Pros and cons of using Bitcoin in online gambling

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This last decade has seen us wit­ness a huge surge in the pop­u­lar­i­ty of cryp­tocur­ren­cies, with Bit­coin (BTC) in par­tic­u­lar emerg­ing as the most pop­u­lar form of cryp­to. Numer­ous busi­ness­es in the online space, includ­ing plen­ty of online casi­nos, are now let­ting their play­ers to make trans­ac­tions with Bitcoin.

A lot of good cryp­to gam­bling sites now offer the numer­ous advan­tages over tra­di­tion­al gam­bling that BTC offers, includ­ing added pri­va­cy and faster trans­ac­tions. How­ev­er, as with most things, using cryp­tocur­ren­cies for online gam­bling does come with a few limitations.

This arti­cle is an attempt to take an in-depth look at the pros and cons of gam­bling with Bit­coin to pro­vide a com­pre­hen­sive under­stand­ing of the many ben­e­fits and unde­ni­able lim­i­ta­tions of this rel­a­tive­ly new type of currency.

Crypto gambling pros

Enhanced privacy

Accord­ing to a report issued by experts from a lead­ing antivirus and online safe­ty com­pa­ny, 71% of adults glob­al­ly have tak­en mea­sures that will help them improve their online pri­va­cy. What this tells us is that online pri­va­cy is becom­ing increas­ing­ly impor­tant for consumers.

Most of the time, this is cen­tred around employ­ing VPNs and pri­va­cy set­tings on their devices, oth­ers have gone fur­ther in order to secure their trans­ac­tions by util­is­ing cryp­tocur­ren­cies such as Bit­coin to make transactions.

When­ev­er you want to make a tra­di­tion­al bank­ing trans­ac­tion, numer­ous organ­i­sa­tions, rang­ing from your cred­it or deb­it card com­pa­ny to third-par­ty pay­ment proces­sors and, of course, the gam­bling sites them­selves, require access to your sen­si­tive data. BTC, on the oth­er hand, offers an unpar­al­leled lev­el of anonymity.

While you may have to sub­mit some of your pri­vate infor­ma­tion when pur­chas­ing cryp­to with your cred­it or deb­it card, every oth­er trans­ac­tion that you make with Bit­coin, includ­ing deposit­ing and with­draw­ing mon­ey from an online casi­no, will stay com­plete­ly anonymous.

Lower transaction costs

Fiat cur­ren­cy trans­ac­tions reg­u­lar­ly pass through numer­ous insti­tu­tions before they reach your cryp­tocur­ren­cy casi­no. And, because every­one wants a cut, this reg­u­lar­ly cul­mi­nates in high­er trans­ac­tion costs.

Cryp­tocur­ren­cy trans­ac­tions on the oth­er hand work through the blockchain, enabling trans­ac­tions from your BTC wal­let straight to your online casi­no with Bit­coin. Because of this, there are much low­er trans­ac­tion costs for both you and the online casi­no. Online Bit­coin casi­nos reg­u­lar­ly pass on the sav­ings to their play­ers through bonus­es and oth­er good offers.

Security and the prevention of fraud

Bit­coin trans­ac­tions are extreme­ly secure thanks to the decen­tralised nature of the blockchain tech­nol­o­gy. So long as you keep your cryp­tocur­ren­cy wal­let keys total­ly pri­vate, there is no pos­si­ble way that any­one can access your funds.

Cryp­to casi­nos also ben­e­fit from the reduced risk of charge­backs, fraud and any oth­er pay­ment relat­ed issues, which gives play­ers and the online casi­no the peace of mind.

Crypto gambling cons

High volatility

The ever chang­ing val­ue of cryp­to can be sub­ject to sub­stan­tial fluc­tu­a­tions. While BTC’s height­ened volatil­i­ty can often lead to big­ger prof­its in the case of a mar­ket upturn, this can also work against you on occa­sions. For exam­ple, if you buy cryp­to at a high­er val­ue before with­draw­ing any win­nings at a low­er val­ue, you will have actu­al­ly made a finan­cial loss.

Requires learning

Anoth­er fac­tor you need to con­sid­er is that work­ing with cryp­to requires users to be at least basi­cal­ly tech-savvy in order to use Bit­coin effec­tive­ly. Unlike old fash­ioned fiat cur­ren­cies, Bit­coin is a lit­tle bit more com­plex and requires some learn­ing before you can appre­ci­ate how it works exactly.

Uncertain regulation

The reg­u­la­to­ry uncer­tain­ty around BTC is con­cern­ing. Dif­fer­ent nations seem­ing­ly pass new reg­u­la­tions every oth­er day, which makes it dif­fi­cult to keep up to date with BTC’s progress. In fact, there are some coun­tries that have gone as far as to ban it alto­geth­er. Fail­ure to observe these set reg­u­la­tions can leave both play­ers using cryp­to and online casi­nos liable to legal action.

Conclusion

Despite its pop­u­lar­i­ty and gen­er­al accep­tance in the world of online gam­bling, Bit­coin does come with a cou­ple of draw­backs. How­ev­er, apart from the legal tech­ni­cal­i­ties, opt­ing to use cryp­to for online gam­bling ulti­mate­ly depends on your per­son­al pref­er­ences, espe­cial­ly when it con­cerns your pri­va­cy and finan­cial secu­ri­ty which BTC excels at.

Dis­claimer: Play respon­si­bly. Play­ers must be over 18. For help vis­it https://www.gamcare.org.uk/

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