Bitcoin Casinos – Pros and Cons

For those of you out there who are keen to start earning Bitcoins through gambling in online Bitcoin casinos, it is important to know its benefits and pitfalls.  As cryptocurrencies become the new craze, it is only natural that people would be looking for more and more ways to make money through these. And online Bitcoin casinos can be an excellent medium for gaming enthusiasts to earn more BTC. Unlike traditional online casinos, they do not need to pay high fees, expose their gambling gains to third parties like banks, or wait for days on end to receive their payouts.

Why should you use online Bitcoin casinos?

  • One of the strongest reasons to engage in Bitcoin casino gambling is that the games are proven to be fair. This is because when you place bets using cryptos, you can be certain that every bet will generate a random result. Moreover, players can themselves verify the authenticity and fairness of games using the blockchain technology.
  • Another good reason to choose Bitcoin casinos is regardless of the game you play, transaction fees are not high; sometimes, there are zero transaction fees. Since cryptos are not issued nor regulated by centralized banks or financial institutions, casinos offering Bitcoins have no third party interference. Moreover, transactions are quicker and players get their rewards instantly.
  • Transactions are not only superfast but also secure. Records are verified by nodes or computers spread all over the globe and tools or technologies used are advanced enough to protect your assets from frauds, scams, and hacks.
  • Since cryptocurrencies are decentralized, Bitcoin casinos do not have to bear high transfer fees; this allows them to incentivize players with regular bonuses and promotions.
  • No nation has yet recognized the Bitcoin as real money and this serves two purposes. On the one hand, Bitcoins are still not liable for taxation which can benefit you. Secondly, you do not have to pay the hefty transfer fees for deposits and withdrawals to institutions like banks. And you never have to reveal your identify as all transfers are anonymous.

What are the disadvantages of using Bitcoin casinos?

  • Bitcoins are almost synonymous with volatility. So, its prices may suddenly skyrocket one day and plunge the following day. This means that you should ideally wait to play at these Bitcoin casinos when prices are steady and high.
  • It is also important to remember that mainstream adoption of Bitcoins has not yet happened. So, many casinos do not still accept BTC for payments. As more and more casino players opt for paying in cryptos, this situation is likely to change in the near future.

So, to sum up, Bitcoin casinos are obviously a hit because they offer many advantages to players in terms of entertainment, low fees, faster payouts, and security. However, at the same time, you need to get yourself a secure digital wallet for making BTC deposits. You must fund this wallet through wire transfer or get someone to send BTC to your wallet from theirs. Wagering with BTC helps you save money that you would have to spend otherwise for paying banking fees. Moreover, you can remain anonymous and stay well-protected against dishonest practices. But for this, the Bitcoin casino needs have a rock-solid reputation and must deploy the highest levels of security.