The gambling industry is among those entertainment branches that seem to always integrate the latest technology into their systems and take full advancements of the modern changes. If one means to keep up with the times and stay relevant, one has to continue progressing forward and always be on top of novelty solutions. Technology is advancing at an incredible pace and it is only getting bigger and more diverse out there. This means that anyone that relies on it or that can benefit from it should join in and expand their horizons. When it comes to gambling, things have already been moved to the internet. After decades, centuries even, of traditional gambling being the most dominant, people have started logging into their online accounts much more than making their way to a local brick and mortar establishment. However, the changes still keep coming.
The latest change through which online gambling has gone involves the preferred payment method of the players, as well as the option that certain online casinos make possible. There have always been several options to withdraw and deposit gambling money during your gambling session. There are of course debit and credit cards, internet payment services like PayPal for example, and even more archaic solutions like bank transfers. With smartphone apps and smart banking, there are now many other options as well. However, none have been so big and meaningful quite as much as cryptocurrency. When the worlds of crypto and online gambling collided, nothing was the same but both of them were better. Leading the way, as always, has been bitcoin. In this article we talk pros and cons of using bitcoin for online gambling as your main currency. Read on to learn more. For more on online gambling, be sure to check out BetFury.io.
The Positive Sides (Pros)
As it is customary to always start with the good sides of things, let us first talk about what makes bitcoin a great currency to use for online gambling. There are several great pros here, enough to make any online gambling fan turn to crypto for their future endeavors.
Since the dawn of bitcoin, crypto, and blockchain, the number one feature that has been bringing people along for the ride has been the anonymous nature of it all. The fact that nobody really knows who is on the other side of the transaction and no personal or financial info being used whatsoever is already so much better than traditional payments. Since there is no third party or mediator between you and the casino like there would otherwise be a bank or a payment service for example, your identity is kept hidden and none of your valuable data is being shared. With an activity as data- and money-dependent as online gambling, giving yourself some extra anonymity is always welcome.
Using bitcoin for online gambling is also great because of the increased security that the whole system, and the anonymous nature, bring to the table. Blockchain is not owned by anyone and it is as transparent as it gets. Everyone can browse through and view transactions. The systems in place protect the users and the transactions cannot be stopped or reversed once they have been made. This means that there is almost no chance for hackers and fraudsters to steal the bitcoins from you or the casino. Basically, it is all much more secure than what regular payment options provide the gamblers.
3. Bitcoin is Always Growing
Simply using bitcoin and having your own balance of cryptocurrency is enough benefit on its own to make its useful in online gambling scenarios. The cryptocurrency industry continues to grow and it will only get bigger in the future. Having some of your own will allow you to be more successful on that front when bitcoin becomes even more prominent and when entertainment other than online casinos starts to use them. It is always better to hop on a trend early and reap the benefits later than to wait for years before becoming a part of it all.
The Negative Sides (Cons)
As with many other things in life, nothing is entirely good or bad. The same is true for using bitcoin for your online gambling sessions so let us mention the biggest downsides of this approach.
4. Volatility of Cryptos
The thing cryptocurrencies have been the most infamous for has to be the volatility of their value. Seemingly overnight their value can drop to a point where it no longer makes sense to own them. While bitcoin is the leading crypto and the one all other tokens revolve around and look up to, it is far from being stable. Just recently it has been experiencing a huge drop and the industry is currently ins shambles yet again. But as many times before, things will start looking up again. The problem with volatility and bitcoin deposits/withdrawals is that you can end up paying more than what you would on a different day, or taking less.
5. Limited Number of Casinos
The second-biggest con of using bitcoin in online gambling is the still limited number of online casinos that accept this form pf payment. While the most progressive and forward thinking casinos have already implemented multiple different cryptos into their existing systems, the majority is still on the fence about such a move. And who can blame them? There has always been a lot of uncertainty when it comes to real-life use of cryptos, even bitcoin. While things are looking up and although more and more online casinos are joining the movement, there is still a very limited number of casinos that allow this feature. This makes many players continue to use traditional money.
6. Geographical Restrictions
Last but not least, we must mention geographical restrictions regarding bitcoin. Many countries and regions have banned the use of crypto in one way or another. Certain governments have implemented laws and regulations that limit owning and using cryptocurrency, which would therefore prevent online gamblers from utilizing them in their favorite hobby. There are many regional differences and you are either of great or poor luck in terms of how loose and free the rules are in your country. This is a problem because we are still far away from even a semi-universal solution or even an attempt to standardize something this divisive.