Pros and Cons of Bitcoin Online CasinosCasino
Introduced in 2009, Bitcoin has paved the way for a multitude of digital assets that are popular in many countries around the world. With Bitcoin (BTC) still the number one cryptocurrency in terms of capitalization and coin value, it is arguably the most widely used. We can see more and more companies joining the cryptocurrency trend literally on a daily basis, and iGaming companies don't want to be left out. Seeing the benefits of a new digital asset that can also be used as money, some online casinos including the sought-after iGaming platform VipArabClub have added BTC to their list of supported payment methods. However, given the high volatility of digital assets, is Bitcoin really a worthwhile option for gambling enthusiasts? We've reflected on the feasibility of using crypto for payment transactions in online casinos, looking at the pros and cons. So, keep reading to find out the advantages and disadvantages of using BTC for online gambling.
Benefits of Using Bitcoin at Online Casinos
The idea of a decentralized financial system has appealed to many, and today there are thousands of gamblers who choose to make deposits using their crypto savings. While some continue to see Bitcoin as a huge economic bubble, others invest in crypto and use digital tokens to pay for goods and services. Whether you prefer to play online slots, live roulette or online blackjack, there are several reasons why you should use Bitcoin for online gambling - check them out below.
Bitcoin Increases Anonymity and Privacy at Online Casinos
Whether you choose VipArabClub or another online casino, you will probably notice that there is a wide range of payment methods available. The usual list of supported banking options includes credit/debit cards, e-wallets, pre-paid cards or the now-archaic Bank Transfer method. But the main problem you'll face using any of the above methods is the lack of privacy, as you have to provide tons of personal details. By choosing a crypto-friendly online casino, you will benefit from the following features:
- Bitcoin transactions are completely anonymous. The only time you may lose your privacy may be during the purchase of digital coins using a bank card.
- The online gambling website only receives your public key information. Knowing only your public key, it is impossible to identify the crypto wallet owner.
- Most crypto casinos are also mobile-friendly. Modern smartphones with biometric authentication technology provide an even higher level of privacy for your online casino visits.
So, using Bitcoin for gambling can be a great choice if you want to conceal your gambling habits.
Fast and Inexpensive Transactions
You have probably noticed that your online casino deposits are added to your bankroll almost instantly. However, withdrawal requests can take hours or even days to process. There is nothing more frustrating than not being able to get your winnings instantly. The main problem is that traditional payments go through a chain of intermediaries, which slows down the transactions and makes them much more expensive. This means that a portion of your winnings from online slots and live casino games will go to third parties.
As far as Bitcoin transactions are concerned, this is not the case. In essence, the Bitcoin payment network is a decentralized ledger with no middlemen or controlling authorities. Therefore, in most cases, you will be able to withdraw your winnings to your Bitcoin wallet within 10 minutes. Only with rare exceptions, when the blockchain is overloaded with requests, the waiting time for withdrawal may increase slightly. However, you can eliminate this problem manually by increasing the transaction fee to encourage the miners to do their work faster.
Exclusive Casino Promotions Reserved for Crypto Depositors
While not all gambling websites offer special bonuses for those who prefer to play online slots or online table casino games using Bitcoin, some run exclusive promotions aimed at BTC depositors. For example, by joining VipArabClub and making a crypto deposit you will qualify for a lucrative 20% bonus reserved for cryptocurrency players. There are many bonus options that you can get by making a deposit in Bitcoins, and here are a few common options:
- No deposit welcome bonus in the form of free spins on popular slots.
- Deposit match bonus. For example, VipArabClub will give you 20% of your crypto deposit amount.
- Free bets on live casino games such as live roulette.
- Exclusive loyalty schemes for those who spend their crypto savings on gambling entertainment.
When choosing a crypto-friendly online casino, look carefully at the promotions page for bonuses designed for Bitcoin depositors.
Disadvantages of Using Bitcoin for Online Gambling
Nothing is perfect in this world, and Bitcoin - with all its undeniable merits - also has a few problems associated with the lack of a regulatory framework and a few other things. We want you to spend your Bitcoins wisely, especially when it comes to online gambling. So, read on to learn about some of the drawbacks of cryptocurrency and online casinos accepting it.
High Volatility Reflected in Price Fluctuations
In the absence of a central supervisory authority, the Bitcoin market is highly volatile. Any changes and even ordinary news can cause the price of a digital token to change dramatically. Let's say you won't 0.1 BTC and were slow to withdraw. Over a day, the price of Bitcoin might have fallen by, say, 10%. That means you lost a tenth of your winnings.
The good news is that the Bitcoin price could also rise. Some cryptocurrency market events affect Bitcoin in a positive way, causing the digital asset to appreciate. In addition, compared to other digital coins (so-called altcoins), Bitcoin is relatively stable and reliable. Although BTC has experienced many ups and downs in its life cycle, at the time of writing its price is still decent. Given that Bitcoin is a cryptocurrency that many have come to believe in, there is no reason to expect its price to fall much in the near future.
Transactions Can Be Slow
You may have been surprised to read the subheading, as we mentioned above fast transactions as one of the advantages of Bitcoin. The fact is that at times when the blockchain (the distributed ledger where Bitcoins circulate) is too busy, transaction speeds slow down. This can result in less time to withdraw to traditional payment options, especially if the online casino offers instant payments to e-wallets and bank cards. In addition, for security reasons, some operators deliberately slow down transactions in order to perform all the necessary verifications manually. Given that Bitcoin transactions are irreversible, it is not unreasonable to double-check payment details to avoid mistakes costing your online casino winnings.
The Problem with Illegal Bitcoin-Friendly iGaming Platforms
Any place where you can spend your money always has the potential for fraud, especially when it comes to online payments. There are several unlicensed online casinos that offer players to sign up with a minimum amount of personal information. In fact, you only need to provide a public crypto wallet address to start gambling. It looks as if you voluntarily decide to transfer some of your funds to someone else's crypto wallet without any guarantee of refund or payout of winnings.
Therefore, we recommend that you choose reliable iGaming platforms operating under the license issued by reputable regulators. Also, read the user reviews of the casinos posted on trusted sites. Considering the fact that people like to share bad news and negative experiences with services, you will easily understand whether a particular crypto-friendly online casino is worthy of your attention or not.
Like the iGaming platforms themselves, Bitcoin has both advantages and disadvantages. Now that you know the pitfalls of using Bitcoin for online gambling, you can make an informed decision. Finally, when you get a taste of Bitcoin's rise, it can be a good time to enjoy crypto-friendly gambling. And it's that moment when the volatility of a digital asset plays to your advantage.