true of making deposits as it is of claiming winnings.
So the fact that a Bitcoin transaction often takes seconds and rarely takes more than a few minutes is certain to find favour. This is especially true when compared to other transactions like bank transfers – and even the increasingly popular digital wallets like Skrill and Neteller can sometimes involve inconvenient delays.
It’s universal.
Online gambling is a truly international activity. So, players from around the world can find themselves having to convert from one currency to another. Not only can this be inconvenient, but there are also the costs involved of different exchange rates and conversion fees.
However, the universal nature of Bitcoin means that this never proves to be an issue. It’s also completely in keeping with the original philosophy that lay behind its invention– to create a totally new and decentralised kind of currency free from the control of governments and established financial institutions.
There are low transaction costs.
Even when there are transaction costs to pay, these tend to be lower than you would normally expect to be charged. There is also usually the option to balance any transaction charges with the speed of the transaction. So, if you’re prepared to wait, it will save you money.
The value can fluctuate in your favour.
The volatility of Bitcoin is often what has hit the headlines over the last few years. However, this doesn’t necessarily need to be a bad thing if it acts in a player’s favour. For example, by hanging on to winnings until the market is looking bullish there’s the chance of increasing them by converting them at the perfect moment.
And a few cons
Naturally, there are also a few negatives and the first of these is that fluctuations in Bitcoin value might not always go your way.
Also, there’s the ever-present risk with all cryptocurrencies of forgetting or losing your Private Key and never being able to get your hands on your cryptocurrency again.
Finally, the number of casinos accepting Bitcoin is still quite small – but these are gradually increasing.
So, overall, there are more pros than cons, and that’s very good news if you’re planning to take the Bitcoin casino plunge soon.
