Advantages And Disadvantages Of Using Bitcoin For Gambling In 2024

The use of cryptocurrency gambling is on the rise. The last decade has witnessed the emergence of a new concept of money in the form of cryptocurrency, while there has been a surge in the acceptance rate of cryptocurrencies in recent markets. E-commerce websites and online businesses encourage users to pay using the most widely used cryptocurrencies. 

To attract more players,  online casinos all over the world started accepting Bitcoin payments. Bitcoins are digital assets that help safely store transactional information with a layer of cryptography protection, making it one of the most secure transaction methods for indulging in online wagering. 

But hold your horses, there are more reasons to use Bitcoins which we will discover as the story unfolds. The article will shed some light on the merits and demerits of using Bitcoin for gambling.

Advantages of Using Bitcoin For Gambling

Zero Verification Required

Cryptocurrency technology uses a specific encryption technique known as blockchain technology; as a byproduct of which the encryption imposed on these electronic transactions is high. This provides a high level of security and keeps your money safeguarded from any possibility of counterfeiting. 

This new technology revolutionized online Gaming Platforms fostering a big chunk of iGaming users — the no-registration casinos. Every transaction detail for a cryptocurrency exchange is transparent as it is documented on a public ledger. This cuts off the requirement for an elaborate process of KYC verification. 

Discreet Transactions and Assured Security

When it comes to security assurance, nothing can surpass the level of protection provided by Cryptocurrency Gambling. Blockchain technology comes with a top-notch level of data protection principles, thanks to the Cryptography involved in the process.

Almost 71% of online punters have admitted to having taken steps against preventing online fraud.

If the concept of blockchain is broken down into digestible bits, it is nothing but a collection of blocks that contains certain limits of transactional information. These blocks fuse to form a cryptography chain. Within this exists a data validation technology that will make sure the information recorded is correct which prevents any possible suspicious activity. But the catch here is, since the transaction details are cryptography-generated, it is far from your recognizable and traceable (like your social /government identity). This is what enables you to stay anonymous in Bitcoin transactions. 

In comparison to fiat currency casinos, whenever you swipe your credit card at any online casino, the figures involved get direct access to your data. So when you are using BITCOIN GAMBLING IN 2023, you know for sure you are hitting two birds with one stone!

Moreover, cryptocurrency transactions are irreversible, so it is beneficial for online gambling platforms as well.

Transaction Speed

Regular fiat casinos may take up to 48 hours to process a payout. On the contrary, both deposits and withdrawals take place instantly at Cryptocurrency casinos and it is regarded as one of the biggest BITCOIN GAMBLING ADVANTAGES. There is no need to stay patient and wait for your money to show up.

Associated Bonuses

To attract more people to these newly launched casinos and get them acquainted with the benefits,  crypto casinos often incentivize their uses. It is a common practice across all reputable online casinos. The incentives may include welcome bonuses, bonuses for second and third deposits, free spins, and no-deposit bonuses. These strategies are proven effective in attracting new customers and retaining existing ones. 

Best Way to Escape Hefty Transaction Fees

The concept of cryptocurrency is decentralized in nature. The same applies to Bitcoins. Hence, you get a free pass to escape all the associated fees that a payment platform charges. Cryptocurrency transactions are possible via blockchains. Therefore, the money is directly credited to your wallet from the source.  In the process, a nomial amount is charged, depending on your casino choice.

Escape legal constraints

Countries all over the world are trying to uphold a positive approach to cryptocurrencies. Hence it is getting wide acceptance these days. But there are no well-framed laws around cryptocurrency options like Bitcoins. Too much so that in most cases there is hardly any mention of it. 

Certain countries prohibit cryptocurrency transactions. The popular Cryptocurrency Gambling platforms registered under the offshore license providers widely accept Bitcoins. This prevents people from facing legal offenses. 

Read Also: Is it Legal to Bet With Bitcoin? Exploring the Legalities

Disadvantages of Using Bitcoin For Gambling

According to cryptocurrency experts, the gambling industry and the crypto industry are interchageable yet independent. When we talk about the future of online gambling, cryptocurrency is much of a crowd-puller because of its decentralized nature and anonymous payment options. But we often forget every newfound technology must have some share of demerits attached to it.

In this case, the same features that we brag about as an advancement can be a loophole, and if not done carefully, can land players in problems. So the key here is to be careful and leverage the advanced features. 

Lack of Restrictions

We are not new to the fact that these days people treat cryptocurrency as a digital asset. The fact that cryptocurrencies lack restrictions and associated laws, makes it inviting to the part of the population which is already under risk. Gamblers with an addictive nature often treat cryptocurrency as the last resort to satiate their gambling tendencies. As a result, it puts vulnerable gamblers at risk and hinders their recovery. 

Immutable Transactions

The fact that cryptocurrency transactions are unidirectional makes it a lucrative option for business owners; while players don’t get authority to file for a chargeback! Although cryptocurrency transactions are the easiest to execute it is not very convenient due to the lack of control over transaction history.

Volatility and Instability

Another aspect to never overlook is the element of unpredictability of crypto transactions. Considering the limited availability of Bitcoins, the rates fluctuate every single day. This volatility is not just limited to the rates, but if you are unconscientious while making a payment you are putting your money at risk. In a given scenario if you buy Bitcoins at a higher rate and by the time you cash out your winnings the rates fall, you will run at a loss.

Another point that makes it unstable is the fact that the Bitcoin scene is ever-changing. As more people will start using Bitcoins in the upcoming years, it is bound to undergo certain changes that might not be familiar to the previous practices. 

As a result, despite establishing itself at a 78.5% growth rate in the online gaming scene, bitcoin isn’t the first payment option the majority would reach out to. 

Ineffectively of Self-Exclusion Tools

One of the prominent cons of using Bitcoin in online gambling is the inability of self-exclusion tools to assert authority over these casinos. Since we have discussed enough about it you might now how problematic addicted punters are— misusing the anonymity feature of crypto casinos to carry on with their gambling habits. Most of the self-exclusion schemes fall short of cutting through when compared to the cutting-edge technology that crypto casinos possess. 

Read Also: Offline And Online Casinos: Pros & Cons For Business

Summing it Up…

A noticeable pattern that emerges in this article is how the same features can be seen as pros of using Bitcoin in online gambling as well as cons. Cryptocurrency and online gambling are selling like a hot cake in the market. However, it is advised to measure the upsides and downsides before diving deep into the world of iGaming. 

Quick Steps To Choose a Reputable Bitcoin Casino

Choosing the best Bitcoin casino for yourself can be just a few clicks away. 

• Do a Google search to understand which of the casinos are trending and how they are services are. There are platforms like AskGamblers which can turn out to be helpful for this step to understand if it is compatible with your needs.
• The second thing to consider is reliability. Reach out for the options with 2FA or SSL encryption technology as they are the safest in terms of data protection.
• To make sure you’re not losing, start by searching for a platform offering the best bonuses and offers. Bitcoin casinos offer room for generous promotional offers. 
• The agility of customer support can make or break the reputation of an online Casino. Reach out to the ones offering 24/7 support via chat, email, and telephonic contact options. 

Last but not least, 

• Check if they offer the best games that you like and that too with quality graphics.