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Bitcoin gambling is considered to be one of the most secure ways of playing online. Such
beneficial features as low stakes, instant deposits and withdrawals, as well as security and
anonymity, make it very appealing for online players. Deposits and withdrawals from traditional
casinos usually take weeks, making the players restlessly anticipate the earnings. For the
reasons mentioned above, Bitcoin has become a perfect solution for online casinos, making the
gambling experience much quicker and less complicated in comparison to the traditional
betting.
Advantages and disadvantages of using Bitcoin to gamble
Although Bitcoin is an incredible advancement for online gambling, there are certain drawbacks
that one must take into consideration. Every Bitcoin gambler should be aware of Bitcoin’s
potential as well as its downsides.
2. Pros
Bitcoin gambling is cheap. Because it doesn’t require transactions such as deposits and
withdrawals being handled by any third-party processor, transaction and casino fees are
minimized to assure comfort of the users.
Not having a central controlling authority makes Bitcoin easily transferable between peers,
while the ownership is preserved and protected. Moreover, everyone can transfer as much as
he or she wishes; the sum is very flexible.
One of the greatest advantages of Bitcoin is its complete anonymity. Because gambling is a
sensitive area, many players would prefer keeping their personal information private. With
Bitcoin, what needs to be validated is one’s payability, not identity, and it is already maintained
through private keys.
Casino deposits and withdrawals are done in a quick manner, courtesy of Bitcoin: it takes mere
minutes to confirm each transaction, and players experience little or none distractions during
the gaming process.
Bitcoin gambling can be viewed as currency non-specific, which offers users the possibility to
gamble on websites that would otherwise be inaccessible for the player. This is also the reason
it is impossible for the user’s geographic location to define whether he or she wins in that
particular casino or not.
Cons
Bitcoin’s price is known for its volatility. In comparison to traditional gambling, fluctuating value
is only applicable to BTC gambling, since the price of a fiat currency is usually much more
stable. Gamblers should follow the price changes in order to gain maximum profit.
While the usual Bitcoin transactions take minutes to be approved, it might not be the case with
online casinos that use cryptocurrency. For security reasons some websites process
withdrawals manually, which makes the procedure time-consuming.
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