Have you ever considered gambling with a digital currency?
Maybe you should, in this article we are discussing the 8 pros and cons of Bitcoin gambling and how to get started.
This is a brief introduction to Bitcoin, and the many ways it can be used for your online activities and online gambling.
Let’s get to it…
The Bitcoin Pros
It’s Anonymous
One of the best things about using Bitcoin, especially when it comes to gambling online, is that the “money” or rather “the currency” can’t be traced back to you.
Huge Sign Up Bonuses
As we discussed in our post listing all the online casinos that accept Bitcoin, the bonuses offered when you deposit with Bitcoin is through the roof!
Why?
Because online casinos see the potential in Bitcoin, where it can go and how BIG it can become. Thus, bringing me to my next benefit of using Bitcoin (and other crypto currencies) is that fact that…
It’s The Future
Bitcoin is everywhere, and there is a lot that you can do with it other than using it with online casinos.
As time goes by, you will be seeing a lot of cryptocurrencies making way into the mainstream world, and that is more true within the online gambling industry since it is incredibly secure…
An Added Layer Of Security
When you are transferring money online, one of the biggest concern is obviously; security!
Although the internet nowadays is pretty much secure when transferring money, Bitcoin adds an added layer of security, making sure that your funds (and hopefully your winnings) are yours to keep.
Faster Withdrawals
You will likely be depositing and withdrawing through something called “a wallet”. A crypto currency wallet is where you should be storing all your Bitcoin.
Thanks to this, contrary to standard bank withdrawals (that can take a couple of days or more), Bitcoin will transfer back into your wallet in just a few minutes.
Low Transaction Fees
Bitcoin is still not a no-fee currency, although some other cryptocurrencies are, however it is relatively low compared to other forms of depositing.
You will often find that online casinos that accept Bitcoin tend to forfeit any deposit and withdrawal charges associated with regular (traditional) deposits.
A (Few) Cons
Bitcoin Fluctuates
One thing you should know about Bitcoin is that its value fluctuates.
Yes, even major currencies like the dollar and the euro fluctuate many times a day as well but since cryptocurrencies are not backed by a central government, they tend to fluctuate a lot more and are much more volatile.
With Bitcoin being an established and trusted currency, you should not worry too much about its value dropping (its likely to be increasing) but it’s good to point out that there may be the off-chance that it does.
Understand What You Are Doing
There are many sites out there that can teach you how to use Bitcoin, and with some effort, you will easily be able to understand the concept of how Bitcoin works.
But, please know that it does have a tech-heavy side to it and you need to be a bit tech-savvy to be able to buy Bitcoin and transfer it to your chosen online casino.
Again, it’s nothing too complicated, but it’s a must you know what you are doing.
Closing Words
Thank you very much for reading today’s post.
We hope these few pros and cons of Bitcoin gambling have helped you decide whether using Bitcoin to fund your purse is worthwhile for you or not.
What we would argue though is that Bitcoin is here to stay and we are just starting to see its potential on a global scale.
It is set to take over, and it probably would so the quicker you get familiar with it, the better it would be.
If you’d like to know more about Bitcoin, and more about crypto currencies, please visit BiteMyCoin.com
For more information about online casinos, please see more posts from our blog.
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