The online gambling industry is constantly developing in an evolving environment with new bonuses and promotions, new game additions, and new services being introduced. The games at Bitcoin casinos can be played by both seasoned gamblers and beginners; they can be assured by the casinos’ wide selection of high-quality games, dedicated customer care, guaranteed fast payouts, and several payment options.
Pros and Cons of Bitcoin Casinos?
Pros
Security
When you play at a Bitcoin casino, your personal information is kept hidden and will prevent anyone from viewing some important details you would like to hide. It protects you from identity theft—which is a major issue these days.
Privacy
Crypto enthusiasts would like to use cryptocurrency for their transactions because it offers privacy. When you purchase Bitcoins, you need to add your bank account details or credit/debit card details. Later, you need to connect your cryptocurrency wallet address to your online crypto casino profile, and you are good to go.
Fast Transactions
Most cryptocurrencies are decentralized: no bank or physical jurisdiction is connected to the system. All their operations run on the internet without the need for any third-party intermediary to facilitate transactions.
Bonuses & Promotions
Regular online casinos have a special welcome bonus for their customers when they make their first deposit—they offer a 100% bonus of up to several hundred dollars.
Casinos accepting Bitcoin offer rewards of 1 BTC and can go as high as 5 BTC. They also offer additional bonuses on a one-time basis.
Increase in Value
All cryptocurrencies go by the demand and supply rule. Because of Bitcoin’s high demand and rising value, some people have started using it to transact in their everyday life; users can withdraw or exchange Bitcoins for fiat currencies or use it to gamble.
Cons
Risk of Losing Funds
Most cryptocurrencies run on a blockchain, also known as a public ledger, and are usually traded on a cryptocurrency exchange. Regardless of the exchange’s trading volume, there is always a risk of losing your money: User funds are stored in a wallet—a piece of software that is an exchange’s property—and may be lost forever in case of a security breach. There is no possibility of a refund. Mt. Gox, the Tokyo based cryptocurrency exchange, was hacked in 2014 and lost 850,000 Bitcoins.
Lack of Authority, Lack of Security
Many online casinos are not regulated by authorities and base their operations mainly in specific areas or countries. Because they are not protected by the legal system and are not regulated and not placed within legal limits, there is no chance of getting your money back in a security breach.
Can you use Bitcoin for making online casino deposits?
- Bitcoins can be used to make deposits in online casinos. The first thing is you need to set up a wallet and verify your account. If you are depositing small amounts, you can create a wallet with the service provider. For larger amounts, it is best to download an encrypted wallet on your mobile or computer.
- The next step would be to fund your wallet. This can be done through a bank wire transfer or transferring Bitcoins from another wallet.
How do Bitcoin Casinos Operate?
- Some popular Bitcoin casinos have large user bases playing games developed by them. Smaller Bitcoin casinos use rented or purchased versions that might be customized by adding some of the unique features to the game to suit their customers.
- The software used by Bitcoin casinos conducts and runs the games with minimum human intervention. For games that need human players, the software plays the role of table dealer by conducting the game.
- One of the most popular games for Bitcoin casinos is poker; some other interesting games are lotteries and other existing popular games that are offered by the casinos.
Last Thoughts
Bitcoin casinos are convenient, but there are few drawbacks. Gambling in casinos using conventional fiat currency transactions or using anonymous digital currency transactions has its advantages and disadvantages. Bitcoin casinos may be faster and advanced than your traditional casino—but security can be a major concern. But Bitcoin casinos offer anonymity, and developers continue to work on the security front.
