Cryptocurrencies are on the rise, gaining mainstream adoption every day. Bitcoin is the top dog when it comes to the cryptocurrency ecosystem. It offers a decentralised way to transfer funds, and it’s also very transparent, even if not fully anonymous.
Bitcoin is so popular for online gambling that there are even cryptocurrency-exclusive casinos available, complete with games you can only play with Bitcoin and other cryptocurrencies.
In this article, we’ll analyse the good and the bad when it comes to Bitcoin usage in online casinos.
Let’s start with the good part. Considering you find a viable Bitcoin casino, that is, a trustworthy platform that offers your preferred games and good bonuses, here are the advantages of using Bitcoin in such a platform.
Whenever you make a transaction in online casinos using regular payment methods, you need to give personal data. This can include credit card numbers, your full name, address, and more.
Bitcoin doesn’t link your personal data to your wallet. This enhances security for you, as you don’t need to worry that your personal information is exposed.
Generally speaking, Bitcoin transactions are much faster than traditional payment methods such as bank transfers. This means you might be able to log into your casino account, play your most powerful poker hands, and take your winnings home in a matter of hours if not minutes.
Even though the technology is fast, be sure to read the casino T&Cs. Sometimes the staff takes time to approve all transactions, a procedure that can last several working days.
Online casinos normally don’t charge anything extra for using Bitcoin, and there are no extra costs associated with your wallet maintenance.
That said, there are transaction fees from the blockchain itself. These are necessary to get your transaction included in the next block. Interestingly, they’re not a percentage but a variable fee. It doesn’t matter if you withdraw a large or small amount, so it’s convenient to take advantage of this feature by not withdrawing small amounts.
Bitcoin has many security systems in place, and they’re inherent to the technology. This makes it one of the safest choices when it comes to online casino payments.
Among its many features, it has mining block confirmations, cryptographic puzzles, transaction hashing and others. In fact, not even quantum computers can crack the algorithm behind Bitcoin’s security.
While Bitcoin sounds like a great choice for online gamblers, it has some downsides, too. Here are some of the most important ones.
Bitcoin is notoriously volatile. This means that the price of this cryptocurrency is subject to swings, sometimes pretty major. For instance, in June 2022, Bitcoin lost almost 37% of its value.
You might deposit a certain Bitcoin amount and win, increasing your Bitcoin. However, when compared with fiat currencies, you may have lost money in the process. This is a huge issue if you plan on using your Bitcoin winnings to purchase things or services.
Bitcoin is, by nature, decentralised. This means that the blockchain is self-regulated and has no central authority or government supervising it. This is a double-edged sword because it allows for many of the features Bitcoin is famous for such as better anonymity, no censorship and more.
However, it can also be used for unregulated casinos to their benefit. Another important consideration is that your local government may decide to ban Bitcoin or prevent you from using it in certain activities such as online gambling.
While Bitcoin is not very complicated to operate, it’s much easier to deposit and withdraw money at a casino with regular payment methods such as credit cards and e-wallets.
When you want to use Bitcoin, you need to exchange your fiat money for this cryptocurrency in specialised exchanges. Then, you need a Bitcoin wallet and to follow the casino instructions closely. It might be too much for someone that simply wants to enjoy themselves for a while.
Even though more casinos are accepting Bitcoin every day, it’s still nowhere as available as PayPal or credit cards. This presents you with the problem of what to prioritise, for instance, an ample game library or crypto payments.
Additionally, some casinos might accept Bitcoin but this payment method is perhaps excluded from many promotions, including specific welcome offerings.
On one hand, Bitcoin is a great choice for casinos thanks to its security, privacy and low fees. If you use it for your online gambling, you can rest assured your money is safe.
However, its volatility, availability and required tech skills all need to be taken into consideration. Ultimately, the choice is yours. As such, the best recommendation is to be diligent in your research while looking for the best online casino that suits you.