Casino Bitcoins: What Are Their Benefits and Uses?
Cryptocurrencies like Bitcoin, Ethereum, Dogecoin and many more are widely used in online casino games. Of course, as with any other relatively new technology, its use has generated some controversy and doubt. In general, the online casino community sees the practical advantages of cryptocurrencies, but how do they compare to the disadvantages? What are the pros and cons of bitcoin casino in this new world of online decentralized finance casinos?
An article by Frcasnospot expert Arthur Lambert helps answer these questions.
Overview of casino games at Bitcoins Casino
Since the appearance of the first cryptocurrency casinos in 2011, they have spread rapidly throughout the virtual casino community, and today there are hundreds of such platforms. This development was particularly evident in the fact that the cryptocurrency market reached a transaction value of 93 billion euros. Speaking of transactions, as the most dominant cryptocurrency, Bitcoin is responsible for 78.5% of all transactions on the market.
Moreover, these figures do not decrease compared to the growth of 536.96% of this niche in France. It is estimated that by 2025, the use of cryptocurrencies like Bitcoin will reach even greater heights. So what makes Bitcoin Casino so great?
Bitcoin casino advantages
In this section we will list the main advantages of using cryptocurrencies to play at online casinos. Many of these advantages derive from the unique technology of blockchain and the decentralization factor that all cryptocurrencies possess. Our main point of reference will be bitcoin, but all of these are similar to popular altcoins like ether, litecoin, dogecoin, etc.
- Decentralization – since cryptocurrencies like bitcoin are not regulated by any official authority, the user is in full control of their funds. Nobody can withdraw their cryptocurrencies or freeze their account. The player has full control over his transactions.
- Fast transactions – various cryptocurrency wallet services transfer funds much faster than traditional bank transfers. The speed of transactions remains a positive factor worldwide and is not hampered by traditional means.
- Minimal or no commission – when using cryptocurrencies as a deposit and withdrawal method at a casino, there is no intermediary in the transaction. Therefore, there is no institution that charges you commissions, so transactions are often free. When paying for a faster transaction or making an exchange, the casino commission is much lower than with fiat currencies.
- Privacy – Cryptocurrencies do not tie your personal information to transactions like a credit card does. This means that all your deposits and withdrawals are completely anonymous.
- Security – Because bitcoin casino transactions do not require any personal information, you are protected from identity theft. Also, Bitcoin casino transactions are immutable and once sent no refunds can be given. Transactions cannot be canceled or amended, reducing risk for sellers.
In general, cryptocurrencies like bitcoin remain virtually unregulated, meaning there are no taxes. This puts control right in the hands of the user, requiring additional work and research. There is also the unstable value problem. Speaking of which, let’s look at some of the downsides of cryptocurrencies.
Disadvantages of Bitcoin Casino
While there are many benefits to using bitcoin casinos online, there are some important factors to consider. Bitcoin and the various altcoins actually have some flaws that should be noted. Some of them are objective and some relate to user preferences.
- Volatility – The volatility factor of cryptocurrencies is an important thing to consider before investing. The prices of popular cryptocurrencies like bitcoin can skyrocket one day and crash one day. All of this is based on the fact that there is a limited number of coins or tokens for each cryptocurrency. Therefore, it can be difficult for users to hold large amounts of Bitcoin, for example, as its value changes daily depending on uncontrollable factors.
- Accessibility – not all online casinos currently support cryptocurrencies. Due to the distrust of online casino operators, not all have switched to the Bitcoin casino model. Of course, this could change in the future when the majority of gambling platforms implement this banking feature. For now, users need to do some research to verify which platform supports their preferred cryptocurrency.
- It is not a traditional payment method – This is a minor inconvenience that implies that the user should do some research on how cryptocurrencies work and behave before investing. Finding a good cryptocurrency exchange and wallet is important, just like constantly tracking the value of your cryptocurrency. Much more work and learning is required compared to the standard method, so the accessibility is a bit less.
- Cryptocurrencies are untraceable – the anonymity factor may be positive in some areas, but in others it is a source of criminal activity online. Malicious users will have an easier time getting away with scams. However, it should be noted that built-in monitoring tools are set up every day to combat these fraudulent activities.
4 reasons to use Bitcoin for online gambling
Security
Bitcoin is probably one of the most secure digital currencies – if you store it properly.
If you keep your coins off online wallets, protect your private keys with strong passwords, and keep most of your coins in a cold storage room, you probably don’t have to worry about your coins being stolen.
Compare this security with that of credit cards or Paypal. If a gambling site is hacked and your credit card or PayPal account is found there, you are the next likely target for hackers. Not to mention the various phishing and social engineering schemes that trick even the smartest of people into giving away their credit card information to thieves.
With Bitcoin, you can be sure that someone asking for your private key or wallet password will try to steal your funds.
The operation of bitcoins or any other cryptocurrency is strictly under the control of their owners, which guarantees a great game without unnecessary worries. Thanks to this protection in online casinos you can be sure of complete security.
“The Autorité des Marchés Financiers (AMF) has recognized cryptocurrencies as a digital asset. All clients of exchanges are required to undergo full personal identification in order to trade cryptocurrency. This is a positive signal for crypto casinos. Now players can use cryptocurrencies to gamble legally,” says Arthur Lambert, casino expert at web portal FrCasinoSpot.
The bitcoin casino sphere is changing rapidly and you have a great opportunity to be a part of this change.
Instant Payments
Despite recent transaction delays due to a block size issue, bitcoin withdrawals are incredibly fast. Most transactions are confirmed within minutes and some within hours. Bitcoin payments rarely take a day to be confirmed.
Bitcoin Casino allows players to fund their account or withdraw their winnings instantly (provided they are using a reliable gaming platform). Even in the worst-case scenario, players have same-day access to their funds.
Rentable
Bitcoin is not only faster than traditional online payments, but also much cheaper.
Bitcoin casino transaction fees are a fraction of the fees associated with bank transfers or credit card payments, which typically take a large percentage of the transaction amount as a service fee.
This economy benefits both gamers and site owners. Players can keep most of their winnings when withdrawing from the site, and the house saves money on credit card fees if customers prefer to fund their account with bitcoins.
Optimized for online games
Bitcoin was born on the internet and was specifically designed to be used online. Hence, this digital currency is almost an ideal solution for online gaming platforms.
Credit cards and bank transfers were never intended to be used online in the way they are used today. Their slowness, cost and inefficiency tell us. However, before the arrival of Bitcoin, people really had no choice.
But today we have the cash of the digital age, and cumbersome institutions like credit card companies, banks, and payment processors are no longer needed. Thanks to its online optimization, Bitcoins Casino eliminates all these things and ensures a relatively high level of privacy, security, efficiency and usability.
Diploma
Every year, interest in cryptocurrency games grows like a snowball. Thanks to this type of entertainment, Internet users can experience thrills and try to win cash prizes. At the same time, many cryptocurrency enthusiasts are working hard to make using cryptocurrencies even more convenient. Casino sites that offer these payment methods offer a wide range of fun games and extensive bonus programs, and their security is top-notch. So you can pick them to play with confidence.
