The casino industry is changing drastically day by day. One of the latest changes has to do with Bitcoin. Consequently, finding a Bitcoin casino nowadays is incredibly easy — they are everywhere.
Players are mostly divided when it comes to the benefits of playing in Bitcoin casinos or using Bitcoin as a casino payment method. Some claim that it is the best payment method ever invented, while others are convinced it is the worst.
Personally, we believe that it is one of the best ways to deposit and withdraw money in an online casino, but it does not come without its flaws.
We’ll present you with the main advantages and disadvantages below so that you can make a conclusion for yourself.
Bitcoin is a new technology, but it is already sweeping the world. The gambling industry has not remained immune to it and we believe that is a good thing. Here are some of the main advantages of using Bitcoin as an online payment method.
Fast Deposit Times
Bitcoin is often described as an instantaneous payment method. That’s neither completely true nor completely false.
Bitcoin transactions are some of the fastest you can make right now. Every BTC transaction needs to be verified on the blockchain, which takes time. However, when you deposit money into your account using BTC, it will usually be available in around 10-15 minutes, which is almost instantaneous.
No Third Parties Involved in Transactions
One of the biggest advantages of bitcoin transactions is that there are no third parties that process them. If you were to deposit money into your casino account using your credit or debit card, the transaction would have to be processed and registered by your bank of choice.
However, BTC transactions are processed and verified by the blockchain. The blockchain is an independent network of computers, each one of which solves a complex digital equation to verify your transaction and make it valid.
Very Low Fees
Again, one misconception about bitcoin transactions is that they are completely free. Unfortunately, that’s not true. However, BTC-related fees are still an advantage and not a disadvantage. This is because they are incredibly low.
Compared to other popular payment methods used to make deposits and withdrawals, BTC has some of the lowest fees around. Taking into account all of the other benefits you get with such transactions; we’d say you’re getting a pretty good deal.
Improved Privacy and Anonymity
Due to its nature, Bitcoin is not completely anonymous if you use it as a regular user. But even as such, it offers a lot more privacy and improved anonymity compared to the most popular fiat currencies.
However, you can easily make bitcoin transactions completely anonymously by using additional safety measures. The best ones we recommend are the Tor browser, a logless VPN, using Bitcoin mixers, frequently creating new addresses, and so on.
As we have mentioned, Bitcoin is not without its flaws. However, the advantages greatly outweigh the disadvantages, in our opinion. Here are some of the downsides you should be aware of.
Longer Withdrawal Processing Times
Withdrawals made in bitcoin can take more time to complete compared to other currencies. However, this has nothing to do with Bitcoin itself. BTC withdrawals can be slow because online casinos usually take a lot of time to process them.
But online casinos are not to blame, either. They need to check all transactions and comply with fraud and anti-money laundering legislation, which takes time.
Risk of Getting Hacked
Bitcoin is a digital currency, which leaves a lot of room for malversations. If you keep your bitcoins in an online wallet, there is a possibility it could get hacked. A lot of people have lost thousands of dollars in BTC this way.
One of the ways to protect yourself is to keep your bitcoins in a physical form. You can install your wallet on a removable hard drive and only connect it to your computer when you intend to make a transaction.
Bitcoin Prices Frequently Fluctuate
As you know, bitcoin is still a very young currency. Because of that (and some other reasons) its value is very volatile. It reached its peak value in December 2017 but then plummeted in a matter of weeks.
Therefore, using BTC as a casino payment method means you can never be sure how much your bets and winnings will be worth in the near or far future.