Bitcoin gambling is considered to be one of the most secure ways of playing online. Such beneficial features as low stakes, instant deposits and withdrawals, as well as security and anonymity, make it very appealing for online players. Deposits and withdrawals from traditional casinos usually take weeks, making the players restlessly anticipate the earnings. For the reasons mentioned above, Bitcoin has become a perfect solution for online casinos, making the gambling experience much quicker and less complicated in comparison to the traditional betting.
Advantages and disadvantages of using Bitcoin to gamble
Although Bitcoin is an incredible advancement for online gambling, there are certain drawbacks that one must take into consideration. Every Bitcoin gambler should be aware of Bitcoin’s potential as well as its downsides.
Bitcoin gambling is cheap. Because it doesn’t require transactions such as deposits and withdrawals being handled by any third-party processor, transaction and casino fees are minimized to assure comfort of the users.
Not having a central controlling authority makes Bitcoin easily transferable between peers, while the ownership is preserved and protected. Moreover, everyone can transfer as much as he or she wishes; the sum is very flexible.
One of the greatest advantages of Bitcoin is its complete anonymity. Because gambling is a sensitive area, many players would prefer keeping their personal information private. With Bitcoin, what needs to be validated is one’s payability, not identity, and it is already maintained through private keys.
Casino deposits and withdrawals are done in a quick manner, courtesy of Bitcoin: it takes mere minutes to confirm each transaction, and players experience little or none distractions during the gaming process.
Bitcoin gambling can be viewed as currency non-specific, which offers users the possibility to gamble on websites that would otherwise be inaccessible for the player. This is also the reason it is impossible for the user’s geographic location to define whether he or she wins in that particular casino or not.
Bitcoin’s price is known for its volatility. In comparison to traditional gambling, fluctuating value is only applicable to BTC gambling, since the price of a fiat currency is usually much more stable. Gamblers should follow the price changes in order to gain maximum profit.
While the usual Bitcoin transactions take minutes to be approved, it might not be the case with online casinos that use cryptocurrency. For security reasons some websites process withdrawals manually, which makes the procedure time-consuming.
There is a high possibility of hacking. In order to avoid it, the players have to use extensive security measures or fund protection recommended by the online casinos.
TOP BITCOIN CASINO SITES
This website requires no downloads and no registration, while assuring instant play and absolute anonymity of every user. The casino offers a range of games: roulette, blackjack, lucky6, war, baccarat, video poker, slots, minesweeper, etc. An indisputable advantage of SatoshiBet is instant deposit and withdrawal.
BitCasino.IO is licensed and anonymous. It features over 130 high definition casino games and more than 15 Bitcoin casino jackpot games; among them there are slots, live dice and lottery. The welcome bonus for all newly-registered users might be up to 1 BTC. The casino boasts instant deposits and withdrawals and offers 24/7 Live Chat support if any issue occurs.
CloudBet is a Live Casino where players can make live bets on sports and in multiple casino games. All players are anonymous with only email address needed for registration; everybody who starts an account with CloudBet gets a sign-up bonus of up to 5 BTC. All payments are processed almost instantly here as well.
This online gambling platform offers a total of over 32 high definition games, which include blackjack, baccarat, hi-lo, poker, roulette, and others. They accept payments and bets in Bitcoin, Litecoin, and Dogecoin. Registration requires only email address, which guarantees users’ anonymity.
The entertainment portal lists more than 220 casino games, sportsbook, and poker. Payments can be made in Bitcoin or Litecoin, and everyone who deposits has a 100% chance of receiving a bonus. Anonymity is guaranteed by the fact that users have to provide only their Bitcoin or Litecoin wallet address to start playing instantly.
This online casino presents its users with over 130 high definition casino games, including roulette, dice, lottery, slots, and blackjack. Everybody can play against live dealers. Once registered, all users can claim a 100% up to 1 BTC first deposit bonus. They also benefit from instant deposits and withdrawals on BluffABit.
BTC vs. fiat for gambling
The safety and the transaction speed remain the main advantages of Bitcoin in comparison to any fiat currency. The flexibility in the quantity of withdrawal without any additional paperwork also makes the process much more appealing. In addition, the costs related to entering the casino are much lower, which allows players to participate in the games with less investment and at the same time withdraw smaller amounts than with regular fiat-operating casinos. Anonymity also plays one of the key roles in Bitcoin gambling, providing an opportunity for the players to protect their identity and personal information. Fiat-based casinos do not grant such freedom.