Online gambling has become increasingly popular across the world, with predictions that the global market will reach 94.4 billion US dollars by 2024. As a result, we’re seeing a huge increase in the number of sites emerging.
The latest trend in the world of gambling is using Bitcoin to place your bets. Using an online Bitcoin casino, you can bet and play casino games using your Bitcoin wallet. Your winnings, registration fee and cost of certain games can all be made using cryptocurrency. But what is the point? Does it offer a different experience? Is Bitcoin gambling better than the traditional alternative? Keep reading as we discuss the key advantages and disadvantages of Bitcoin gambling…
Advantages of Bitcoin gambling
Bitcoin gambling has a number of advantages for both users and gambling sites…
The main attraction of using Bitcoin for the majority of users is the high level of privacy it can offer. You can build and create a Bitcoin wallet without inputting much personal information and then use that wallet to buy a number of things online, make financial transactions and gamble online.
Almost all cryptocurrencies, including Bitcoin, are decentralised. In short, that means there are no physical links to the currency, such as banks, as everything is processed on the internet. Due to the decentralisation, most transactions happen fairly quickly, even with larger purchases. So, rather than waiting for physical approval and transactional reviews, you can deposit your money instantly.
Due to Bitcoin gambling’s increased privacy, users can safely gamble online without the worry of their details being leaked, bought or shared with any unauthorised third parties. Not only does this mean you can avoid sharing any personal data you wish to protect, but it prevents identity theft, too.
Unlike traditional currency, which tends to fluctuate much slower, cryptocurrencies, particularly Bitcoin, can constantly change in value. While £100 will still be £100 whether you withdraw it today or in 6 months’ time, 1 Bitcoin could increase in value by thousands of pounds if you know what you’re doing with it.
Of course, this can also be a disadvantage, as the value of Bitcoin can drop just as much as it can rise. So, it’s important to play the game sensibly and gamble safely with your Bitcoin.
Disadvantages of Bitcoin gambling
Aside from the fluctuating value of Bitcoin, there are also a few cons to Bitcoin gambling to be aware of…
Little financial security
Bitcoin depends on support and interest from the public. And, just like all other entities existing within the internet, it is at risk of collapse at any time. While the chances of the internet going down completely are very slim, there’s still a risk of Bitcoin losing total public interest and all your funds being lost.
All online gambling games must be ‘provably fair’ to ensure a percentage likelihood of winning. However, Bitcoin gambling sites do not need to prove that their games are fair, even if they are a fully licensed casino. It’s important to review all Bitcoin casinos in advance to avoid falling victim to a scam.
Do your research
So, like all things, Bitcoin gambling has its fair share of pros and cons. If one thing is for sure, it’s that it’s important to do your research before entering any online gambling games.