With the rapid advancements of technology, we have the arrival of different types of digital currencies or cryptocurrencies as they are known. With the most popular one being Bitcoin, a lot of casinos are switching their payment and withdrawal systems to this cryptocurrency.
There are certainly a lot of positives to Bitcoin online casinos. The following article considers how these cryptocurrency positives like efficient transactions compare to the negatives like unstable value. Are Bitcoin Casinos the best way to play online casino games today?
What Are Bitcoin Casinos?
To understand Bitcoin casinos, we should of course talk about Bitcoin. This is a global digital cryptocurrency that is exclusively used for transactions on the internet. Seeing as Bitcoin has no material equivalent and it is being created by computers globally, it provides a new and arguably more efficient paying method.
Bitcoin Casinos offer players a way to use and earn this digital currency for various gambling games on their websites. Each transaction is done in Bitcoin, whether for gaming offers, bonuses or any rewards the player may earn. There are of course hybrid casinos which offer the option of using both crypto and traditional currencies, but we shall be focusing on ones that are Bitcoin exclusive.
Speaking of which, in these kinds of Bitcoin Casinos, the user is in total control and remains anonymous. This is because no one can access the transaction link thanks to Blockchain technology. This is a system of inherent security qualities designed exactly for cryptocurrencies like Bitcoin and is meant to fully protect the user. All of this essentially means that Bitcoin casinos are generally the safest form of gambling due to transactions being untraceable. Of course, this means there are specialized terms and services on Bitcoin casinos which every user should read when they join.
Why Use a Bitcoin Casino?
With Bitcoin being a digital currency there are many advantages to using casinos that allow it. Bitcoin Casinos use the cryptocurrency system for faster interaction between the players and the website. Since Bitcoin is decentralized and consequently does not have an official institution controlling it, Bitcoin casinos offer smoother transactions.
Additionally, these types of casinos always offer some kind of Bitcoin bonus offers. These can range from the traditional welcome bonuses in cryptocurrency to the crypto-casino-specific faucet bonuses. Faucet bonuses provide the players with small amounts of Bitcoin daily while interacting with the various games they offer. There is also the aforementioned guarantee of anonymity and privacy due to Bitcoin being untraceable.
Advantages of Bitcoin Casinos
- Security and anonymity – Due to the previously discussed Blockchain technology transactions with Bitcoin are untraceable so the user is fully protected.
- Faster and smoother payments and withdrawals – Bitcoin is decentralized and has no official body governing it so there is no interference from third parties during transactions. The relationship is strictly between the user and the online casino operators.
- Lower fees and commissions – Due to Bitcoin being digital and the fact that no banks are involved in the transaction, the fees are dramatically lower. In some cases, Bitcoin Casino users do not have to pay any commissions at all.
- Various Casino Bonuses – Bitcoin Casinos usually offer special bonuses to their users in the form of matching their Bitcoin deposits or the unique faucet bonuses.
The Disadvantages
On the other hand, where there are pros there are also cons. Bitcoin and other cryptocurrencies can be quite an unstable type of currency due to their ever-shifting nature. Due to them being digital, their value depends on various factors in the world and the cryptocurrency market in general.
Furthermore, when used in crypto casinos, they can be a bit more volatile than our traditional real-world currency. For example, one day the value can rise due to a celebrity interacting with the currency and talking about it on social media. While the other its value can lower when Elon Musk posts another one of his famous tweets. Furthermore, there are also global issues where some areas of the world have still not come to terms with cryptocurrency. So Bitcoin Casinos might not be available everywhere.
Disadvantages of Bitcoin Casinos
- Legality issue – Not every country in the world has accepted currencies like Bitcoin as being legal. Therefore, crypto casinos might not be available in every area of the world.
- Unstable value – The highly unpredictable nature of Bitcoin can lead you to having an unpleasant casino experience. This is because you can never know what will be the value of your hard-earned funds tomorrow.
- Potential lack of players – Not everyone feels comfortable using Bitcoins as their preferred method of transactions in general. This may lead to Bitcoin Casinos having a smaller player base than the usual online casinos.
Closing Remarks
While Bitcoin casinos like Bitstarz or the 7Bit Casino have their negatives, there are certainly a lot more positives to using crypto funds online. Then again, it might come down to personal preference and which type of online casino you prefer. Ultimately, if you can deal with the unstable nature of Bitcoin, gambling websites that use this type of cryptocurrency offer a lot of advantages for the casino enthusiast.
OTS News on Social Media