The bitcoin gambling industry has seen a significant rise in popularity since the turn of the decade. Online gamblers are starting to prefer crypto casinos over traditional online casinos as the former offers better security, anonymity, and most importantly, fair gameplay. Since bitcoin casinos are built on top of blockchain technology, it’s impossible for any parties to tamper with the data and hence ensure that the games are fair and your funds are secure.
Another reason for the rising popularity of Bitcoin casinos is that these casinos are not bound to geographical restrictions. If you are someone with an active internet connection and crypto in hand, you can get started at a Bitcoin casino today. You’ll not face trouble due to your geographical location when it comes to deposits and withdrawals as well.
Benefits of Bitcoin Casinos
Compared to online casinos backed by fiat currencies, crypto and bitcoin casinos have considerable advantages. Listed below are some of the key advantages of bitcoin casinos over traditional casinos.
Gamble Anonymously
At bitcoin casinos you are required to go through a KYC process to get started with gambling. At the most you’ll only be required to provide your name and your email address. However, if your deposits and withdrawals exceed a certain threshold, then you’ll also need to undergo a KYC process at most licensed crypto casinos. Only gamble on licensed casinos to ensure that your funds and your privacy are protected.
Blockchain Technology
As mentioned above, Bitcoin casinos are built on top of blockchain technology. As such the security offered by Bitcoin casinos is of the highest level. With bitcoin or crypto casinos, you’ll not need to have any fear about losing your money or your sensitive data getting compromised.
Cheaper Transaction Fees & Charges
When compared to traditional financial methods such as making depositing and withdrawing via debit and credit cards, bitcoin transactions are cheaper and considerably faster. In most cases, you deposit and withdraw, to and from your bitcoin casino account in 5-10 mins. Additionally, bitcoin transactions happen between you and the casino directly, there are no intermediaries present, hence avoiding all such added charges.
Drawbacks of Bitcoin Casinos
Bitcoin casinos also have their own set of disadvantages, listed below some of the key ones that you can be aware of the same:
Crypto Volatility
If you are familiar with cryptocurrencies, you’ll know that it is a highly volatile financial entity. Popular crypto currencies like Bitcoin, Ethereum, Ripple, Litecoin can experience significant price fluctuations on a daily and hourly basis. However, you can always choose to gamble with a stable coin such as USDC or USDT and bypass the problem of price volatility.
Learning Curve
If you are new to the concept of crypto currencies and bitcoin, be warned, it has a pretty steep learning curve. It can be easy to lose your funds to the blockchain by making a single simple mistake. We’ll advice anyone new to take their time to understand crypto first, before dabbling into casinos and gambling with crypto.
