Bitcoin is now more than a decade old. If you take a look at the history of this cryptocurrency, you will see just how many ups and downs have been occurring in its history. At first, many people didn’t understand the concept, and as a result, we can see that a lot of people rejected the concept immediately. Thankfully, we can see that the situation is completely different these days.
There are numerous ways this is manifested. The first, and probably the best example is just how many online stores have accepted digital currencies as a legitimate payment method. Not only that, you will see that a lot of online casinos have done the same. Thankfully, many of them have decided to implement cryptocurrencies as payment methods. If you want to learn about these, read more at Bitcoinist.
Naturally, integrating cryptocurrencies into the gambling industry was not easy at first. Thankfully, the industry has made a lot of ways to conduct this integration, and we can see that it has been integrated quite well. Today, we want to talk about the pros and cons of the use of cryptocurrency use in online casinos. Without further ado, let’s take a look at both sides of the coin.
First, let’s take a look at the pros of using cryptocurrency in online casinos.
One of the top reasons why a lot of online casinos have decided to implement this method of payment is that it ensures security and convenience. The reason why it is protected by the websites is that it requires two-factor authentication. It is a procedure that ensures that the funds are completely safe through the authentication of the processes. The first layer is the creation of unique passwords.
The password is a combination of characters such as numbers, lower case, upper case, and some special characters. With that in mind, the hackers will have a much harder time going through passwords and breaching the levels of security. So, you will see that the funds must be as safe as possible. Furthermore, you will see that it is just as easy to use as fiat currencies since conversion is simple.
Fast and Safe Transactions
Experienced gamblers that sometimes transactions require a lot of time to go through. When you think about it, traditional bank transactions do require a lot of time, and we can see this is quite a big problem for a lot of gamblers. Thankfully, using digital currencies will make transactions significantly easier. They usually do not require more than a couple of hours before they go through.
So, imagine the situation when your money drops immediately into your wallet. It is certainly not something many people are used to. Instead, many are used to waiting for a couple of days, sometimes even a whole week, before it happens. Since cryptocurrency transactions are much faster than traditional ones, we can see that many cases have decided to implement this payment to make things faster.
Many online gamblers are interested in being anonymous when they play. For a long time, this wasn’t possible for the simple reason that they needed to leave their data from their bank cards. Many gambling sites will allow their players to create accounts without leaving any personal data. The reason why this is possible is that they can create an account that will focus solely on digital currencies.
After we understand the good side, let’s take a look at the other side of the coin.
Of course, the biggest problem with digital currencies is that their value tends to jump and fall relatively quickly. The market is quite volatile, so there are no guarantees that you will get the same amount of BTC or ETH you have won. Naturally, it is important to say that the amount in fiat currencies will not change when it comes to winnings. However, if you invest in these, volatility will be a big issue.
So, you will see that this can be quite a big problem if you are not careful. Let’s say that you have some of them on the account you have created on a website. If you are not careful, then it can happen that the amount of money you have will be lower when you withdraw if there are some changes in the market. So, you should be extra careful when it comes down to volatility.
Probably the biggest problem you can come across when you are playing with digital currencies while you are in an online casino is that there are no reversals. The reason is quite simple, you will not be able to make a backtrack. Instead, the amount you sent, even though to the wrong address, is not possible to return to your e-wallet. So, players should be extremely careful not to make a mistake such as this.
Lack of Regulation
Last but not least, we want to talk about the lack of regulation that is still present in the world of digital currencies. Just think about it, the position of BTC and other relevant cryptos is still unknown to many, and a lot of countries do not have any regulations to make it work. So, nobody should be surprised why it is still not completely regulated. We will need to wait at least a couple of years before it achieves that level.
The lack of regulation is never a good thing, and we can see that it causes some uncertainty for many players out there. Thankfully, we can see that most casinos are doing their best to keep things as regulated as possible. We can surely say that the best ones in the industry have achieved it. However, many are still to make things work as best as they can.
Weighing the pros and cons of using digital currencies while you gamble online is an absolute must. Here, you can take a look at both sides of the coin, which will help you make the final decision. We are certain you will find this insight useful.