Advantages and Disadvantages of Using Bitcoin to Gamble

bySudipta SahaApril 11, 2018

2 minutes

The number of online casinos which accepts the Bitcoin as payment has increased dramatically over the past few years-

A few years back, Bitcoin and the cryptocurrency were just the vague terms for most of the people. In due course of time, it has gained popularity and acquired the status of one of the most widespread forms of the payment. In fact, the number of online casinos which accepts the Bitcoin as payment has increased dramatically and players are getting the chance to play the games of their choice by making deposits via Bitcoin.

This form of the cryptocurrency has made a significant impact on how the things work and it is an excellent add-on to the casino gaming too when it comes to the bad and the good sides. When a player makes a deposit, then the Bitcoins itself gets converted into the standard currency form and the deposits are actually processed in a manner which is similar to the deposition through the e-wallet or the debit card.

Advantages and disadvantages of running Bitcoin-based online casinos :

Advantages -

  • One of the major benefits of utilizing the Bitcoin is the privacy. Since no third party actually gets the access to the personal as well as the financial information of the players, this form of cryptocurrency ensures high privacy for both the casino operators as well as the players.
  • Since there are still many countries in the entire world where online gambling is not legalized. In such countries, the banking institutions do not process the transactions to and from the gambling sites. In such cases, the players have to search out for the alternative payment methods. The Bitcoin is best in this regard as the transaction is not at all processed via the third party.
  • Another benefit of using the Bitcoin payment option is that the deposits, as well as the withdrawals with the Bitcoin, is instant. But in case of the traditional payment processing, even the instant deposits, as well as the withdrawals, takes around 2 to 3 days.

Disadvantages -

  • One of the drawbacks of Bitcoin is its volatility. Its price fluctuates each and every day. Although its price will eventually get settled still one should not keep a significant savings of it.
  • It is still not a very common payment procedure. There are only a limited number of places and websites which accept this form of currency.
  • The safety of Bitcoin as the medium of currency exchange is still questionable. Sometimes there can be the system hacks as well as the breaches from the unknown sources which results in the invaluable losses to the gaming site owners.

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