Bitcoin gambling is known as one of the most entertaining ways and earning profits online. This type of gambling offers such beneficial features that make it more appealing to online players. It even appeals more to traditional gambling that usually takes weeks before players are able to confirm their deposits and earnings. Because bitcoin makes gambling experience less complicated and provides faster transactions, this becomes a perfect solution for online casinos.
What is Bitcoin?
Currently, there is an estimated number of 10.71 million Bitcoins roaming around the market. In a single day, an average of 45,000 BTC transactions takes place and that includes bitcoin gambling transactions. Bitcoin is defined as the peer-to-peer payment system allowing people to carry out currency transactions anonymously. Its operation is not controlled by any banks or any central authority making it remain unregulated.
Getting bitcoin is simple; you can either purchase it or mine it using special software. While, spending it, on the other hand, have many options like purchasing goods, paying for services, as well as in bitcoin gambling. Bitcoin gambling can either happens online or even through Las Vegas-based casinos that accept bitcoin but not for the purpose of gambling.
Advantages of Bitcoin Gambling
Gamblers who love gaming should understand both sides of bitcoin gambling. Even without a brick and mortar casino, bitcoin gambling can take place. Here are the advantages of gambling using bitcoin rather than traditional gambling.
Fast Transactions
What’s great about depositing and withdrawing in bitcoin gambling is that it is one of the fastest ways to move money. The entire operation of depositing bitcoin from your bitcoin wallet to your casino account quite often takes around 10 minutes to complete the entire process. This process is very much easy compared to traditional gambling which takes about an almost a week to get a withdrawal via a check. Bitcoin gambling transactions are able to be this fast because of being decentralised. It is not under any banks or even not under other physical jurisdiction running behind the system. The fact that it runs on the Internet makes every transaction as quickly as possible for there are no intermediaries to review each transaction.
Privacy
Privacy is one of the top reasons why most gamblers turn to bitcoin gambling. In all parts of the world, this digital currency is used that exposes it to certain dangers on the Internet. Fortunately, bitcoin’s security is unbreakable. Scammers and hackers are everywhere, looking for chances to suppress people’s account. However, with bitcoin gambling, you can make sure that everything is secured because there is no need to provide any personal details. Unlike in using debit/credit cards, your information gets exposed.
Value
Unlike fiat currencies which values are defined by central banks and authorities, bitcoin’s value is via the demand and supply rule. Although its value is unstable, most of the time it is rising due to its high demands. If you decide to enter bitcoin gambling, you must play very smart. Keep in mind that bitcoin’s value can change anytime, so you can either withdraw or exchange it for fiat currency.
Bonuses and Promotions
Bonuses and promotions are the interesting advantages of bitcoin gambling. Bitcoin can offer bigger bonuses than regular or traditional gambling because of the lower overhead costs. Most bitcoin gambling sites offer the initial deposit bonus, the first form of bonus you can receive upon making your first initial deposit in your account. Others even offer at around 100% match bonus up to a couple of hundreds of dollars depending on the value of bitcoin. Bigbook.ag offers great bonuses to gamblers with a 200% referral bonus after referring a friend and making an initial deposit. Other bonuses include free spins, redeposit bonus and more.
No Fees
Another advantage of bitcoin gambling over traditional gambling is that bitcoin does not take fees for any transaction. Gamblers who make deposit or withdrawal on their bitcoin casino account experience fast and free transaction. Consequently, if there are any fees to shoulder, it would usually come in a small amount. Unlike with fiat currency, deposit and withdrawal take 1-3 days and with bank charges for the currency conversion and processing. It may cut your earnings by about a few dollars with a debit or credit card and a bit with a check or wire transfer.
Security
Bitcoin gambling is considered as the most secure platform of gambling over the Internet. Using an email address for a bitcoin wallet, no other personal information will be shown anywhere. This is done to protect gamblers from hackers and other forms of Internet thieves. Security is a pretty big deal in gambling especially when a huge amount of money is involved. Do not sacrifice your winnings in some form of unsecured gambling.
Disadvantages of Bitcoin Gambling
Just like other gambling platforms, bitcoin gambling also has its own disadvantages. Here are some of the cons of using bitcoin in gambling:
Bitcoin Volatility
Bitcoin itself is a gamble-it’s one of the potential drawbacks of digital currency because holding it means you are already taking your money at risk. Bitcoin’s value is fluctuating and can swing wildly up and down. It is not certain that Bitcoin will ever retain its value from the time you purchased it or for the next few years. The volatility of a currency can make or break you, so better to be wise in bitcoin gambling to avoid suffering the consequences.
Confusion on How It Works
Not everyone is familiar with bitcoin gambling, so, if you are new on this platform you will surely get confused. Unlike gambling with a fiat currency like Euros and US Dollars where in most cases, you just have to open an online casino account and provide your credit card information. Bitcoin gambling will seem difficult until you get familiarize with its overall operation. Learning the process takes time, but still, it is the one that can pay off.
The Rise of Unlicensed Bitcoin Casinos
Because of bitcoin’s popularity over the internet, it causes another potential problem. There is more and more zero licensing or no reputation bitcoin gambling sites are rising. It is because bitcoin transactions are totally anonymous, bitcoin casinos operate in the same fashion and get away with it. The presence of these fake bitcoin casino sites is a great concern, so its better take time to read some reviews to be able to find the best betting sites like Bigbook.ag.
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