Bitcoin Gambling – Pros and Cons

As a number of people using Bitcoin increases, there are more and more online casinos accepting this and other cryptocurrencies. Bitcoin, a cryptocurrency launched back in 2008, can be used just like traditional money for funding casino accounts and playing favourite games, yet there are a few things you should bear in mind if you plan to use this payment method.

If you have created a Bitcoin wallet and you think you are ready to make a deposit to a preferred online casino accepting this cryptocurrency, make sure to read this article. We will provide you with the pros and cons of Bitcoin gambling you should be aware of before you start wagering your virtual money.

Bitcoin Gambling Advantages

We don’t know much about the people behind Bitcoin and online casinos won’t know much about you either if you choose this virtual currency as a preferred one. The blockchain technology which enables Bitcoin transactions keeps your identity secret, so when making a deposit or withdrawal to the casino of your choice, your sensitive details will be kept private as well. That simply means that you can make transactions anonymously. This is important especially if you live in the parts of the world where online gambling is not regulated or is considered illegal. In such countries, using Bitcoin may be the only option for you to send and receive money as there are not many banking methods available.   

The security of transactions is another advantage of using Bitcoin to fund your casino account and it is closely related to aforementioned privacy. There is no third party and all your transactions are carried out through your wallet by providing a unique sequence of characters also known as a Bitcoin address. This is a more secure option than other payment methods as it practically protects you from getting hacked.

Playing casino games with Bitcoin can save you money as in most cases casinos impose no fees on deposits and withdrawals made with it. While transactions via traditional banking methods may be subject to certain fees, when depositing and withdrawing in Bitcoin, you can rest assured that you will keep all your funds for yourself. In addition, Bitcoin transactions are processed swiftly, so you don’t have to wait for your funds to be available on your account or to get transferred to your wallet. The whole procedure of sending or receiving money will be completed in a few minutes.

If you are a high-roller, you will love the fact that Bitcoin casinos offer bigger bonuses going up to staggering 5 BTC. Of course, these bonuses come with wagering requirements that have to be met prior to clearing winnings obtained while wagering bonus cash, but the notion of getting 5 BTC itself is pretty awesome. In addition, bets you can place at Bitcoin casinos are larger than in traditional online casinos, so choose ones that suit your bankroll and enjoy the gameplay to the fullest.

Bitcoin Gambling Disadvantages

Now that we have listed all the pros of Bitcoin gambling, we have to pay attention to a few aspects that can be perceived as disadvantages. This list can include things like the ways of obtaining Bitcoin, high conversion and transaction fees, calculating your bet value in Bitcoin and so on. However, we will start with Bitcoin volatility as the price of Bitcoin fluctuates all the time and at the moment of writing this article, it stands at less than $6,000. When we know that in December 2017 the price of 1 BTC was over $19,000, you can easily get what we talk about. Bitcoin itself is some kind of gamble and investing money in it can be a risky move just like you are playing a casino game.

The whole thing with Bitcoin gambling may be pretty complex if you are new to cryptocurrencies. How to get it, how to transfer it and other question may pile up leaving you to wonder how to start using it. To help you deal with beginner’s dilemmas, let’s say that you need a Bitcoin wallet and the casino’s Bitcoin address to fund your account. Each online casino that supports cryptocurrencies has a dedicated FAQ section that will help you start your Bitcoin gambling adventure.

Bear in mind that converting Bitcoin to any other traditional currency and vice versa comes at a fee. If you use an ATM to buy Bitcoin, your transactions will be subject to a certain fee as well. Exchange and transaction fees may vary depending on a provider of service and can go up 0.5%. On the other hand, if you join a Bitcoin-only casino, you will have to calculate all your wagers and winnings in BTC smaller units, which may be a bit weary.

Conclusion

Whether you have bought Bitcoin, converted fiat currency into it or mined it, make sure to find a reputable licensed online casino to play at. Learn the basics of using Bitcoin before you start making deposits and wagers. No matter how abstract it may seem, Bitcoin is real money you have to care about. Once you start playing your favourite casino games, keep an eye on your bankroll and always play responsibly.