Benefits and Drawbacks of Bitcoin Casinos

by Noah Adams
Benefits and Drawbacks of Bitcoin Casinos
Published: 05/10/2021
Reading: 3 minutes

Considering the rapid development that Blockchain technology has experienced in recent years, and Bitcoin being the forerunner of this massive movement, many online casinos now offer bitcoin payments as an alternative payment method. These bitcoin casinos provide a payment solution without restrictions instead of some other payment methods that are bound by a rule or the other.

What is a Bitcoin Casino?

What differentiates a bitcoin casino from other casinos is that they either accept bitcoins or allow you to place bets in bitcoins. However, bitcoin casinos give you a wide variety of bonuses depending on the casino. There are also lots of benefits you stand to enjoy when you play at bitcoin casinos; see them below

Perks of Playing at Bitcoin Casinos

1. Instant Payment

One of the reasons most online casino players prefer to play at bitcoin casinos is because whatever payment transaction they do, either deposit or withdrawal, it is done instantly. Therefore, your money reflects in your wallets as soon as you make a deposit or withdrawal.

2. Safety and Security

One of the major criteria to consider when choosing an online casino is how safe and secure the casino is in terms of payments. Because all Cryptocurrency transactions are monitored through cryptographic and Blockchain technology, bitcoin payments are arguably the safest way to make payments at online casinos. Blockchain technology keeps records of all Cryptocurrency transactions. In contrast, these transactions need to be approved with cryptography before a bitcoin payment is processed.

3. Anonymity and Data Safety

Quite a lot of people prefer not to disclose their details or their identity when gambling online. In essence, revealing your personal information online can expose you to various scams. Therefore, rather than inputting your card details online, which will eventually give access to some of your personal details, playing at bitcoin casinos will ensure that your personal details are not disclosed. This is because every transaction comes with a different Cryptocurrency address.

4. More Value for your Money

Playing at Bitcoin casinos will save you more costs than other payment methods. There are no hidden charges, no intermediary fees, and the likes as Bitcoin payment is a peer-to-peer transaction, i.e., a transaction between two users with bitcoin casinos. Therefore, you can take advantage of these offers at a bitcoin casino and enjoy your gambling experience. Furthermore, with bitcoin casinos, there are no problems wavering exchange rates, thus making this payment method reliable.

5. Convenience

With Bitcoin casinos, you can play from anywhere around the world at a parallel rate without worrying about the differences in the currency value of various countries. There are no inflations or restrictions whatsoever, just play at a bitcoin casino, and cash out your winnings instantly.

Drawbacks of Playing at Bitcoin Casinos

Despite all the benefits bitcoin casinos pose to users, it still has some flaws. However, some of these flaws can be avoided if proper measures are taken. Below are some of the flaws of bitcoin casinos;

1. It is highly volatile

Bitcoin is widely known for its high volatility rate. This is a result of the ever-increasing demand for bitcoin. Therefore, the bitcoin price is unstable. For instance, in 2017, Bitcoin peaked at about US$20,000, while in April 2021, Bitcoin peaked at US$64,000. However, to avoid being affected by this change in bitcoin price, we advise that you don't keep huge amounts in Bitcoin, except you plan to keep it for long.

2. Bitcoin Casinos are not everywhere

Although the bitcoin payment method currently holds a 78.5% penetration rate in the iGaming market, many online casinos offer it as an alternative payment method on their websites. However, bitcoin casinos keep increasing in numbers all over the world.

Playing at Bitcoin Casinos

Playing at a Bitcoin casino is requires you to follow three basic procedures. These procedures are explained below.

  1. First things first, create a bitcoin wallet where you'll keep your bitcoins. Simply choose from the numerous types of Cryptocurrency wallets available.
  2. After creating your Bitcoin wallet, the next procedure is to deposit some funds in your bitcoin wallet.
  3. You can then proceed to fund your bitcoin casino account using your bitcoin wallet.

It’s as simple as that.

The Bottom Line

Bitcoin casinos have provided alternative payment solutions for online gamers. Apart from the most obvious flaw of this payment option, its volatility, we can say that it is the best payment option in terms of security, reliability, and transaction speed. However, if you look to make deposits or withdrawals without disclosing your identity or inputting your personal details, then look towards bitcoin casinos.

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Author Noah Adams

Noah Adams has a Masters in journalism from the university of Canterbury. He has held job positions in various media companies in New Zealand such as Bauer Media Group, The New Zealand Herald and TVNZ. Noah has for the past yea... Read more about the author

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Casinocrawlers » News » Benefits and Drawbacks of Bitcoin Casinos
Last updated: November 16, 2022