When the term cryptocurrencies and bitcoin first came out, many people didn’t take it seriously. Over time, however, crypto has grown in popularity and become one of the many methods for making payments.
Casinos have not been left behind. Some of the existing, as well as new casinos, now allow players to use bitcoin to make deposits.
Bitcoin will then be converted to a base currency such as US dollars and the player can use it much the same way as any debit card or e-wallet.
If you like to gamble, and have been wondering if it is a good idea to use your bitcoin, you will definitely need to know about the pros and cons of using bitcoin at casinos.
Pros of Crypto Casinos
According to Bitcoin casino reviews, the first advantage is the security it offers. At crypto casinos, your information is not shared with anyone meaning that transactions are much more secure for both casinos and players. Furthermore, you don’t have to worry about chargebacks.
Secondly, many financial institutions are skeptical about gambling. If you are planning on doing this online, then you will have a hard time finding a bank that is willing to transfer funds to a gambling website. However, using your bitcoin wallet, you can deposit funds without worrying about paying transactional fees or even linking to a debit or credit card.
Another advantage of using bitcoin is the fact that you cannot only make instant deposits, but you will also be able to make instant withdraws. This is a far cry from most of the other payment methods where you may be required to wait for 2 or 3 days to make a withdrawal.
Keep in mind that since crypto is not recognized anywhere around the world as a currency, you will be exempt from tax. You will not pay bank fees when making a deposit or withdrawing and the little fee there is for conversion into hard cash is minimal.
Cons of Crypto Casinos
One of the major drawbacks is that you will often end up gambling with a casino that doesn’t have any license. This is an advantage, however, to the casinos as they do not have to pay huge license fees to a particular jurisdiction.
If you want to use your bitcoin when gambling, you still need to do your homework and search for casinos that accept crypto. This is because there are still a few such out there.
The value of bitcoin fluctuates. When gambling, this could work for you if it moves against the dollar. On the other hand, the prices could go the other way and work against you thereby reducing your profits.
Sometimes it may take longer to access your withdrawals and profits with a crypto casino than using a credit or debit card. This is because some websites need to take measures to ensure security.
Final Word
There are many advantages to gambling with a crypto casino. But as is the case with everything else there are also a few disadvantages as well. If the pros far outweigh the cons in your situation then a crypto casino can be a great choice.
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