Gambling With Bitcoins – Why Is Everyone Crazy About Bitcoin Gambling Sites?
Gambling With Bitcoins – Why Is Everyone Crazy About Bitcoin Gambling Sites?
With cryptocurrencies becoming more the norm with each passing day, more and more businesses are accepting them as viable payment methods.
When it comes to this, online crypto gambling sites are certainly the most exciting way to jump on this trend.
With that in mind, what are the pros of Bitcoin gambling sites, and why has gambling with Bitcoins become so popular among many online casino players?
More importantly, are there any significant disadvantages of BTC gambling you should know before you get started?
We’ll cover all this and much more in our effort to answer why everyone is going crazy about Bitcoin gambling sites!
What Are Bitcoin Casinos and How Do They Work?
The online gambling industry is constantly pushing the industry’s frontier, implementing new features and aspects that make gameplay more convenient, more immersive, and overall more enjoyable.
One of the most notable innovations in the past few years was the introduction of Bitcoin casinos.
Bitcoin online casinos are regular online casinos and work almost identically to any gambling website you can find on the Internet.
But, the difference between Bitcoin casinos and sites that use traditional payment methods like credit cards and bank deposits is that Bitcoin casinos support Bitcoin and other major cryptocurrencies.
This cryptocurrency support feature has proven to be super-popular among the younger gambling generation, as many online gamblers in their 20s are picking Bitcoin casinos over traditional sites.
On the other hand, despite the fact that Bitcoin casinos have many similarities to standard casino sites, a good number of players are still wary of trying them out.
Advantages of Gambling with Bitcoins
To better understand the craze about Bitcoin casinos in the past few years, we need to discuss the most significant advantages these types of casinos bring to online gamblers. So, here’s a closer look at the biggest advantages of gambling with Bitcoin:
Lower Transaction Fees
Every online casino is in the business of making money, and so are the payment processors it works with.
Because of this, every time you make a deposit, and especially a withdrawal, you’re essentially just giving away a percentage of your transaction to the payment processor.
This can be as low as a couple of dollars or upwards of $30 or more if you use bank transfer options in an online casino.
One big advantage Bitcoin casinos have over the above-mentioned businesses is that they have significantly lower transaction fees. This is in part due to the nature of blockchain transactions.
And, while we won’t delve into the intricacies of those, what we care about in this context is pretty obvious. The less money you spend on transaction fees, the more money you have to gamble with.
The Transactions Are Untraceable
Apart from lower fees, the advantage most online casino players actually care about the most is that their transactions are untraceable when they use Bitcoin.
Some online Bitcoin casinos allow you to deposit, play, and withdraw without sharing any of your data.
This is a true game-changer for privacy-conscious online gamblers who want to play online but fear that their valuable data can fall into the wrong hands.
While all parties can view your transactions, they don’t see all of the information, meaning that they can’t exploit it.
Still, while you can be completely anonymous, the nature of cryptocurrencies keeps your transactions visible on the public ledger.
That way, although you don’t have to share any personal data with other sites and services, you can still prove that you have withdrawn your casino winnings from an online crypto site.
Lastly, one major advantage of Bitcoin and most other cryptocurrencies is that they are completely decentralized.
In other words, there’s no government control or oversight in the circulation of these virtual currencies. There’s no governing body that can block your transaction or freeze your account.
In line with this, as there’s no government interference, the currency is automatically decentralized and accepted all over the globe.
As there’s no institutional control, Bitcoin is worth exactly the same and works the same way in every gambling site, no matter your location.
Disadvantages of Bitcoins Gambling
The advantages of gambling with Bitcoin are undeniable. That said, it’s only fair to look at the other side of the crypto-coin and discuss the possible disadvantages that come with Bitcoin gambling.
When you’re gambling online using Dollars, Euros, Pounds, or other stable currency, you know exactly how much the money you have will be worth in the foreseeable future.
Unfortunately, this is not the case when you’re gambling with Bitcoin.
Bitcoin’s price goes up and down almost on a daily basis, and you can never tell when the next spike or downturn will occur.
While the currency did settle a bit in the last couple of years, there are still occasional dips that can affect your bankroll and the way you play.
For example, let’s say that you have $1000 in Bitcoin in your favorite crypto casino. If Bitcoin goes down in value by 15%, you’ll have just $850 worth of Bitcoin to play with.
This unpredictability makes Bitcoin a less than an ideal option if you’re in it for the long run.
The Transactions Are Untraceable
You’ve perhaps noticed that we’ve used the same trait both as a pro and a con. This is because the anonymity of Bitcoin payments has precisely such characteristics.
Sure, you’ll be anonymous, and no transactions could be traced back to you. But, this also means that there’s no option for reversing the transactions in case of a mistake or other issue.
Once the transaction is confirmed and the funds leave your wallet, you can’t just contact your bank or credit card’s customer service and request a chargeback. As Bitcoin is entirely decentralized, there’s no one keeping track of your transactions.
How to Pick a Bitcoin Casino You Should Sign Up With
So, we’ve gone over the reasons why Bitcoin and crypto casinos are so popular and discussed the biggest advantages and disadvantages of playing in a Bitcoin casino.
But, how do you know how to pick the right Bitcoin casino for yourself? To help you out, we want to highlight the most important features to look for in a Bitcoin casino:
- Crypto Support – The first and most apparent thing to look for is whether or not the site supports crypto transactions. If it does, check if the site offers only certain cryptocurrencies or allows you to pick from many options.
- Supported Countries – Once you’ve checked that you can use the cryptocurrency that you want, the next thing to verify is if the crypto casino supports players from your country. This will help you avoid any potential issues down the line or get IP banned.
- Security Features – The next thing you need to make sure is that the casino is safe to play at. It should be licensed by at least one known gambling authority and maintain a favorable online reputation. This requires very little research but can potentially save you from a lot of headaches.
- Game Library – The gaming section is the heart of the casino and is what attracts and keeps players at a casino site. With that in mind, you should be certain that the casino offers the types of games you like, be it slots, live dealer tables, or whatever else.
- Bonus Selection – Bonuses are a vital part of the online casino experience, regardless of whether you’re playing in a regular or crypto online casino. So, check if the casino offers free spins, bonus Bitcoins for deposits, and other promotions. Additionally, look for loyalty perks and other rewards you can get by playing at the same site long-term.
Other Accepted Cryptocurrencies Besides Bitcoin
It goes without saying that Bitcoin is by far the most popular cryptocurrency and the best-represented one in the online gambling world.
But, it is far from being the only cryptocurrency you can use when gambling online. Here are a few other cryptocurrencies you’ll find in many online casinos:
- Ethereum – For most casual crypto followers, Ethereum is mainly known as the second-most-popular cryptocurrency after Bitcoin. But, this crypto-coin also has some features that make it distinct and unique compared to Bitcoin. It’s faster and comes with fewer transaction fees, albeit it is not as secure as Bitcoin.
- Litecoin – Litecoin has been around for over a decade and is one of the most anonymous and secure “altcoins” currently available. It’s fast and, more importantly, cheaper than Bitcoin, even though it’s not available in as many casinos.
- Bitcoin Cash – Although Bitcoin Cash is still an offshoot of Bitcoin, it uses many of the same principles and even has some advantages over Bitcoin. Most notably, it allows for faster transaction times, making it more convenient.
Crypto Wallets – A Key Part of Gambling With Bitcoins
In addition to the many cryptocurrencies you can pick from, you also need to make sure that you pick the right crypto wallet to hold your coins in.
This is a big part of gambling with Bitcoins, which is why you need to pay attention to several crucial factors.
The most significant one that all experienced crypto gamblers know of is that you should always have two-factor authentication set up for your crypto wallet.
Two-factor authentication is very important as it protects your crypto wallet from unwanted access and potential hacker attacks.
Additionally, if you opt for a real, physical crypto wallet, you’ll also have to keep track of your keys. If you lose a key to your crypto wallet, you’d be locked out for good and unable to access your funds.
There are many crypto wallets on the current market, with companies like Coinbase and Edge being among the more popular ones.
Gambling With Bitcoins – Conclusion
Even though gambling with Bitcoin is at an all-time high in 2022, this industry is still very much in its early years.
We will undoubtedly see many more Bitcoin and cryptocurrency casinos pop up as this crypto craze continues into the future.
Keeping in mind everything we’ve shared with you on this page, now is the perfect time to join the Bitcoin gambling craze.
There are already many Bitcoin casinos to choose from, plenty of crypto wallets, and great deposit bonuses for crypto gamblers. So, all that’s left now is to pick a casino and start playing!
Bitcoin Gambling Sites FAQ
Are cryptocurrency casinos safe?
Yes, online crypto casinos are completely safe and secure to use, provided they are licensed and regulated by a trustworthy authority.
Moreover, due to the nature of cryptocurrencies, crypto casinos are even safer than regular online casinos, as you don’t have to share as much personal information to play.
How do I deposit and withdraw money from a cryptocurrency casino?
The most important thing you need to do so that you can deposit and withdraw money from a crypto casino is to get a crypto e-wallet.
Once you have an e-wallet, you can conveniently deposit and withdraw money the same way you would using any other payment method available in online casinos.
Is it legal to gamble with Bitcoin and other cryptos?
Yes, it’s perfectly legal to use Bitcoin and other cryptocurrencies to gamble online. The only things you need to make sure is that you’re allowed to gamble in your region and are permitted to use cryptocurrencies for payment in Bitcoin casinos.
Other than that, all of your winnings will be taxed according to your local gambling laws.
Are there any Bitcoin live casino games?
Yes, there are plenty of Bitcoin casinos that offer you the option of playing live casino games such as blackjack, baccarat, and roulette.
Many Bitcoin casinos even allow you to top up your balance while you’re in the game so that you continue playing as long as you want, without leaving the game to deposit and then coming back to the table.