Pros and Cons of Gambling with Bitcoin

Even though Bitcoin has lost some value since its golden times, people around the world still love it and use it. Bitcoin can be used in a multitude of ways, one of which is online gambling. Therefore, a large number of its proponents are gamblers who have experienced its numerous benefits.

However, gambling with Bitcoin has some disadvantages as well. If you’re thinking about gambling in a Bitcoin Online Casino, you should first learn about the pros and cons of doing so. We’ve listed some of the most important ones below. Check them out!

Main Advantages of Bitcoin Gambling

Improved Privacy

Without a doubt, one of the biggest reasons why so many people love gambling with Bitcoin is the privacy cryptocurrencies offer. In order to create a Bitcoin wallet and start playing, all you need is a valid email address. Therefore, you do not need to share any personal info.

The only time you do need to provide personal details and bank account info is when/if you decide to buy bitcoins. However, you do not need to do that in order to start gambling with Bitcoin. Instead, you can claim a Bitcoin sign-up offer or receive bitcoins as a payment for a service you provide.

Gambling Without Fees

When it comes to online gambling, there is one disadvantage that fiat currencies have compared to cryptocurrencies — fees. Depending on which payment method you use, fees can become significantly big. However, the majority of online casinos will not charge you any fees if you decide to play with Bitcoin.

Even if some website does charge you a fee, that fee is usually so tiny that it still belongs in the “Pros” section. A tiny percentage of your gambling transaction will also be taken by the Bitcoin central system, but that’s much less than what an average bank would charge you.

Speedy Transactions

Bitcoin transactions are incredibly fast. If you use a debit or a credit card to make payments or withdrawals in an online casino, you might have to wait a couple of days for the transaction to be completed. However, Bitcoin transactions usually do not take more than 15 minutes — sometimes even much less.

That is possible because there are no intermediaries between you and the online casino you’re playing in. The money from your Bitcoin wallet goes directly into your online casino account and vice versa.

Increased Security

Thanks to Blockchain, it is almost impossible for hackers to tamper with your Bitcoin funds. Moreover, since you’re not disclosing any private information when using Bitcoin, there is little chance that you will become a victim of identity theft, which is not the case with fiat currencies.

Main Disadvantages of Bitcoin Gambling

Dropping Value

Unfortunately, Bitcoin is not as valuable as it used to be. It reached its highest value in December 2017 when you could get almost $20,000 for one BTC. Since then, it has steadily been losing value, although experts are still optimistic.

Even though the value of Bitcoin is volatile, there is still a high probability that its price is going to rise again. Therefore, in the long run, it could be profitable to play with this cryptocurrency. However, in the short run, its volatility is a disadvantage.

Slow Withdrawals

This might sound contradictory to what we wrote earlier about fast transactions using Bitcoin. However, when it comes to withdrawals, things can become a bit slow. That is not because of how Bitcoin works, but because of certain gambling operators.

Some gambling websites choose to review each Bitcoin withdrawal request manually. Therefore, depending on how many requests are made, you might end up waiting longer than you expected to get your money. But since that is done for security purposes, we can look at it as a necessary evil.

Unlicensed Bitcoin Casinos

Since the majority of countries worldwide still haven’t regulated Bitcoin, it can be quite challenging to open a Bitcoin casino is some countries. As a consequence, there are a lot of unlicensed Bitcoin casinos that possibly do not provide a fair gambling environment.

Moreover, some casino operators purposefully register their casinos in countries with loose regulations just to make Bitcoin gambling possible. That is an obvious disadvantage when it comes to gambling with Bitcoin, but you can still easily protect yourself. If you decide to play in a Bitcoin online casino, make sure to check if the casino is licensed and if the license it possesses is provided by a reputable governing body.