Bitcoin casinos: What are the pros and cons?
Online casinos are a hugely profitable enterprise with a wide scope for expansion. It comes as no surprise that cryptocurrencies like bitcoins have hopped onto the casino train as well. A bitcoin casino is a casino that utilises blockchain technology to host and manage transactions for its games. You could also refer to a bitcoin casino as any casino offering the best online slots in Australia that accepts bitcoin and uses it to conduct transactions.
Bitcoin casinos are not all that different from traditional casinos. They are known to offer their players more opportunities to enjoy unlimited games along with rewards which include no deposit bonus codes on sign up, loyalty points and lots more.
How Does a Bitcoin Casino Work?
- Prospective players would need to create a crypto wallet and purchase bitcoins using fiat money.
- In the next step, potential players decide on a bitcoin casino of their choice (or bitcoin casinos, as the case may be).
- Once a player signs up and deposits funds to the designated address of the online casino, the funds would be converted to in-game currency.
- Users are set up and can now begin to play.
- Users would also be required to provide a wallet address for funds withdrawal.
Pros of Bitcoin Casinos
Here, we will explore some of the many benefits of bitcoin casinos and why we feel they have come to stay:
Anonymity and Security
Most traditional casinos require their users to fill in tons of personal information upon signing up, which includes credit and debit card details. This is not always the safest bet and could easily turn out awry for the client. Bitcoin casinos have eliminated this risk and made things a lot simpler. With bitcoin casinos, the only thing users are required to do is to deposit funds to a specified address with no personal information included. This is particularly helpful for online players who would prefer to remain anonymous as they play.
Cryptocurrency transactions are carried out directly between the user and the operator without the interference of any third party. This makes for seamless and speedy transactions.
The fact that bitcoin is not in any ownership eliminates transaction fees often imposed by banks when using conventional methods of transaction. Owing to this, gamblers can enjoy low or no withdrawal and deposit fees.
Bitcoin casinos offer tons of rewards and bonuses for their customers. New customers are usually offered no deposit bonus. This allows them to play without their own funds and get accustomed to the games available before they make their first deposit. Rewards offered are up to 3 BTC. This makes bitcoin casinos more valuable than traditional casinos in this regard.
The complete absence of regulatory bodies over bitcoins means that no one can freeze a person’s crypto account or take it from them. Players have absolute control over their funds.
Pons of Bitcoin Casinos
The unstable nature of bitcoin can make it a hassle to gamble with. Players can walk away from a bitcoin casino feeling like winners, but the regular fluctuations might leave them feeling otherwise after a while. The price might eventually stabilise, but not everyone is wired to deal with this.
The anonymity bitcoin casinos confer on their users is mostly viewed as an advantage, but from a different perspective, the untraceability makes it easy for fraudulent individuals to get away undetected.
As bitcoins gain more popularity over the years, the bitcoin network, which was not originally designed to handle the enormous number of transactions it currently sees every day, now experiences scalability issues.
How to Choose a Bitcoin Casino
With bitcoin casinos blowing up all around you, it might prove a bit difficult to find one that suits your tastes. Below are some of the things to look out for when choosing a bitcoin casino.
The probability of a rigged game in a bitcoin casino (or any traditional casino) is always there. The probability might be low with reputable casinos, but for the lesser-known ones, how do you know that the game is not rigged against you? It is quite simple. Credible bitcoin casinos make a point to prove to the customers that the games are not rigged and that the results of each game are totally random. They use specific mathematical algorithms to do this. This gives players more trust in such casinos.
Every bitcoin casino has its unique payment terms, which might include minimum payouts, maximum payouts and withdrawal fees. Most bitcoin casinos dedicate a special portion of their website to discuss everything you would need to know about their payment terms, while others display it on their FAQ page. The catch here is to pick a bitcoin casino that agrees with you.
Customer support for online casinos comes in various ways, including live chat support, email support, and social media support. A good bitcoin casino would have most of the listed support channels, and this is particularly important in situations where a customer needs an issue straightened out quickly. A quick tip is to lodge a complaint and gauge the speed and quality of the response.
Bitcoin casinos offer a wide range of games, including roulette, arcades, etc. Some even create an avenue for sports betting. This is all nice and peachy, but before you make your deposit or settle on a bitcoin casino, it is recommended that you take the time to review the risks and stakes to ascertain if it is the right fit for you.
Most bitcoin casinos have mobile websites, but we find that often, they are not easy to navigate. Mobile applications are usually preferred. They ensure easy navigation and greater mobility. Look out for ads while test running these applications too. You want to sign up with a casino that doesn’t promote ads.
Are Bitcoin Casinos Legal?
There are no specific laws regarding the prohibition or permission of bitcoin casinos. However, countries that have legalised both cryptocurrency and gambling might not have problems with bitcoin casinos. In the same vein, countries that stand strongly against gambling will not look too kindly at bitcoin casinos. Truth be told, there are no clear-cut answers to this question, it isn’t a yes, and it isn’t a no either. We do believe that the general perception of cryptocurrencies amongst government authorities is rapidly changing for the better, and the legalisation of bitcoin casinos just might be in view.
Bitcoin casinos are an intriguing addition to the world of gambling. They bring with them the blockchain technology that helps make transactions a lot easier. It certainly has some drawbacks that might keep you sceptical, but we believe the pros outweigh the cons. These casinos open up a brand new world of gambling with exciting possibilities. With that said, this article helps to test the waters with bitcoin casinos before dabbling into them fully to see if they are the right fit for you.
Disclaimer: This communication is for 18+ only. Gambling involves an element of financial risk and may be addictive. Please play responsibly and at your own risk. This post contains material that may or may not be legal in your country. Subject to applicable law.