If you are familiar with online gambling or ecommerce, chances are you have heard of Bitcoin. For those who are unsure, Bitcoin is a digital cryptocurrency that can be used for online purchases and trade including online casino payments or any other form of internet payment. Bitcoins are not new to the online casino industry and have been in use for a while now.
Bitcoins casinos are popping up all over the world as more and more players expand their currency options. Even if you are happy with your current deposit and withdraw method, it wouldn’t hurt to learn a bit more about Bitcoin casinos, more specifically the various pros and cons of Bitcoin gambling and its future.
Let’s start off by looking at some of the advantages of Bitcoin casinos. Firstly, what are Bitcoin casinos? As the name suggests, these are online casinos where players can use the world’s most popular cryptocurrency to play real money casino games. So why would you want to swap over from your current method to Bitcoins? This is a good question and one that bares thinking about. There are actually a number of reasons why players would want to swap over. One reason would have to do with the payout rates.
Better Payout Rates
In most cases, Bitcoin casinos offer far better payout rates than regular online casinos. This is mainly because they have fewer overhead costs and lower withdrawals costs linked to financial institutions. Another reason one may wish to swap to Bitcoin gambling is to bypass certain country or state laws. Since Bitcoins are not an official currency of any one nation, gambling with Bitcoins is not directly illegal since no real money has exchanged hands.
The third reason to make the change has to do with the processing speed. While many online casinos do offer instant deposits, withdrawals tend to take a while. Bitcoin casinos offer much faster withdrawals since they work with a single currency and do not have to go through any financial institutions. The payment is made directly from the casino to the player with no middle man.
Now that we have looked at the pros of gambling with Bitcoins, let’s look at some of the disadvantages. With every new form of technology or payment system there is always a downside and Bitcoin is no exception. Because of the nature of the currency, Bitcoin casinos see far less regulation procedures. This makes it more difficult to find a reputable casino. Before joining any Bitcoin casino or transaction online, players must as much research as possible on the business, their legitimacy and their licencing.
A lot of Bitcoin casinos that players will come across don’t actually have a gambling licence. It’s up to the player to make sure they track down the third-party certificates for the casino and ensure that they are dealing with a reputable business. Another reason Bitcoin casinos have not become mainstream is because of the availability of the currency itself. While there are plenty of Bitcoins out there, getting your hands on them isn’t easy.
Firstly, you need to install a Bitcoin wallet on your computer or smartphone. Once you have a wallet installed, you need to find yourself some coins. You can do this by buying them at exchange sites or earing them. Either way, it is a lot easier to use your internet banking or web-wallet to fund your casino account than to track down Bitcoins. This will obviously change in the future. Already, Las Vegas has a number of Bitcoin ATM machines that convert Bitcoins to cash for use at the casino. It is still early days with Bitcoins and there is no doubt that the currency is gaining in popularity. It is just a matter of time before all leading online casinos offer Bitcoin as a currency option.