6 Pros and Cons of Playing Online Casinos with Bitcoin
Even though we are spending most of our time online, for many people, cryptocurrencies are still something strange, something they do not know a lot about, and since that’s the case, many of them are yet to start with their crypto adventure. Luckily, there are also many of them who understand the basics of this new monetary system, gladly accept the latest technological trends, and use cryptos as a way of payment in their everyday life. With that popularity growth, it’s no wonder why the price of all cryptos, and especially BTC, are reaching new highs. The fact is that there are more and more websites and online stores that accept Bitcoin as a regular and relevant paying method, it is expected that in the future, cryptos will become widespread as the global monetary norm.
Combining good fun with the possibility to earn money has always been around us. Betting and gambling have always been tempting and something we like to take part in, and today, with the expansion of online gambling and with all the hype over Bitcoin, truly everything is possible. Online casinos are following this trend, and many of them are now accepting and adding Bitcoins as a way of payment, which means that players can now make transactions with this money. When you make a deposit using cryptocurrency, it is automatically converting into a standard currency, and it is processing it in the same way as when you deposit via debit card. For those interested in this type of gambling, visit Playamo.com, and find your favorite game with your favorite currency, and those who want to know more about the pros and cons of playing online casinos with Bitcoin, continue reading, and you will find all about the main advantages and disadvantages of it.
Pros:
1. Decentralization
In the casinos that accept Bitcoin payments, there is no third party, which means that your privacy is guaranteed and also that transactions are much faster. That third party is usually the bank, which means that they have access to your personal information. Since bitcoin is decentralized and those transactions are only between casinos and you, you can avoid many problems by using it. For example, you will not confront the chargeback problems associated with the standard credit cards, and also, in countries where gambling is yet to be legalized, paying in Bitcoin may be the only option to access some online casino.
2. No fees
The huge advantage of using BTC is that there are no processing fees that you may need to pay. That is because there is no third party involved, and Bitcoins are not taxable. This payment method is inexpensive and cost-effective since there are no expenses that you should pay to the bank. There is still no country in the world that is recognizing Bitcoin as a real currency, and that can be a good thing for avoiding extra costs. It is a great way to avoid any unnecessary fees.
3. Instant transactions
Every Bitcoin transaction is instant, so deposits and withdrawals are too. Although when we talk about a deposit, it may not seem like some great advantage because no matter the payment method, the deposit is processed instantly, when it comes to withdrawing money, here is where we can notice that advantage. The usual waiting period when withdrawing funds is about two or three days, which isn’t that much, and we are all used to it by now, but today, if we use BTC, we can speed up that whole process. Sending money to the Bitcoin address of the casino is transferring immediately, and so the withdrawals too. Because of that, you will never get yourself into the situation to wait for your money. If it’s yours, why wait for it to appear on your account?
4. No fraud
It is for sure one of the main problems players think about when playing some casino game online, and the good thing about BTC is that since every transaction is peer-to-peer and is recorded on the blockchain, the chances of any fraud are slim to none. All this means that one can easily enjoy playing their favorite game, deposit and withdraw money with no need to worry about getting scammed.
Cons:
1. Price volatility
Since cryptos are not stable and can be pretty volatile, that can represent a huge problem that we can’t ignore. When the currency is volatile, it means that the exchange rate can change extremely quickly. It is bouncing up and down every day because of the increasing demand for Bitcoins and a limited amount of them. That can be a good thing when the price is moving positively compared to the dollar, but it can also a big problem if its value rapidly goes down. We are not talking about the recent correction, which was scheduled in advance, but about that previous value drop that we all witnessed after 2017 when the price of one BTC reached more than 17.000 USD.
2. Number of available casinos
Using cryptocurrencies for online gambling deposits is still a new thing, and so is the whole payment system. Since it is all pretty new, and we all know how some people are scared of new things, it is no wonder why so many people are still worried about security and rather choose something they are familiar with and are used to – the safety of banks. Many Bitcoin options are still in developing, and it is expected to be more accessible pretty soon. As more people start using them, the usage system and its features are going to become more flawless. But, since it is all new, there are currently not that many casinos supporting this payment method, and finding the right one can be pretty challenging. But, if you love digital money, do not worry because their approval is growing worldwide, and it is only a matter of time when countries and governments will recognize it as legal, taxable, and real (by their standards) money.
