The online gambling industry is slowly adopting new technologies including blockchain and crypto gambling. Even though cryptocurrencies are almost a decade old, in the past couple of years they have been introduced to the world of online gambling due to their huge popularity.
But how cryptocurrencies have changed gambling and should you consider that offer you to gamble with Bitcoin?
Well, as with every new technology there are ups and downs. The introduction of cryptocurrencies in gambling definitely opened up the market even more making it accessible for everyone.
But in order to decide whether to go for a casino that offers Bitcoin gambling or traditional fiat money gambling, we have to weigh the advantages and disadvantages that come with every model.
So, let’s go through some of the ways Bitcoin changed the entire industry and find out whether or not you should go for crypto casino games on your next gambling session.
Benefits of Using Bitcoin in Gambling
Improved Security and Convenience
One of the biggest problems that the world faces nowadays is the problem of handling large piles of personal data by organizations (like casinos) that are subject to attacks from hackers. Unfortunately, the online gambling industry has been a constant target of such attacks where in some cases people lost all of their money due to data leaks.
Online casinos that adopted cryptocurrencies like Bitcoin offer gambling on the blockchain, which is a decentralized network that nobody has access to. It is virtually impossible to plot a hacker attack on the network, therefore the security of your online casino account is guaranteed.
Faster Transactions and Lower Fees
The problem with traditional gambling has always been handling all the transactions on the banking network. Sometimes, a transaction can take 5 days and even more be realized, which is very frustrating. Can you imagine withdrawing your funds and waiting a couple of days to see your profits in your bank account?
Fortunately, if you gamble in casinos with Bitcoin, all of the transactions will happen almost instantly. Depending on the network busyness, you’ll wait a couple of minutes to see your funds in your digital wallet.
Additionally, all of the transactions are processed instantly, and there are no working days or days off like most banks have.
Another benefit that comes from Bitcoin gambling is the lower fees. Bank transactions require substantial fees in order to be processed, which sometimes can eat away your profits. Thanks to the blockchain network, all the transactions are processed for a certain fee (gas fee) which is very small when the network is not busy.
Sometimes you want to keep your gambling passion a secret, which can be hard in traditional online casinos that offer fiat gambling. However, since all the transactions that happen on crypto casinos are recorded on a decentralized network, you can rest assured that your data will be kept private by any means.
Additionally, most of the standard online casinos require a lot of personal information when you sign up. You have to enter anything from your address, name, and bank account, and some even require you to send pictures of your ID.
All of this is not necessary on crypto gambling websites. You can just log in with your digital wallet and start playing your favorite casino games without jeopardizing your personal information.
Attractive Bonuses and Promotions
Gambling with online casinos that allow you to use cryptocurrencies like Bitcoin usually offers many attractive bonuses and promotions that are higher compared to traditional online casinos. The cost of operations on a crypto casino is drastically lowered, which is why they decide to share more of their profits with their customers by providing the most attractive Bitcoin welcome bonus.
There is nothing more frustrating than finding the perfect casino that offers all your favorite games, just to find that it is not supported in your country. Even if your country has softer regulations towards online gambling and third-party casino websites are allowed, it doesn’t necessarily mean that you can use their services.
Most traditional casinos are limited to a certain type of payment provider. Such payment providers usually support only certain countries, which is why people face problems when they try to sign up for a casino.
However, the gates of crypto casinos are wide open. On top of that, there are laws prohibiting cryptocurrency transactions worldwide, and nobody can ban or regulate Bitcoin just because the system is decentralized. This means that it is impossible for anyone to take your coins or freeze your account.
Inflation And Taxes
Just because there are no regulations on cryptocurrencies in most countries, some people have found a loophole where they can avoid taxation of their profits.
This is not advisable, since you might run into more problems, but it still is a benefit for most players that want to keep their financial records private and not share how much they’ve earned with the government.