The betting industry is one of the most important users of Bitcoin, today. This trend, however, is gradually reducing people’s dependence on fiat currencies for account funding and winnings payouts. In fact, some of the most reliable online casinos have created Bitcoin Baccarat with complete transactions in Bitcoin. However, there are still questions as to how beneficial this is for all the stakeholders, and whether fiat currencies should still be used.
Now, since most online casinos still offer both Bitcoin and fiat currency options, it is important to know and weigh the benefits of Bitcoin use, compared with regular bank money. Irrespective of whether you’re a first-time gambler or a regular online casino user, this would help you decide on what option is most suitable and profitable for your gambling style- in the short and long term.
In this article, we would be discussing some of the main advantages of Bitcoin compared to fiat currency use, for online casinos.
Merits Of Bitcoin Use For Online Casinos
In 2020, the following are some of the most obvious reasons why online casino operators and users as well, are opting for Bitcoin use:
1. Relatively safer and secured framework for users
Most times when using fiat currency on any of the online casinos, users are required to input delicate information such as their credit or debit card details. Over the years, there has been increasing evidence to show how unsafe this is, as many people have had their card details stolen directly from the casino websites where they were used.
However, since Bitcoin does not require providing such information that can be used to target users’ funds, it feels just normal for more people to opt for it instead. Once you’ve deposited to the stated Bitcoin address, there’s usually no other information left on the casino website that can be hacked and used to illegally withdraw your Bitcoin wallet funds.
2. Bitcoin funding and withdrawal processes are cheaper
One of the drawbacks of the traditional banking systems is its enormous fees and charges for every transaction made. Sometimes, these fees eat quite significantly into the gambler’s winnings, hence making them lose money somehow. Regulatory and revenue agencies also find the fiat currency method of transaction easy to monitor and impose taxes on.
Although there are still transaction fees to be paid even when using Bitcoin, the fees are relatively reduced and are usually just a minute fraction of the total sums involved in each transaction. Bitcoin is also not regulated by any government agency, and this makes it even cheaper to use.
3. Bitcoin transactions are faster than fiat currency transactions
This is probably one of the biggest reasons why Bitcoin use for online gambling is fast replacing fiat currency use. Usually, fiat currency payments may be restricted by faulty bank systems and networks, so that payments are not received on time. Asides the fact that this is time-consuming, it also creates inconveniences for casino users. This is not so with Bitcoin, as transactions are usually fast and are likely to go through within very minutes or just seconds- sometimes.
This ease and speed of sending and receiving funds without delays would definitely enhance Bitcoin use for online casinos, in the months to come.
4. Bitcoin casinos usually come with more bonuses for users
If you’re looking to get more bonuses and tips for your gambling activities online, then you just might want to consider switching to bitcoin casinos. This is not to say that the fiat currency driven online casinos do not give bonuses, but you would be surprised as to how many multiples of those fiat currency bonuses you can get on a Bitcoin casino train.
Sometimes Bitcoin casinos offer such enormous bonuses as a way of attracting non-Bitcoin users, hence promoting Bitcoin use in some way.
5. Bitcoin online casinos tend to be more transparent
People who have used both fiat currency casinos and Bitcoin casinos online, tend to agree that Bitcoin casinos are more transparent and less likely to be manipulated. In traditional online gambling, there are tendencies for casinos to adopt tactics that significantly put users on the disadvantaged side. They may not show all the odds and potential winning that could make the user make a more prospective decision.
This seems to be absent in online Bitcoin casinos, however, as most of them tend to clearly show all the variables that determine each betting round results. This is consequently making more people trust Bitcoin casinos
Demerits Of Bitcoin Use In Online Casinos
Now, although more people would likely prefer the Bitcoin casinos, it is also important to state some of the demerits of Bitcoin use that may affect users. These includes:
1. Bitcoin volatility
Bitcoin volatility is one crucial factor that keeps affecting the way people want to use this digital currency. In fact, it is still a top reason for the reluctance behind Bitcoin adoption and use. If you would be gambling with Bitcoin, then you need to also keep a close watch on the market, so you don’t lose money.
Bitcoin prices move significantly, depending on supply and demand per time. Hence, while you could make some profit from the price surge, you could also lose money if the prices go down. Usually, the best thing to do before a price decline is to convert your bitcoins to a more stable fiat currency, until you’re comfortable to use them again.
On the overall, the benefits of Bitcoin use over fiat currency for online casinos far outweigh the disadvantages- for most scenarios. However, if you’ve not used Bitcoin before, you may need to practice and master using it, before proceeding to use them on your online casino accounts. New users may need to find out ways of exchanging fiat currencies for Bitcoin, and without getting scammed.
You should also find out and be conversant with security measures associated with keeping your Bitcoin secured. This includes the use of cold wallet provisions for Bitcoin storage, protection of wallet private keys, etcetera.