You will agree with me that cryptocurrency is taking over. The likes of Bitcoin, Ethereum, Litecoin, Dogecoin, and the rest are commanding online transactions, including online casino gaming. In this article, find out whether Bitcoin gambling is something to look forward to, or whether you should avoid it.
What is Bitcoin Gambling?
As the name suggests, Bitcoin gambling is playing online casino games or sports betting using crypto instead of fiat currency.
Advantages of Bitcoin Gambling
Below are the reasons why you should consider Bitcoin gambling.
Unlike bank accounts or eWallets, Bitcoins and other crypto are decentralized. That means no one can take away your Bitcoins, or freeze your Bitcoin wallet. This is because there is no central regulatory authority that monitors the cryptocurrency industry in the same way central banks monitor the country’s fiat currency.
(ii) Security and Privacy
Unlike eWallets and credit cards, Bitcoin gambling is more secure because no personal data is used, so there are no risks of identity theft. All you need is the wallet username and password; no names or addresses are required. Above all, Bitcoin and crypto transactions are not traceable, so if you want to play anonymously, crypto has got you covered.
When it comes to efficiency, nothing beats Bitcoins. This mode of payment is advantageous to both the casinos and players. For casinos, it’s easy to process the transactions. Also, it’s hard for governments to monitor Bitcoin transactions so they won’t be paying taxes. For the players, deposits are quite fast, and so are the withdrawals when it is your lucky day on the reels or the roulette wheel. The transaction costs are also relatively low.
Disadvantages of Bitcoin Gambling
While crypto gambling has advantages, there are equal disadvantages.
The price of crypto is not stable at all, so while you might have a million dollars worth of Bitcoins today, tomorrow it could be a hundred thousand bucks less.
(ii) Unpopular Currency
Bitcoins are a new currency, and that explains the reason why there are only a few Bitcoin casinos.
Bitcoin gambling has advantages and disadvantages. If you are looking for fast transactions, low rates, and anonymous gambling, you will love Bitcoin gambling. But be aware of its volatility.