Understanding how Bitcoin is being used on online gambling sites may seem overwhelming at first, but it’s not as difficult as most people think. There are many advantages to betting online with cryptocurrency, but betting with Bitcoin has a few added benefits.
Bitcoin gambling has grown exponentially in popularity over the last ten years, with sites like Coincasinos.com showing that there are hundreds of online casinos that take the cryptocurrency. People who desire ultimate privacy in their financial dealings do business using cryptocurrency. And the widespread use of Bitcoin leads the way.
What is Bitcoin?
Bitcoin is a virtual currency used instead of fiat currency for making digital payments. It operates independently of the control and regulation of any government, person, group or other entity.
Consequently, there’s no need for a middleman like a bank or financial institution to complete transactions. Independent crypto miners verify each transaction and are rewarded with Bitcoin tokens for their efforts.
Bitcoin was first launched in 2009 by a secret group of developers using the mysterious name of Satoshi Nakamoto. Since its launch, Bitcoin has grown into the most famous cryptocurrency ever created. Today, there are over 1,600 competing coins in existence. Yet, none of them come close to the name recognition and popularity of Bitcoin.
Bitcoin Betting Pros
Online gambling with Bitcoin is fast become the defacto standard for crypto casino sites. There are numerous advantages, and listed below are a few of the most important:
- Bypass surcharges. You’re not subject to most surcharges with depositing or withdrawing funds from your account, saving you on fees and other unnecessary expenses.
- Eliminate geolocation-based restrictions. Gaming using crypto is like banking without borders. There are no national regulatory hurdles to clear and no red tape to unravel. The only requirements are an internet connection and the Bitcoin needed to complete your transaction.
- Lightning-fast speeds. Deposing crypto into your online gambling wallet or removing funds takes place at the speed of light. Comped to fiat currency transfers that take days, your currency seems to move almost instantaneously. There are no banks involved or any middle man of any kind.
- Private transactions. Bitcoin transactions provide an unprecedented amount of financial privacy. Coupled with an encrypted VPN, fake eMail address, and secure passwords, you can place your bets free from prying eyes of all kinds.
- You remain anonymous. When registering for most crypto casinos, you aren’t required to supply any information that can reveal your identity. That includes your age, financial information, utility bills, or anything else that can be stolen and used to defraud you.
Bitcoin Betting Cons
- Fewer welcoming bonuses. Some crypto casinos don’t offer a bonus when new players register. You might want to steer clear of those.
- Unreasonable restrictions. Some cryptocurrency casinos impose a lot of restrictions on how the Bitcoin is used, reducing your chances of winning anything significant.
- Lower odds. Some sites lowered their “Return To Player (RTP) to build more profit into the site to your disadvantage. Only deal with legitimate sites that don’t do this.
- Bitcoin price volatility. Bitcoin is prone to wide price swings, and it’s not uncommon for its price to move $10,000 to $20,000 in a single year, either up or down. This can have a severe impact on your ability to play.
- Uncapped gambling risk. Many online crypto casinos don’t have features that limit your betting if things get out of hand. It’s possible to squander your entire life savings if you’re addicted to gambling.
Undoubtedly, Bitcoin is growing into one of the most widespread payment methods free from the shackles of central banks and government interference.
There are no annoying interrogations, no surrendering of private data, and no one is required to approve or disapprove of your dealings.