Pros and Cons of Using Bitcoin at Online Casinos

Bitcoin is the world's largest and most popular cryptocurrency

An ever-increasing number of online casinos accept Bitcoin as a banking method. The world’s largest and most popular cryptocurrency is becoming more mainstream and accessible than ever to purchase, sell, and store. Like all banking methods, there are several pros and cons to using Bitcoin to fund your online casino play. We are going through each over the following few hundred words.

You need a brief understanding of what Bitcoin is before getting your hands on some and using it as an alternative to dollars. You do not need to know the intricacies of cryptocurrencies, but it is in your best interests to understand Bitcoin and roughly how it works.

What Is Bitcoin and How Does It Work?

Bitcoin is a decentralised digital currency that can freely transfer on a network. Traditional currencies have value because they feature six key attributes: acceptability, divisibility, durability, resistance to counterfeiting, portability, and scarcity. Qualities like these allow widespread use in an economy.

Previously, people used precious metals and commodities as money. However, they lacked portability, leading to minted currency becoming the norm. Bitcoin does not physically exist, but there is a limited supply (scarcity), and it is impossible to counterfeit. Governments not issuing the currency is its only downside.

That may seem complicated, but all you need to know is that it is possible to buy, sell, and trade Bitcoin and use it to fund your love of online pokies.

The Pros of Using Cryptocurrency for Gambling

Complete anonymity is one reason for cryptocurrency’s popularity. Transactions are anonymous, which is perfect if you do not want gambling transactions on your bank statements. Indeed, some banks do not process transactions to gambling sites. Using Bitcoin removes the need to involve banks.

In addition, deposits and withdrawals are instant. Traditional banking methods also offer instant deposits, but withdrawals take two-to-three days. Furthermore, withdrawals are 100% guaranteed to land in your cryptocurrency wallet. The network, known as the blockchain, independently verifies the transactions, meaning they are always processed.

Some online casino operators offer significant bonuses for depositing in the various cryptocurrencies. The biggest bonuses are not always the best, but it is nice to have that option.

Finally, cryptocurrency is not subject to taxation because it is not considered a currency by most governments.

What Are The Disadvantages?

The volatility of Bitcoin and other cryptocurrencies is its biggest downside. The exchange rate moves exceptionally quickly, doing so most days. Movement works in your favour if it impacts positively against the dollar. Conversely, it moving negatively works against you.

A single Bitcoin currently costs $40,254.43. At 01:45 UTC one cost $39,812.18. One month ago, buying a single unit weighed in at $55,916.30. On January 1, 2019, they cost only $5,335.14. These figures highlight the extreme volatility of cryptocurrencies.

Should I Use Cryptocurrency For Online Gambling?

Using cryptocurrency for online gambling is a matter of choice. There are positives and negatives with Bitcoin, just as with traditional currencies. It is important to research who to purchase and store cryptocurrencies. A single mistake can prove costly, so much so that you can lose all your funds.

Any merchant accepting bitcoin has a unique address. This address is between 26 and 35 alphanumeric characters. Entering one of them incorrectly renders the transaction useless, and it is lost forever with no way of retrieving it.

Furthermore, ensure the casino you plan to use cryptocurrency at is legitimate. The anonymous nature of such currency leads to unscrupulous people setting up bogus companies in jurisdictions where there is little to no recourse when things go wrong. Thankfully, all of the companies you read about in our online casino reviews are major players in the field. You can and should trust them. They operate within the rules of their licences and have a solid track record of superb customer service and quick withdrawals.