Many gamblers are now switching to online casinos gaming because it’s simply convenient. They no longer need to travel to a local casino to be able to play games like slot machines, poker, and blackjack. They just need to go to a website and make a deposit to their online casino account to be able to play any casino game that they want.
Now, even depositing to an online casino account is convenient and made easier by technology. Players have plenty of options when it comes to depositing to their gambling account, and one of the options that are becoming more popular is the use of cryptocurrencies like Bitcoin.
Bitcoin gambling is on the rise and people are now looking for the best Bitcoin casinos out there because there are already quite a few great ones online. However, if you haven’t tried gambling with Bitcoin (BTC) just yet, here are the pros and cons that you should know about.
The Advantages of Gambling with BTC
More and more people are now choosing to gamble with cryptocurrencies like Bitcoin, Ethereum, Litecoin, DogeCoin, and many other more. This is with great reason. Here are the benefits of using cryptocurrencies whether you’re gambling or making other online transactions.
Decentralization
Source: Medium
Bitcoin and other cryptos being decentralized simply mean that no one else is involved with the transactions that you make with them. No one is in charge of circulating the currency. Transactions with Bitcoin are end-to-end or direct. This means that your Bitcoin account can’t be frozen and can’t be controlled by anyone else aside from you.
Safe and Secure
Now, many are hesitant about using cryptocurrencies because there are negativities that surround it. Some issues involved cryptocurrency wallets back then that might have stained its reputation. However, casino sites that deal with cryptocurrencies don’t have safety problems.
Know that your cryptocurrency transactions are always encrypted. This means that no one gets to access any of your transactions. Besides, making a transaction with Bitcoin or other cryptos won’t require you to input your personal and banking information. You just need a wallet address and you’re already all set.
Private
Since you only need a wallet address to transact with Bitcoin and other cryptocurrencies, this means that your transactions are private as well. Many gamblers like the fact that they can anonymously deposit to their gambling account with cryptocurrencies.
Quick and Easy
Transactions are real-time when it comes to the use of cryptocurrencies. It also spares you from the trouble that you encounter with banks with gambling transactions. Some banks don’t allow gambling transactions or are strict about it.
Generally Cheaper
Since there is no one else involved when it comes to processing your transactions, fees are usually low or even zero when using cryptos.
The Disadvantages of Using Cryptocurrencies
Like with any other payment options comes the cons that you still should know about when it comes to transacting with cryptocurrencies.
The Value of Bitcoin
Source: CoinDesk
It’s no secret that the value of Bitcoin is simply hard to predict. Its value could be high today and then extremely low on the next day. This is mainly because of the limited amounts of coins that are circulating. Although, experts believe that its value could settle in the future.
Its Infancy
Bitcoin has only been around for over a decade. It was made in 2008 and was available to use by the public in 2009. It was only in 2012 when Bitcoin gambling started to blow up, and so the use of Bitcoin, in general, is still in its infancy. We can say that it is still in an experimental stage right now and this is why many countries are still not giving it the attention it deserves.
It’s Not Always an Option
Even if more and more people are now using cryptocurrencies to make online transactions, not all online businesses accept it. Options are still quite limited when it comes to online sites that accept Bitcoin payments. While there are already plenty of Bitcoin casinos that you can choose from, the majority of online casinos still do not accept cryptocurrencies.
Those are the pros and cons of using cryptocurrencies. We can still say that the benefits outweigh the cons or disadvantages of using it whether it’s for gambling or not. The bottom line is that it is generally safe to gamble with Bitcoin but it’s still always best to be cautious with all your online transactions.
Featured image: NewTheoryMagazine
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