Cryptocurrency is fast becoming the next big thing. While money has always made the world go around, it seems like this new type of money is becoming the way forward, especially where online transactions are concerned.
This article won’t discourage you from using traditional (real) money, but we will discuss the benefits and downfalls of using a Bitcoin Casino. You will learn that the benefits outweigh the disadvantages and how Bitcoin and online casinos work.
Understanding Bitcoin Casinos
To understand what a Bitcoin Casino is, you need to first understand the two entities on their own:
Bitcoin is a digital (or crypto) currency that does not require traditional banking systems or administration, as everything is done online. Bitcoin was first introduced in January 2011, then taken away due to legal concerns, but then came back with a bang in May 2013 and has been growing ever since.
Online casinos are just like traditional in-person casinos brought to you on your desktop computer or mobile device. It is an online platform that lets you play slot games, table games, and tournaments of all kinds, and provides members with bonuses and various promotions. The first online Bitcoin casino was introduced in 2014.
Live Casino Games
Besides the growth of Bitcoin and online casinos, a never-ending list of live casino games have online gamblers feeling very excited. It offers you a magical experience where you can challenge your peers, play your favourite table games, and more.
On various casino platforms you can play live games like Monopoly, Blackjack, Baccarat, Craps, Dragon Tiger, Poker, etc. All of which can be played from your PC or mobile device.
Both Bitcoin casinos and online casinos have grown fast and attracted the attention of a lot of people. However, much like anything else in life, it also has its downfalls and advantages. Let’s look at the advantages and disadvantages of Bitcoin casinos.
Advantages and Disadvantages of Playing With Bitcoin Casinos
There are two sides to many things in life, and Bitcoin casinos are no different. Below we’ve listed some of the advantages and disadvantages of playing in a Bitcoin casino.
Lower Transactional Fees
Since Bitcoin is a decentralized unit, transaction fees are very low. You do not use the traditional banking system; instead, Bitcoins are stored in a public ledger called a Blockchain. To maintain the ledger, a small transactional fee is charged for all transactions.
Fast and Easy Transactions
Everything about Bitcoin occurs online, and unlike a bank transaction that takes two to three working days, Bitcoin transactions can take just a few hours — sometimes, they’re done in as little as 10 minutes! However, the casino process may take additional time to authorize the payments or withdrawals, so the complete transaction time could take up to a day, which is still less than a bank.
Bitcoin Bonuses and Promotions
All gamblers know that online casinos love giving their members amazing bonuses, and they are always running promotions to attract new players or keep current players coming back for more.Bitcoin bonuses always add a little something extra. For example, while typical online casinos offer a 50% to 100% matching bonus as a welcome gift, Bitcoin casinos offer players a 100% matching bonus of up to 5 BTC when they start playing. There are also some other Bitcoin promotions available.
Just like privacy, security is something you will always have with Bitcoin casinos. When you use a Bitcoin casino, you will never be asked for personal information other than your cryptocurrency wallet address and username.
The value of Bitcoin is continually increasing. When it first launched in 2009, Bitcoin was valued at $0.01. As of xxxxxxxx, the value of 1 BTC was more than $75,000. While there have been some dips in the value, they haven’t been as significant as the rises.
Mining helps the Blockchain keep track of transactions by using special software and hardware. Anyone can mine Bitcoins, and because the value keeps increasing, the circle of smaller players has significantly started to narrow down.
Minimum Wage Requirements
Any casino bonus always has a wager that the player needs to meet before they can withdraw their winnings. Bitcoin gambling is no different, as you still need to meet a particular wager before you can reap the benefits of your winnings. You also need to keep in mind that winning is still by chance, whether you gamble with Bitcoin or real money.
A Decrease in Value
We mentioned earlier that the value of Bitcoin has increased quite a lot over the years. However, the value can also decrease, so what will happen to you if this happens? Even though Bitcoin is a digital currency, its value still fluctuates like any other currency as the demand and supply laws apply, so you need to be prepared for this.
Always make sure the casino you sign up with is fully licensed to operate and regulated by a well-known and credible gambling association. Since cryptocurrency gambling is still new to the gambling world, it falls on you as the player to make sure you only use trusted and established casinos.
Deciding whether or not Bitcoin casinos are for you can be tricky, but we make it easier for you. The advantages often outweigh the disadvantages, but the same rules apply. Responsible players always do their research beforehand to prevent any misfortunes. Yes, Bitcoin gambling is risky, but the winnings can be substantial.