Chances are you love gambling – and we do too – else you wouldn’t be here. We did be safe to say that you’re currently researching online gaming and possibly using Bitcoin to fund your chance taking habit right? It’s entirely OK, and that’s why we are here to provide you will valuable information that will guide you making the best decision. From choosing reliable bitcoin casinos and sportsbooks to learning about all the online gaming platforms – we’ve got you covered.
For this article, we’ll examine the benefits and cons of using bitcoin for your online gaming activities.
Advantages of using bitcoin for online gambling
Bitcoin is anonymous
The underlying technology backbone on which this cryptocurrency is built makes it inherently safe to mask your identity. In fact, any transaction conducted via block-chain tech – block-chain is the technology powering Bitcoin – can never be traced back to you. This offers a level of secrecy which most online gamers prefer and is the primary factor in Bitcoin’s popularity.
Another exciting thing about Bitcoin is that you only have to input your bank details once – and that’s just when you want to purchase some Bitcoin – after that, you don’t have ever to use your card details again. All you have to do is to connect your cryptocurrency wallet to your preferred online casino account, and you’re all set.
To entice users to use Bitcoin on their gaming website; most casino sites do not charge processing fees. That’s right; you don’t pay any withdrawal or deposit fees whatsoever for any transaction you make.
Though, there are some bitcoin casinos and sportsbooks that will charge a small fee, but, it is insignificant compared to traditional transaction fees charged by other processors.
For some online gaming platforms that accept cryptocurrencies, they offer additional rewards to users that use Bitcoin. Though most of these gifts and promos are for new users, who signed up with Bitcoin.
You don’t have to wait for days before your transactions are processed. When you use Bitcoin, you’re sure of seeing the amount reflected on your crypto e-wallet instantly.
Now, for a balanced view, let us also look at the inherent disadvantages of using Bitcoin for gambling
Cons of using Bitcoin for gambling
The Currency is unregulated
This point could act or against the use of Bitcoin, however, in this case, let’s examine the risk of using the currency. Because there are no central governments backing cryptocurrency people are reluctant to accept Bitcoin as payment.
Just as with every other currency, Bitcoin fluctuates, and since there’s no organization backing it, it swings a lot more than other currencies, hence much more volatile. But, there's nothing to be worried about, since the value most times tend to go up.
Minimum wage requirements
Most online casinos will require that you attain a certain level of earnings before you can withdraw your money. This restriction limits your ability to cash out your funds when you want to until the conditions are met.
This specific reason is why we always recommend you do your due diligence to find reputable bitcoin casinos and sportsbooks to ensure your funds are safe and that you can quickly cash out
Fast transactions, privacy, and security are some of the benefits that make Bitcoin gambling enticing, however, like every other activity, there are inherent risks involved which anyone planning on using Bitcoin to gamble should be aware.