The Pros and Cons of Bitcoin Online Casinos

Gambling is fun, and perhaps you too share a similar sentiment about the sport, which is why you have landed here in the first place. Yeah, gambling is one of the most entertaining and mind-boggling games mankind ever invented. Intuition, risk, and luck combine to work in your favour and help you win a lot of dough on an auspicious Friday night. And after casinos went online, there has been a surge of passing bucks, playing games throughout the world with increased vigour.

But as most countries are yet to legalize online casinos, even winning many high-priced games won’t get you any money as the government will block the funds. This is where Bitcoins come into play, a cryptocurrency that one can deal with without the hassle of taxes and the Fed breathing down on your neck.

Still, is this cryptocurrency really a watertight method of passing the money on? Let’s find out.

How do Bitcoins help you?

Well, there are a lot of aspects that make bitcoins the forefront antidote to smoothen transactions of money in online gambling. But then again, everything isn’t so smooth with the cryptocurrency. So, before looking at the downside, let’s get into the alluring bonuses of using bitcoins for online casinos.

  • Completely private and anonymous!

Yeah, no IRS. No Feds. No baking statements to justify the sudden loading of your bank account with cash! One of the most common benefits and reasons behind the widespread use of bitcoins is the privacy it offers. You never really pass on your personal info throughout the transactions. 

The only thing you need is the bank account number while buying the bitcoin, and the rest gets loaded in your bitcoin wallet. Once set up, nothing related to your personal info is ever asked.

  • Transactions are speedy!

Unlike bank transactions that aren’t always reliable due to failing servers and hacking compromises, bitcoins assure you speedy, trustworthy, and completely secured transactions. Casinos are places where everyone is eyeing that truckload of cash and wouldn’t spare a chance to dash you out of the way, irrespective of the ways they employ to get there. 

That’s why once you win a cash prize, it’s advisable to transfer the money someplace safe as soon as possible. And bitcoins are the most trustworthy gatekeepers of your hard-earned money in this respect.

  • Security

Well, you can integrate this point with privacy and then some! Online casinos have a dubious reputation about their websites being prone to cyberattacks every single day. Which is why you would like to have all your transactions completely safeguarded at all times. Bitcoins help you with that the most by making anonymous transactions, which aren’t traceable to your bank account. So, you are safe and sound, winning money with pride and utmost security.

What are the pitfalls?

We had talked about the benefits of using bitcoins for smooth online transactions, but is everything really that mushy with this medium? As a Chinese proverb goes, ‘Nothing is really free in this world!’ So, before you step into the big, bad world with your precious cryptocurrency, watch out for the following points:

  • In the end, it’s mere digital currency!

The biggest loophole in the otherwise airtight concept of cryptocurrency is all the money produced out of thin air! There is no liquid cash or presence of this currency on the market because that would make these newly introduced currencies redundant. 

So, like everything that’s given value and randomly stripped off of it, Bitcoin can have all its value taken away in a moment’s notice. It all depends on the state of the entire world economy, and a lot goes on behind closed curtains that you’d never know. Thus, today’s highest value can be tomorrow’s downright cash failure. 

  • You never know who’s on the other side of the table

It’s not a fair world, right? And the same goes for online casinos. No one wants you to win a truckload of cash while doing nothing but play some mind games which they designed. So, even if a casino is licensed to operate online, there’s no reason to believe that they can’t run scams that are invisible to the layman. This isn’t the case with playing with normal currencies online, but with bitcoins, it can get into bad shape pretty quickly.

EndNote

So, now you have an unbiased idea of using Bitcoins for online casinos. We earnestly hope you’ll be able to strike a perfect balance among all the mentioned factors. The best part is bitcoins come with some staggering bonuses, and one should definitely try the luck with this new cryptocurrency because guess what, the government doesn’t know all the money you have. So, no extra taxes and sudden surprises from the IRS!

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Summary

Name: The Pros and Cons of Bitcoin Online Casinos

Posted On: 29/08/2020

Author: Darren Henley