Although bitcoin is slightly over a decade old, more and more industries are increasingly finding ways to incorporate it and its underlying technology into their processes. And online gambling is not an exception.
Today, multiple casinos are embracing bitcoin by allowing players to fund their accounts and cash out their winnings using this cryptocurrency.
In this article, we are going to drill deep into the minute details to uncover both the merits and demerits of bitcoin gambling. At the end of it all, you should be able to determine whether it is right for you or not.
Bitcoin Gambling in 2023
Generally, the online gambling industry heavily relies on new technological trends and advancements to meet the ever-evolving customer demands. It shouldn’t come as a surprise that most online casinos have adopted bitcoin and other cryptocurrencies.
In terms of market value, the entire crypto market hit the $2 trillion mark in 2023. Of this amount, it is estimated that 50% of all this amount is somehow related to gambling.
With the online gambling market projected to grow at a Compound Annual Growth Rate (CAGR) of 11.31%, it is only safe to assume that the number of bitcoin gambling transactions will continue to grow.
Bitcoin Gambling Advantages for Punters
Bitcoin gambling is a relatively new concept, but it is growing in popularity. Bitcoin gambling is one of the fastest growing industries in the world and there are many people who want to get involved in this new industry.
Bitcoin gambling is often referred to as a form of virtual betting and is being touted as a safe way to bet on the outcome of sporting events. There are many crypto gambling sites and online casinos accepting Bitcoin. But, not all of them are trustworthy.
If you’re looking for a reputable site where you can play online games, bet on sports, and wager on your favorite crypto-related events, then we’ve got you covered. We’ve collected all of the best sites that allow you to use Bitcoin to gamble on events that you’re interested in.
The way that this form of betting works is that an individual places a bet with the Bitcoin casino or sportsbook. This is done by placing a bet with a Bitcoin casino or sportsbook and paying with bitcoins.
As a player, bitcoin gambling offers several advantages including:
One of the primary benefits of bitcoin gambling is the level of anonymity that it offers. The centralized nature of blockchain technology, which is the underlying technology of bitcoin makes it almost impossible to track transactions.
Still, bitcoin casinos don’t require you to give up most of your personal and financial information, allowing you to gamble almost anonymously.
Since bitcoin transactions don’t require you to submit your personal data, it lowers the risk of identity theft. Better yet, there are no chargebacks on bitcoin transactions, meaning every transaction is immutable once executed.
As such, you don’t have to worry about a casino arbitrarily reversing your winnings or hackers altering transactions as everything is recorded in a public ledger.
Low Transaction Fees
Since the decentralized network isn’t regulated by governments or middlemen, you can enjoy lower transaction fees. Along with that, the technology is set up in such a way that you can enjoy faster processing of transactions or conversion of your bitcoins into fiat currency at a fee.
No Geographical Restrictions
Depending on where you live, there are payment methods that restrict deposits to online casinos. In other cases, there are online casinos that don’t accept certain payment methods or currency.
Still, there are countries where online gambling is outright illegal, although off-shore online casinos still accept wagers from such countries. By using cryptocurrency, you can circumvent all these bottlenecks and play regardless of your location.
Generous Bonuses and Promotions
Online casinos are constantly coming up with creative ways to entice players to use digital currencies. And that includes special bonuses, promotions, and tournaments for players that use bitcoin.
As a player, you can take advantage of these bonuses and promotions to try out new games and grow your bankroll at zero risk. To learn more about that, check out the guide with free BTC casinos promotions by NoDepositz.
Disadvantages of Bitcoin Gambling
The advantages of Bitcoin gambling are clear. It’s not regulated by any government, so there is no chance of getting caught in the middle of a political debate.
The fact that there are no banks involved means there are no financial interests being threatened, and that’s a big deal when it comes to banks.
Although bitcoin gambling does come with multiple advantages, it also does have a few drawbacks. They include:
The price of bitcoin tends to fluctuate due to the limited number of Bitcoins in circulation, which in turn increases their demand. In October 2023, for example, the price of a single bitcoin peaked at $62,000, which is way off from the $20,000 peak in 2017.
Although the price seems to have somewhat settled, the fluctuation can wipe out your fortunes. As such, it is important to diversify your eggs.
Although the anonymity of bitcoin is its biggest strength, it also happens to be its weakest point. The lack of an oversight authority makes it easier for criminals to get away with fraud as they can’t be traced easily.
Bitcoin has come a long way since it made its debut in 2009. Online casinos operators aren’t in the business of making losses and the fact that they are slowly embracing cryptocurrencies speaks to the value and possibilities they offer.
While they come with advantages and disadvantages alike, it is ultimately up to you to determine whether bitcoin gambling works for you or not.