It has only been a few years since Bitcoin emerged. This cryptocurrency was always categorised as a currency for geeks and tech-savvy people who are early adopters of technology.
As far-fetched as this may sound, Bitcoin has continued to excel and should not be underestimated.
More and more people are these days embracing Bitcoin, with many more using it for their online gambling activities. Bitcoin fits well in the online casino industry for a number of reasons.
If you are interested to learn more on how to gamble at Bitcoin casinos, read on to learn more about the benefits and hidden costs.
Benefits of Bitcoin Gambling
There is plenty of reason for you to consider using Bitcoin for online gambling. This cryptocurrency has plenty of benefits that work in both your favour as well as that of the operators.
Some benefits are only available if you sign up to a casino that accepts Bitcoin. Bear in mind that cryptocurrency is still a relatively novel idea and many casinos still haven’t adopted it as a means of payment. Here are some great ideas for getting started:
- Privacy: The ultimate advantage of using Bitcoin is that it offers you an element of anonymity. There are no tedious KYC procedures or fulfilments towards any requirements.
- Low Transaction Fees: Although most casinos don’t charge any transaction fees, some still do.
- Better Promotions: Some of the leading online gambling casino sites offer lucrative bonuses and promotions towards BTC users. You can get your hands on extra cash when compared to conventional currencies.
- Security: If you protect your Bitcoin wallet properly, there is very little risk of your account being hacked. Since you won’t share your details with the casino, it adds that extra layer of security.
Disadvantages of Bitcoin Gambling
If you are still convinced about gambling with Bitcoin, here are a few disadvantages to help you make your mind up:
- Security: Yes it’s been featured in the previous section too, but the truth of the matter is, that while online gambling site can’t effectively steal your money, there is always a problem with Bitcoin exchanges, which have a history of being hacked into the past. It doesn’t happen too often these days, but you never know.
- Not User-Friendly: if you are not tech-savvy, you might require some time getting used to Bitcoin. The great news is that the user interface of most e-wallets and gambling sites is getting easier to deal with.
- Volatility: The price of Bitcoin rises up and down all the time. Sometimes it can work in your favour, but it is very hard to predict what will happens.
- Uncertainty: Many countries are trying hard to regulate Bitcoin. Because of this, we still don’t know what the future holds for this cryptocurrency.
In summary, if you are planning on gambling with Bitcoin, stick to trustworthy operators who hold a proper license and who guarantee fair play.
The Bitcoin industry is quickly and continuously developing. If you decide to give it a shot, there are plenty of interesting opportunities in store for you.