The invention of Bitcoin introduced us to a whole new world of cryptocurrencies. In that world, besides trading and business regarding Bitcoin, there’s a space reserved for those who enjoy having some good old fun. If you enjoy playing games in a casino, then you should definitely try playing it in the digital world using Bitcoin instead of regular cash. Besides the fact that you can do it from any place you find comfortable, and play on one of the many sites listed over at paybyphonecasino.uk, there are a lot of pros that Bitcoin Gambling offers. On the other hand there are also a few cons that you should definitely know and think about before deciding to leave behind traditional style gambling.
Pros of Bitcoin Gambling
1. Anonymous play
Traditional casinos usually require their customers to provide them with their private and personal information such as ID or credit and debit card details. Many people don’t like to be seen at casinos or to have the public watching them while they gamble. Since no personal information is attached to your Bitcoin wallet, you can stay absolutely anonymous to the casino management and other players. You can enjoy your games without anyone watching your wins or losses.
2. Low transaction fees
Since bitcoin is a decentralized system without any middleman in between, you can be sure that no one will charge you for anything. At the same time, just in case you want a faster processing of transactions or conversion of bitcoins into fiat currency, you can pay a small amount for that.
3. Good bonuses
Because bitcoin casinos don’t have to pay some of the costs of traditional casinos, they are able to keep more of their profits, and to share it with their players in the form of bonuses and various promotions. Therefore, if you want to give Bitcoin gambling a try, your bonuses are waiting for you.
4. Bitcoin Casinos are transparent
Bitcoin casinos offer a transparent and clear platform ensuring the odds are legit and clear to gamblers. This transparency ensures a mutually pleasurable business relationship eliminating most forms of scams.
5. Safe payment method
All Bitcoin transactions are recorded in a digital ledger called a blockchain. The blockchain is public. If you’re worried about the cybersecurity of a public domain, rest assured that in the case of buying and trading Bitcoin you are fully protected. Users stay anonymous but all transactions on the network are accessible to the public, making it difficult to hack or cheat the system.
6.No betting limits
Some licensed online casinos are prevented from offering max bets due to law and financial regulations. You can read the max bet size they specify in the terms and conditions. In Bitcoin casinos, be sure that this kind of limit does not exist. If you’re feeling lucky, go for it.
7. Wide variety of casino games
Even though Bitcoin casinos are still a novelty for many, you can already find the most popular and old-school games there. In almost every Bitcoin casino you can play casino classics such as slots, roulette, blackjack, and video poker. Besides that, there is a growing number of games that can be played exclusively in Bitcoin casinos. Number and variety of games depends on the particular Bitcoin casino you choose. If you’re having a hard time choosing a casino, you could check out a site like bitcoinpokie to learn about casino options, as well as the world of crypto casinos in general.
8. Bitcoin casinos offer more value
When it was first introduced to the public, Bitcoin’s price was just under a dollar, growing exponentially to the value it has today. Since it has become popular world-wide, and more people are accepting it as a ‘real’ currency, Bitcoin’s value has skyrocketed to approximately $65 000 today per coin. Since currencies follow the laws of demand and supply, this demand has led to an increase in its value which gives Bitcoin gamblers an advantage. Besides withdrawing and exchanging Bitcoin with fiat currency, users have the option to continue gambling as they wait for the value to increase.
Pros of Traditional Gambling
1. Legal status
Since cryptocurrency is not a ‘real’ (fiat) currency, any regulations around traditional currency in online casinos should not be applied to Bitcoin gambling websites. It could mean that there is no clear legislation about Bitcoin gambling. This also means that you will have to do your own research regarding income tax regulations specific to your country. On the contrary, traditional gambling is regulated in accordance with national laws of the country, or in case of online casinos, legalized according to online protocols.
2. Sustainability
As with most cryptocurrencies and the stock market, there is no guarantee in which way the price of Bitcoin will behave. The value of Bitcoin can change dramatically (as it has in the past) in a short span of time. Unless you are looking to have fun by adding an additional financial risk to an already existent and logical one in regards to gambling, you should stick to traditional gambling. The fact that Bitcoin value is so volatile is reflected in its drastic changes that can occur on an hourly basis.
3.The Irreplaceable Convenience of Money
Even as more institutions embrace cryptocurrency, still none of them are a method of payment in everyday life. Bitcoin is not an exception.However, there are some examples of progressive laws regarding Bitcoin, such as El Salvador, which will hopefully inspire other countries to do the same, but in most places, actual money is still the best and the only way to go.
BItcoin gambling has many advantages compared to traditional casinos, such as anonymous play, safe payment methods and a wide variety of games. On the other side of the coin, traditional casinos offer an old-school experience that some people are actually used to and like. In the end it comes down to personal preference. If you love playing games and gambling, there is no reason not to try a new exciting experience such as Bitcoin casinos. Our final tip is not to forget to be mindful of the exchange rate to your local currency. It might seem like you are betting fractions when you play in Bitcoin when in fact you could be betting at much higher limits than you are used to in regular casinos.
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