As the online gambling industry grows, casinos have started to accept more payment methods. Now, it’s possible to gamble using Bitcoin (BTC) and other cryptocurrencies, something that was difficult a few years ago.
There are many advantages of gambling with crypto, and only a few shortcomings. So, get to know the main reasons why Bitcoin is perfect for online casinos. Although blockchain is yet to be fully adopted by all brands in the iGaming sector, many believe blockchain technology will rule in the coming years.
GPWA Program Manager Maria Florides told BestBitcoinCasino.com in an interview:
“This technology is the future, because it does provide a greater level of transparency for players and affiliates. I think the reason why you don’t see a large number of operators using this technology is because their focus is not on the end user’s experience, therefore they don’t see the need to invest on it. There will always be the need for traditional online operators, but we will see a larger demand for blockchain and crypto technology in the coming years.”
Crypto Is Private
Bitcoin and other cryptocurrencies are some of the most private payment methods ever created. Have you tried to use your credit card for gambling, only to discover it was blocked? Banks can be very nosy sometimes, as they don’t respect your privacy as cryptocurrency networks do.
One of the main Bitcoin gambling advantages is that the casinos don’t need to know who you are, and no bank is ever involved in your transactions. If you want even more privacy, you can use privacy coins like Monero (XMR) or Zcash (ZEC).
You Can Play Using Crypto Anywhere in the World
Several countries enforce gambling restrictions. So, depending on where you reside, you may not be able to play legally. Banks will deny your right to play in an online casino. Fortunately, Bitcoin and other cryptos can be a solution.
No government has ever succeeded in blocking the decentralized transactions of Bitcoin because they are peer-to-peer (P2P) only. It means that casinos focused on crypto can operate even when regulators would not usually allow. It’s one of the main advantages of gambling with crypto. You can travel or reside anywhere and always be ready to gamble.
The Decentralized Nature of Crypto Is Fair and Transparent
If you want to know why Bitcoin is perfect for online casinos, just look at its decentralized nature. More than any other payment method, BTC is all about transparency. You can’t see the name of the person doing transactions, but it’s easy to track them all on the blockchain.
What other payment method offers this level of transparency and control for the user? Most of them don’t have the same advantages of gambling with crypto. They are controlled by third-parties, not by you, which creates a conflict of interest. Unlike crypto networks, banks are working for themselves, not for you.
Best Bonuses and Promotions
Another of the Bitcoin gambling advantages is that you can find the best casino bonuses when you use cryptocurrencies. Several casinos that accept both traditional payment methods and cryptocurrencies offer exclusive bonuses for crypto users.
It’s not hard to find welcome bonuses, which are at least 50% higher for people making BTC deposits. These operators incentivize clients to start using crypto by giving them Bitcoin gambling advantages.
Crypto Casinos Often Have Better Odds
You only need to look at the casino house edge if you want to know why Bitcoin is perfect for online casinos. Like any other businesses, casinos get money from their clients. It doesn’t mean that they cheat, only that they develop digital systems in which they always win in the long-term scenario.
In the case of crypto casinos, the house edge, which is the casino’s profit, is generally lower than anywhere else. Standard casinos have a house edge around 1 to 10% in most cases. Crypto casinos can have it as low as 0.5 to 3%.
Low Transaction Fees
Credit cards and digital wallets often have very high transaction fees. So, having lower fees is one of the main advantages of gambling with crypto.
Different coins may have different transaction fees, but overall, it’s much cheaper to use cryptocurrencies. Forget credit cards. Bitcoin is the best choice when you want to spend less money.
You Have More Payment Options Than in Other Online Casinos
You can find plenty of Bitcoin gambling advantages after you start using cryptos. However, it may be a good idea to start using them if you want diversity, too. Most traditional online casinos only accept the same old payment methods: wire transfers, Visa, Mastercard, Neteller, etc.
In crypto casinos, the situation is different. Some of them accept Ethereum (ETH), Monero (XMR), Ripple’s XRP, EOS, TRON, Zcash (ZEC), and several other coins. There are thousands of cryptocurrencies out there. So, options are the opposite from limited.
Cryptocurrencies Are Very Volatile
Sure, there are many advantages of gambling with crypto, but a few setbacks, too. Unlike most methods that use fiat currency, cryptocurrencies are very volatile assets.
It means that the value of Bitcoin can change significantly during your transaction. Some people are reluctant to face volatility. So, they may not like the idea of using them for payments.
Transaction Speed Can Be Very Low Sometimes
People often say that one of the leading Bitcoin gambling advantages is that transactions are swift. While they can be fast, they can be really slow sometimes, too.
If the network is too clogged, transactions may take days. Usually, they are quicker than other methods, though. Because of this, avoiding using Bitcoin during times in which there are too many transactions happening may be a good idea.
Many Crypto Casinos Lack Licenses
It’s impossible to deny that the advantages of gambling with crypto exist. However, be sure to research crypto casinos very thoroughly. Many casinos engaged in crypto gambling lack licenses.
In some cases, this may not be a dealbreaker. Unfortunately, there are scams out there that use the overall lack of licenses to steal money from other people. Never forget to read about the reputation of an operator before you use it.
Cryptocurrencies are decentralized, fast, and private, which is why Bitcoin is perfect for online casinos. While there may be some issues that prevent it from being even better, it’s still better than most traditional payment methods.
If you’re interested in getting an updated 2020 list of all Bitcoin casino reviews for this market, check out the casino review section.