A few years ago, Bitcoin (BTC) was nothing but an idea. Today it’s become a worldwide mode of exchange. Seeing as to how people have recognized its existence in the digital world and how it’s been used today, it’s safe to say that its impact will continue to progress, thus, should not be underestimated.
Cryptocurrencies such as BTC have expanded its reach to almost all industries you can think of, including online gambling. These days, you can even buy all sorts of products and services online with bitcoins and any other cryptocurrencies. Online casinos have become more innovative today with more and more online casinos all over the world consider bitcoin as a legitimate currency.
On this page, find out why online casinos use cryptocurrencies such as Bitcoins in their operations. Consequently, there are also some disadvantages to using Bitcoin in online gambling.
Advantages of Bitcoins in Casino
Here are some of the reasons why casinos use Bitcoins:
- No Issues on Privacy
The great thing about cryptocurrency is that it offers a high level of privacy to any transactions. This is one of the main reasons why it is not only used by gamblers but as well as all sorts of consumers who make their purchase online.
To make transactions using Bitcoin, you will only need a cryptocurrency wallet that you can connect to the merchant, or in this case to your online casino profile and you are ready to go. It works similarly as a digital wallet that you can connect to your bank account to purchase bitcoin. All transactions done through your crypto wallet are made anonymous.
- Transaction Fees are Almost Free
Transaction fees using bitcoin are very minimal to none. When it comes to gambling with Bitcoin, most online casinos that transact cryptocurrencies usually do not take transaction charges. However, if there is, the charge will be tiny.
- The transactions are fast and easy
Cryptocurrencies like Bitcoin are decentralized, this means that there are no third parties or company that runs Bitcoin. However, bitcoin runs everywhere on the Internet. Unlike the traditional payment options such as wire transfers, credit or debit cards, paying and receiving Bitcoins is instantaneous since it does not have to go through intermediaries to review transactions. You don’t have to wait for days to get your money and you can send away your BTC as it is fast and easy.
- Secured transactions
Because it allows anonymity, your personal info will not be asked anywhere nor shown in any of your transactions in the casino. The anonymity it offers does not only prevent your personal details to be shared anywhere but also prevents identity theft which is considered a serious crime and is punishable by law.
- Bonuses and Promotions are a lot!
Online casinos that allow Bitcoin and other cryptocurrencies usually offer bonuses and promotions with Bitcoin rewards that can range to up to 5 BTC. Bitcoin value tends to rise and fall but you can always take advantage of the value when it’s high. Imagine getting one bitcoin that’s equals to $6000!
- Bitcoin is on the rise
Due to the high demand, Bitcoin is currently on the rise. The value may go up depending on the demand and players can take advantage of this since they can always exchange their coins or bitcoin into fiat currencies while the value is still high.
Disadvantages of Bitcoins in Casino
Other than the positives about Bitcoin, it can also have a few drawbacks in online gambling:
- Inconsistent volatility
As we are all aware, the values of Bitcoin and other cryptocurrencies do rise and fall from time to time and it’s definitely good to take advantage of it when it’s on the rise. It’s profitable especially when it is on-demand but what happens in the future when the demand for cryptocurrencies starts to plummet?
It’s good to be smart about this. Since we won’t really know what happens in the future, with bitcoin, anything is possible. It will be worth it to know when is the smart time to withdraw and exchange your BTCs for real money.
- It remains a digital currency.
Unlike real money, it’s intangible. It’s like something in the air and may vanish into thin air when the time comes. It runs on the public ledger, it runs online and can collapse any time once the demand has plummetted. If that happens, it’s most likely that you wouldn’t even get a refund.
- Its value may or may not sustain in the years to come.
Bitcoin is pretty much an unregulated currency. It may be on the rise today, but nothing is sure in the future. There are now some states that try to regulate bitcoin and other cryptocurrencies. The future of bitcoin is bright as long its demand continues but nothing is really sure in the future.
With all its uses and what it can offer as a digital currency, it’s safe to say that Bitcoin fits well in the casino industry. It’s safe for use to casino players. The future of cryptocurrency is bright but we can’t be that certain that it will stay that way. But one piece of advice, learn the ways on the cryptocurrency trade and take advantage of it while it’s still hot and sizzling!