Bitcoin Casino – The Pros And Cons Of Using This Cryptocurrency
The Pros and Cons Of The Bitcoin Casino
Though Bitcoin has taken a recent dive, the underlying trend seems to be that the cryptocurrency is still going from strength to strength. If you consider that Bitcoin came from nowhere to become a massive financial phenomenon, then we don’t see it going anywhere, anytime soon. Other than upwards. Or “to the moon” as cryptocurrency speculators like to say. Thanks to this new currency, many businesses are now happily taking it as payment. Thereby opening the door for Bitcoin customers. It’s the same in the casino industry. With many establishments, both online and off, happy to see customers paying in their Bitcoin casino accounts using crypto.
But just because something has a massive interest behind it and is popular, doesn’t necessarily mean that it’s either safe or advisable to use. Today we want to look in greater depth into using cryptocurrencies, and especially Bitcoin, at casinos. We want to see whether they are as safe and secure as using regular old-fashioned Fiat money. One online casino we can vouch for is King Billy Casino. They also accept lots of different cryptocurrencies including Bitcoin, Dogecoin, Etherium, BitcoinCash, Tether and Litecoin.
Advantages Of Using The Bitcoin Casino for Online Gaming
If you ask any crypto gamblers why they prefer using cryptocurrencies, and in particular bitcoin, most will give you the same answer. First and foremost, they enjoy both the privacy and anonymity that cryptocurrencies provide. We can certainly understand why many of the millions of people who gamble every day online, prefer to keep their gambling activities under the radar. Even though they’re not doing anything illegal or illicit, they still value their privacy. And prefer to use a currency that will keep them and their bankroll anonymous. The Bitcoin casino certainly offers this on a much higher level than if you were using Fiat currency, along with your traditional bank account or credit card.
Bitcoin Brings New Customers To The Online Casino
For the Bitcoin casino, offering cryptocurrencies opens the door to another group of customers. Not only that, but the whole casino industry is seeing that cryptocurrencies are becoming more and more popular with their customers. To that end, today there are some networks of online casinos that only take payment in crypto. In other words, unless you pay with your crypto wallet, you will not be able to sign up. So you can’t even join this type of Bitcoin casino in the first place. You’ll find all sorts of generous welcome bonuses, exclusive jackpot games, and ongoing incentives. These are all designed to encourage players to take the plunge and play using Bitcoin exclusively.
By playing at a Bitcoin casino, as opposed to a regular online one, you may well find that there are fewer or even zero fees on transactions both on deposits and withdrawals. Because of the nature of Bitcoin, it’s normal that all charges and commissions are eliminated from any transactions. This is both a blessing and a curse. That’s because Bitcoin is the most volatile currency in history. On the positive side, it means that the Bitcoin in your wallet could significantly jump in value at any moment. Though this may affect the overall size of your bankroll, it will not affect your jackpot winning chances.
Your Bitcoin Casino Wallet Could Increase In Value
This last point means that if you happen to win any Bitcoin today, then tomorrow it could be worth exponentially much more. Of course, it could, conversely, fall in value. But if you look at the Bitcoin marketplace, it appears that the general trajectory is upwards. This allows it to remain an appealing prospect for investors. Due to the nature of the Blockchain, the possibility of experiencing identity theft or financial fraud whilst using cryptocurrencies is much less. If you couple this with incredibly fast transaction times, then it’s no surprise that crypto and Bitcoin are so popular. It’s incredible to think that, in this day and age, if you want to make a bank transfer across borders, then it takes any number of days. And the bank will charge you at least 7% for carrying it out.
Disadvantages Of Using The Bitcoin Casino for Online Gaming
As you well know, here at Jackpotfinder.com we are stickers for players to play only at casinos with reputable licences. For example those from the UK Gambling Commission and the Malta Gaming Authority. Unfortunately, it’s easy to find a Bitcoin casino that doesn’t have a reputable licence. This doesn’t necessarily mean that they are untrustworthy. But it does mean there is always the possibility of a bad apple lurking amongst the others. Most Bitcoin casinos tend to operate in jurisdictions where there is no need for licensing. Or the licence has a very poor reputation. Technically it means that if the casino wanted to scam you, they could probably get away with it. That’s why we recommend that the Bitcoin casino you choose is both licensed and regulated by the proper licensing authority. You’re always better safe than sorry.
Traditional Banking Hates Cryptocurrencies
Another factor is that no one knows what the future holds for Bitcoin and other cryptocurrencies as time passes. Because they’re all decentralized and unregulated, it means that governments are stuck with what to do with them. Right now, we can see some countries such as some in Central America are accepting bitcoin as their main currency of choice. Yet other (Western) governments are looking for ways to clamp down on the use of cryptocurrencies. This is to keep traditional bankers happy. As well as their need to know who is behind anything anonymous. We don’t think that crypto will disappear totally. But it would only take a few major negative actions or legislation to affect the price of cryptocurrency negatively.
Bitcoin Is Ridiculously Volatile
As we previously mentioned, probably the biggest risk associated with cryptocurrencies and their utility for casino gaming is the fact that the value of the currency could plummet at any given moment. You may have $1000 worth of crypto in your Bitcoin casino wallet one day. And the next, you’ll discover it’s only worth $250. We have all seen and heard the stories of people making huge sums of money as crypto suddenly jumps in value. That’s why it’s a good idea to find an online casino with a big welcome bonus. King Billy Casino gives all new players a bonkers 151% up to €/$500 plus 51 bonus spins.
Remember that holding onto crypto is not really an investment. It’s a risk. And is similar to gambling. It’s easy to talk of the upside of things, but by stepping back and looking at the whole picture, you’ll see that volatility works in both directions. That’s why we recommend, as one of your jackpot winning tips and tricks, that you only keep a minimal amount of crypto in your casino account.
So, Should I Get Into Bitcoin Casino Gaming?
This may sound like a lazy answer, but essentially it’s for you to make that decision alone. As we previously mentioned, holding on to any form of Bitcoin is gambling. Likewise, if you use this, or another form of crypto, at the casino then you could be rewarded. Or you could lose everything. No one in their right mind would consider Bitcoin as a safe haven. Or an investment. And presently its future is still uncertain. Yes, we are well aware that it has made many crypto millionaires. But it also caused many people to lose their shirts.
If you do decide to invest in crypto and transfer from your wallet to a Bitcoin casino account, then be sure that you have checked out the background of the casino before you do so. In particular, have a look at its licence and ensure that it comes from a reputable source. Don’t assume that the Bitcoin casino will not pull the rug from under you and make off with your hard-earned cryptocurrency. Another way to check out the casino’s reputation is by reading online customer reviews. These are recommendations from real players who have actually played and experienced the Bitcoin casino at hand. Keep in mind, that with the Bitcoin casino’s games, you have the same chance to win the jackpot online as with other no-crypto casinos.
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