Today, Bitcoin is more than ten years old. Despite some initial scepticism and mockery, it is currently without a doubt the most well-known and widely used gaming cryptocurrency in 2022. More and more iGaming companies are figuring out how to include Bitcoin and blockchain into their offerings in the new era of Defi (decentralized finance).
If you are someone who has been influenced by Bitcoin and now wants to imply the same in your gaming world, you have come to the right place. But if you’ve never used it, it’s crucial to comprehend both the advantages and disadvantages of cryptocurrencies. Without further ado, let’s look at some of the benefits and drawbacks of using Bitcoin casinos.
What is a bitcoin casino?
Bitcoin casinos are those casinos where the players are at their will of choosing cryptocurrency as a payment method. Bitcoin casinos like their counterparts offer a wide range of online casino games from old classics to top-notch video slots.
Why did bitcoin casinos gain a lot of traction?
The popularity of bitcoin casino sites is rising today. The anonymity that these casinos offer their patrons is the top contributing factor to its popularity. For this reason, an increasing number of players are signing up at these casinos to play their preferred bitcoin casino games.
Since cryptocurrencies are decentralised, no one is involved in processing cryptocurrency transactions, which is one of the key reasons why gamblers like utilising them for gambling. Since it is an end-to-end transaction, it is speedier and simpler than other transaction techniques. And all that is necessary to send cryptocurrency to another user is their wallet address. People who have previously used digital wallets will find it simpler because they are more familiar with how they operate.
There are a number of advantages of bitcoin casinos that have made the gamblers fall for them. Let’s have a quick look at the rundown of the benefits these casinos offer:
Due to the system’s central regulating body, no one can steal your Bitcoins from you or freeze your “crypto account.” Your transactions are under your full control and ownership.
You cannot lose control of your payment details. Additionally, since Bitcoin transactions are irreversible once sent, there can be no chargebacks. This reduces risks for merchants by ensuring that the transaction cannot be undone or changed from how it was recorded in Bitcoin’s public ledger.
All bitcoin transactions are carried out independently without the involvement of other parties like banks and other financial organizations. Money transfers are swiftly handled since all transactions are conducted directly between the user and the operator.
- Low transaction fees
Bitcoin casinos extend lower transaction fees because they are decentralized and no intermediaries are involved. However, because of the way the technology is set up, there can be charges for quicker transaction processing or the conversion of bitcoins into fiat money. Neverthless,, the majority of wallets will enable you to change your commission in favor of a quick crypto transfer or a cheap commission.
- Inflation is not a concern.
Bitcoins cannot be produced like fiat currencies and dumped into the market at random since the total amount of Bitcoins that will ever be issued is set at 21 million, and the growth of the Bitcoin volume is predictable.
- Maintains privacy
Nobody can identify you since your Bitcoin wallet is not linked to any personal data. At the same time, it is transparent; anybody may access a public ledger to learn about addresses and their account balances.
Every product comes with its disadvantages and Bitcoin falls in the same category. Here is a quick look at the cons to help you enjoy responsible gambling:
- Extremely volatile
Because there are only a finite amount of Bitcoins in existence and there is a growing demand for them, their price fluctuates daily. The price of the cryptocurrency peaked in April alone at $64,000 per Bitcoin. At the end of 2017, it had already reached a peak of almost $20,000. This also affects the rotation of bitcoins in the casinos. It is also not a good idea for keeping the savings in the bitcoin and hence it creates trust issues. There is no ecosystem of bitcoins and the concept of fluctuation makes it really difficult to invest and enjoy playing the games.
- Still in a progress state
Despite being around for a while, the Bitcoin network is constantly evolving. Bitcoin usage increases, making it more widely available and its features and usage procedures more refined. The Bitcoin network faces scalability problems since it was not designed from the start to handle the present volume of transactions. The players find this difficult to understand can comprehend. This also leads to a long wait in getting the payments sorted by the casinos.
- Not everyone uses bitcoin
Bitcoin is not always an option as a payment mechanism, despite having a market penetration rate of 78.5% in the iGaming industry. Despite this, the use of Bitcoin is expanding globally, particularly among contemporary gambling companies. The number of players at online bitcoin casinos that do not accept currency payments may be lower. It might occur because some gamblers are still wary of cryptocurrencies and are willing to play solely with conventional forms of payment.
- It cannot be tracked.
Although many people consider Bitcoin’s anonymity as a benefit, it is frequently connected to criminal activities since it makes it simpler to get away with fraud. A variety of monitoring technologies that are included in products help to identify suspicious or fraudulent activities to reduce risks.
- No take backs
Once you have set funds from your crypto account then the amount is goon forever. If you sent money to the wrong address, you just cannot get it back. There is no stop on the transactions that you can put unlike in credit cards.
Should you try out bitcoin casinos?
Cryptocurrencies are thought to make up 10% of all online gaming transactions. With more bitcoin casino software providers and more choices for crypto payments, experts anticipate that the market for crypto gambling will continue to expand and flourish. There are currently two ways to incorporate bitcoin into an online casino: either create a dedicated BTC casino or include BTC as an additional payment option alongside more conventional ones. As more players choose alternative methods of making deposits, many gaming platforms are embracing cryptocurrency today.
Although there have been a few instances of bitcoin exchanges being hacked and stolen, none of these incidents has happened in a casino. In actuality, bitcoin transactions at any of the bitcoin casinos are very secure thanks to the multiple stages of encryption and authentication that take place throughout the process. To conclude, it can be stated that being a part of the best bitcoin casino sites can prove to be beneficial for you.