Bitcoin is a form of cryptocurrency, introduced in 2009. This currency has been used increasingly at several web-based gambling establishments. This form of cryptocurrency can be used to fund your online casino account and play games, similarly the way traditional payment methods are used. In case if you have not been involved in Bitcoin gambling before and are thinking of trying it now, you must be aware of the goods and bad associated with it.
If you have already created a bitcoin wallet and are ready to use it as a payment mode for your next transaction, make sure you are acquainted with its pros and cons before placing a bet.
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Pros of Bitcoin Gambling
The first and foremost advantage of using Bitcoin in gambling is privacy. Online casinos offer a wide range of payment methods, spanning through credit cards, online banking and eWallets etc. Many gamblers are not comfortable using these payment methods because they have to reveal their personal information to some extent. Whereas, while gambling through bitcoin, your transactions remain anonymous, which keeps your information untraceable. The players get a high-level of privacy while using Bitcoin in the place of traditional payment methods.
The players only have to share their personal information while buying bitcoins through credit card or any other option. But there is nothing to worry about, the information is not shared with the gambling platform.
It is one of the biggest advantages to the gamblers belonging to the countries, where online gambling is not legalized or regulated.
- Quick Transactions
Who doesn’t like faster transactions? Everyone loves to be able to fund their casino account instantly to get access to their favorite games. Many traditional payment methods cause inconvenience to the players since they have wait to get access to the games because of delay in processing of deposit amount. However, most online casinos like Pure Casino, possess the payment options that offer instant deposit, but when it comes to withdrawals, the scenario is different. The players have to wait to receive the winning to their account. The withdrawal processing time usually varies depending on the mode of payment.
But with Bitcoin gambling, the players do not have to wait to bag the winning amount. They can enjoy the winnings within 10 minutes. Bitcoin makes the withdrawal of winning as smooth and swift as a deposit.
- Security of Transaction
Another great advantage of Bitcoin casinos is the security of the transaction. This point is closely related to the advantage of privacy. Transaction made using bitcoin is completely secure since there is no involvement of a third party. All the transactions are made through a bitcoin wallet following a unique sequence of characters, called Bitcoin address, which makes it a more secure option than others. It shields your account against hacking.
- Low Fees
One of the biggest advantages of bitcoin gambling is that it saves you money since no fee is implied by online casinos for depositing and withdrawing funds. Whereas, in traditional payment methods, a fee is applied by online casinos on deposit or withdrawal of funds. With bitcoin transactions, you get to enjoy full amounts of funds. Additionally, with the swiftness of this payment method, sending and receiving funds is a matter of a few minutes.
- Big Bonuses
This is something the players will really appreciate about bitcoin gambling. Many times, the players can find special offers and bonuses on certain gambling sites specifically for the bitcoin user. Moreover, bitcoin users get to enjoy better promotions than those who use standard payment methods. Well, this is not true for all gambling sites in India. But there are times when the players get lucky and come across a site offering amazing promotions on bitcoin gambling. Hence, it is always advised to check the promotion page before making a deposit, especially when you are intended to transact through bitcoin.
Cons of Bitcoin Gambling
Since the use of anything in excess is bad, Bitcoin gambling is not an exception.
- Value Fluctuation
Bitcoin currency belongs to a volatile market, which leads to the variation in its prices very quickly. Due to an unsteady rate, the conversion of fiat currency into bitcoin may end up receiving a quite less on spending quite more.
However, the fluctuation can lead to improved value of the fiat currency, but it is seen as a disadvantage of Bitcoin because it is a tricky part. Fluctuation is gambling is one thing, the swiftness in the fluctuation (which can be triggered by any possible thing) is another major disadvantage. The fluctuations transpire in a rapid manner, and the players do not get ample time to do anything.
- Complex Concept of Bitcoin Usage in an Online Casino
Sometimes, the whole concept of Bitcoin Gambling can be overwhelming for the players, causing frustration to those, who are new cryptocurrencies. Understanding the complex Bitcoin mechanic like how to get access to it, how to transfer it and the estimates on bitcoin values make leave in them frustration, wondering about where to start with. However, each online casino that supports cryptocurrencies as a payment option features a dedicated FAQ section, that addresses all the player’s concerns and helps you get started with Bitcoin gambling.
- Currency Conversion Fee
While Bitcoin gambling helps you save money, you cannot neglect the currency conversion fee that comes along with it. Converting Bitcoin to traditional currency and vice versa involves a fee. For instance, if you are using a debit card for buying cryptocurrency, the transaction will be subject to some transaction fee, which usually varies based on the service provider.
In case, if you opt to sign up on a bitcoin-only casino, all your wagers and winnings will be calculated in smaller units of BTC, which may not be a treat to your wallet.
If you are new to the cryptocurrency world and are willing to use it for the next casino transaction, you need to proceed with precautions. Choose a reputable Indian online casino for Bitcoin Gambling, and make sure to learn its basics before you start wagering.