A few years ago, bitcoin was just an indistinct term for many people. However, it slowly gained popularity and became a widespread form of payment. Gambling in bitcoin casinos is known as one of the most entertaining ways to earn money online. These casinos offer beneficial features and offer like casino bonuses that make them more appealing to players.
As bitcoin offers a less complicated gambling experience and boasts faster transactions, it became a perfect solution for all live casinos.
What is bitcoin?
Bitcoin is a cryptocurrency. It is a decentralised digital currency that can be sent from user to user on the peer-to-peer bitcoin network without no intermediaries. Transactions are verified through cryptography and recorded in a public distribution ledger. It was invented in 2008 by an unknown group of people using the name Satoshi Nakamoto and started in 2009.
Currently, there are 10.71 million bitcoins in the market. An average of 45,000 transactions take place in a single day and that includes bitcoin gambling transactions. Bitcoin has also been used as an investment, although several agencies have issued alerts about bitcoin.
Positives of gambling with bitcoin
Here are the advantages of online gambling using bitcoins:
Gamblers and bitcoin-users all around the world love to use this cryptocurrency because it offers the best level of privacy. The only time players have to provide their personal details is when they want to purchase some bitcoin where they would have to their bank account or credit/debit card details. Afterwards, you only need to connect your cryptocurrency wallet address to your online casino account and you can use it for transactions without providing any personal details.
No processing fees
Most online casinos using cryptocurrency doesn’t charge a fee for any transaction and even if there are any transaction fees, they would usually be a small amount. A charge of the money you withdraw is kept from the bitcoin central system that goes into maintaining the public ledger working.
Like most other cryptocurrencies, bitcoin is decentralised. This means two things. First, there are no banks or centralised agencies behind the system and second, everything runs on the internet. Hence, no intermediaries have to review the transactions and in most cases, deposits and withdrawals will take about ten minutes to complete. This is very important as online casinos may take 7 to 10 days to review your application to withdraw money.
Bonuses and promotions
In all live casinos, you may see bonuses offering a 100% match bonus up to a couple of hundred of dollars. However, in bitcoin casinos, those rewards can range from 1 BTCs to 5 BTCs. At the time of this writing, one bitcoin is equivalent to $8402. Bitcoin casinos often offer additional bonuses. For example, in freeroll tournaments, you can join for free and win a respectable amount of bitcoin at the event.
The negatives of gambling at bitcoin casinos
You must know there are a few drawbacks of gambling at bitcoin casinos. Here are bitcoin’s online gambling disadvantages:
The bitcoin market is volatile and its value can quickly change in either direction. If you opt to convert your currency to bitcoin, you may end up spending a lot more and receiving a lot less. Anything can trigger a fluctuation in value, and this can happen so rapidly that you won’t have a chance to do anything about it.
Digital currency issues
The internet world is a great thing, but it has the capacity to fail within an instant as well. Being an online entity, bitcoin also has the potential to suffer a loss. It’s been thought that cryptocurrencies will go under frequently. You can realise this by seeing the vast drop in its price in history. It is not possible to fund an online gambling account by storing bitcoin in an offline wallet.
Any issue can cause the digital currency to collapse or even depreciate to the point of becoming useless. This point weighs quite heavily against bitcoin, and it’s definitely something to remember while choosing to utilise it. You’ll not receive a refund of any lost digital currency if the casino or bitcoin itself goes down.
Not always fair gaming
There are several online gambling sites that don’t have a license and therefore do not work under any kind of regulation. As transactions made using bitcoin are anonymous, casinos providing such an option can also operate anonymously. Your bitcoin will be at risk with such operators. The games also may not be fully certified as “provably fair” even if the provider itself is fully licensed to operate, and it offers services to players all around the world.
SummaryName: The positives and negatives of Gambling at Bitcoin Casinos
Author : Robert Davey
Published Date: 03/10/2019