Advantages and Disadvantages of Bitcoin Casino

Let’s take a look at the advantages and disadvantages of bitcoin gambling deposits and withdrawals.

Advantages of Bitcoin Casino:

  • Privacy – You don’t have to provide your credentials and bank details on every counter while making a transaction. Ease of paying with a unique Bitcoin wallet address makes your life less troublesome.
  • No fees or Low fees- Most of the gambling industries and online casinos don’t charge any fees. However, few of them may charge a very little fee for maintaining the shared public ledger, carried out by the Bitcoin central system.
  • Fast payment – Greater Liquidity compared to Other Cryptocurrencies. As there is no one to review the transaction, unlikely banks, it takes 10-15 minutes to complete a transaction.
  • Bonuses – On first-time deposits, many online gambling platforms offer a 100% match bonus. Bitcoin Casinos offer huge bonus packages you can get rewards ranging from 1 BTC to 5 BTC.
  • Security and Anonymity – It is decentralized i.e. there is no bank or other authorities involved to keep records. Therefore, no third party involvement. Your personal details are not required anywhere, your identity is secured.
  • Increasingly Wide Acceptance – Most gambling industries and online casinos accept and consider this payment processing. And, it is gaining popularity worldwide.
  • No Political involvement- Since it is not run by any state or country. The government cannot seize the BTC units under any law. As a result, it is free from political influences.
  • Global currency – International Bitcoin transactions are easier than using regular currencies.

The Disadvantages of Bitcoin Casino:

  • Little security – It is untraceable and hackers can steal your Bitcoin. Exposure to bitcoin can result in Specific Fraud and Scams.
  • Minimum wage requirements – Before you can withdraw the bonus amount and winnings you will be required to keep minimum wage as per their rules.
  • Not always fair gaming- Even casinos operate with proper licensing. But it cannot be claimed as provably fair technology due to a high number of scams involved.
  • High volatility-Due to its volatility using Bitcoin may be a lot more expensive than fiat currency. Therefore results are risky.
  • Uncertain legal status- Still many countries have not approved of bitcoins.
  • Gamblers prefer traditional payments- Many players are still uncertain about cryptocurrencies. They prefer traditional fiat currencies over cryptocurrency.
  • Provider limitations- Not every website and software providers offer Bitcoin Games.
  • Black Market Activity- Shady practices may damage the reputation as it is still not clear if there are legal ways to handle any such issue.
  • No Chargebacks or Refunds- There is no standard policy to request a refund or chargeback.
  • Superior Cryptocurrency available- New improved cryptocurrencies are making rounds in the gambling industry.

Once you go through the pros and cons of bitcoin casinos you’ll be able to decide whether you buy the benefits of this bitcoin transaction and then go for it. Treat Bitcoin as you would to any other asset. Needless to say that it is being widely used all across the globe. Many players have shared their best experiences worldwide using different social platforms. Choose the best Bitcoin casino from the available online Bitcoin casino in market.

Edward Nash

Edward Nash is an editor and analyst with over 10 years of financial market experience. Prior to joining CoinNewsSpan, he worked in several famous financial institutions. He has been active in the cryptocurrency market since 2011, specializing in technical analysis of current crypto trends and offering analytical opinion-based pieces.

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