7 Mar

Pros and Cons of Gambling Online with Bitcoin

Bitcoin Casino Payments: The good, the bad, and the ugly.

Pros and Cons of Bitcoin Casino PaymentsDigital currencies have become extremely popular in recent year. Bitcoin was the first, and is still the most commonly utilized crytpo-currency in the world. It’s especially well know in the online gambling market as one of the fastest and most secure ways to make deposits and withdrawals.

As always, with the good comes the bad. There are advantages and disadvantages to gambling online with Bitcoin. We’ll discuss these in detail, and let you decide whether Bitcoin casinos are the right choice for you.

Advantages of Bitcoin Casino Payments

1. Anonymity

The number one advantage of depositing with Bitcoin is the unparalleled level of anonymity. Digital currencies are decentralized and unregulated, therefore they are not traceable. You can deposit and withdrawals at Bitcoin casinos as much as you want, and your name will never be linked to it.

2. Security

In the same way, Bitcoin offers an incredible level of security. You’ll never have to share your personal or financial details with a casino when using this payment method. The same can be said of prepaid cards and vouchers, but these are physical documents. If you lose them before you use them, you’re out of luck.

3. Economical

Bitcoin offers one of the cheapest ways to send and receive money. There are a lot of different websites that offer Bitcoin eWallets, and they all set their own rates. Because it’s such a highly competitive market, those rates tend to be very low. Do some research and you can find extremely cheap ways to fund your Bitcoin casino accounts.

4. Expedience

Bitcoin deposits can take, at most, about 10 minutes to arrive in your casino account. That’s not nearly as fast as the instantaneous deposits of some other methods, but it’s the same speed at which you can expect to receive withdrawals. No other withdrawal method boasts this rate of rapidity.

Disadvantages of Gambling Online with Bitcoin

1. Complexity

There is some degree of complexity when depositing and withdrawing with Bitcoin. In order to complete a payment, you’ll need to enter the vendor’s (online casino’s) details in your Bitcoin eWallet. This information will be supplied by the casino operator, and it’s not particularly difficult to do. It does add another step to the process, though, and if you enter the information wrong, the payment cannot process.

2. Susceptibility

While the decentralized and unregulated nature of crypto-currencies is great for anonymity, it can also make your payments more susceptible to fraud. The level of susceptibility has everything to do with your chosen Bitcoin casino. If the casino isn’t reputable, the operator can run off with your money anytime. And since the payments are anonymous, there’s no way to fight it. Make absolute certain that you’re dealing with a reputable and long-established operator before making any Bitcoin deposits.

3. Fluctuation in Value

Like centralized currencies, Bitcoin has an exchange value that can fluctuate. However, being unregulated, its value fluctuates much more wildly than traditional currencies, often based on popular media rather than economics. Since its inception, the value of a single BTC has risen from under US-$1, up to more than $19,000, and back down to its current value of around $10k. The bad news here is that an equivalent $100 deposit could be worth much less (or a lot more) within 24 hours.

4. Availability

Due in part to these concerns, there simply aren’t that many online casinos that accept Bitcoin. Depending on your location, you may have access to a very limited number of Bitcoin casinos. In fact, some operators that utilize crypto-currencies may only accept Bitcoin casino payments. They may not offer traditional payment methods like credit cards, debit cards, online payment processors or banking e-Transfers.

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