The gaming industry has already transitioned to the internet. After years, if not centuries, in which conventional gambling predominated, customers are now more likely to log into their internet accounts than to visit a nearby physical location today.
The most recent changes in online gambling have to do with the players’ preferred means of payment and the choices that certain gambling sites provide. There have always been a variety of ways to transfer money and make payments while gambling. Debit/credit cards, online money transfers like PayPal, and even more antiquated methods like bank transfers are available.
There are many more alternatives now thanks to smart financial and mobile applications. But none has been as significant as cryptocurrency. Nothing remained the same but both industries—crypto and online gambling—became better as a result of their collision. As always, bitcoin has been paving the way. Thus, in this article, we will discuss the pros and cons of using bitcoin in online gambling.
Bitcoin Online Gambling in 2024
Source: analyticsinsight.net
2024 will mark the apex of Bitcoin betting in terms of cryptocurrency gaming. According to the 2024 SOFTSWISS report on cryptocurrency, around 80% of all iGaming brands were bitcoin gaming brands that use SOFTSWISS software.
Ethereum is the second-placed cryptocurrency, with a roughly 10% market share. Crypto currently accounts for more than a quarter of all wagers placed across brands powered by SOFTSWISS. This contrasts with the 5% proportion that cryptocurrency bets had the prior year.
The growth in the percentage of online cryptocurrency gaming coincides with Bitcoin achieving an all-time high cost and occurs during a year in which the crypto business has attracted a lot of interest.
The Pros of Using Bitcoin
Let’s start by discussing what makes bitcoin a wonderful money to use for internet gambling, as it is traditional to always start with the positive aspects of things. Any online gambling enthusiast would be persuaded to use cryptocurrency in the future by the many fantastic advantages listed here.
- Confidentiality and privacy
Since the inception of bitcoin, cryptocurrencies, and blockchain, the anonymity of everything has been the main draw for new users. It is already so much better than regular payment systems because no one truly knows who is on the opposite end of the transaction and no personal or financial information is used at all.
Your identity is kept private and no sensitive information is disclosed because there is no intermediary or third party between yourself and the casino. Giving yourself a little more privacy is usually appreciated when engaging in an activity that depends on data and money like online gambling.
- Security
Source: techfi.tech
The greater security that the entire system and bitcoin’s anonymity bring to the table makes it an excellent choice for online gaming. The distributed ledger technology is completely transparent and has no owner. Anyone can look through and see transactions. Furthermore, users are protected by the systems in place, and after a transaction has been completed, it cannot be canceled or undone.
This implies that there is absolutely no potential for hackers and scammers to steal BTC from the operator or you. In general, it is significantly safer than what standard payment alternatives offer gamblers.
- For Bitcoin, low transaction costs are available.
There are no intermediaries on a distributed platform, hence there are no fees. The way the system is set up could result in fees for faster payment methods or the conversion of bitcoins into fiat currency. You will still have the option to adjust your commission in favor of a speedy cryptocurrency transfer or a low commission in the vast majority of wallets.
The Cons of Using Bitcoin
There are no pure good or pure terrible things in life, as there are many other things. The same is true if you choose to gamble online using bitcoin, therefore let’s discuss the greatest drawbacks of using Bitcoin in Gambling.
- Bitcoin is erratic (Volatile)
One key thing to also note is that the price of Bitcoin fluctuates, and the reason behind this is because the cryptocurrency is limited in supply, and at the same time there is a growing demand for the currency. Corroborating this, SOFTSWISS also reported the drastic fluctuation in the price of bitcoin in the year 2017. Therefore, it is not advisable to save up the majority of your funds in Bitcoin because its price rises and falls.
- Legal Issues
Source: entrepreneur.com
Online gambling with Bitcoin poses unique legal challenges for consumers and operators. Participants should be aware of their local laws regarding online gambling, including what types of gambling are illegal or unregulated in certain regions. In some cases, Bitcoin may be considered a form of currency and subject to different regulations than other forms of online gaming.
For example, a few countries are now looking into how to regulate Bitcoin bettors so they can ensure transactions are being properly monitored and tracked. Additionally, there is the risk of fraud when using unregulated currencies as opposed to using traditional fiat currencies. With no physical representation, it is possible for scammers to fake amounts or put false values on coins.
- There Are Not Many Casinos
The fact that there are still only a few online casinos that accept bitcoin gambling or bitcoin as payment is another major disadvantage of utilizing this currency for online gaming. Most casinos are still unsure whether to adopt many various cryptocurrencies into their current systems, but the most innovative and forward-thinking casinos have already done so. Who can blame them, though?
When it comes to the actual use of cryptocurrencies, including bitcoin, there has always been a great deal of confusion. Even while things are improving and more and more online casinos are supporting the cause, there are still relatively few casinos that offer this function. Due to this, many players still use the conventional currency.
Conclusion
We suggest you try to learn as much as you can about the safest ways to use, store, and handle your currencies if you decide to engage in Bitcoin gaming.
