Bitcoin in E-Gambling: Pros and Cons

Bitcoin and other cryptocurrencies are becoming more and more popular, they are often used for in visual casinos. Many gamblers purposely look for cryptocurrency online casino sites as they have already understood why this means of payment is advantageous.

Operators of virtual games, such as 188spesial, explain that using bitcoin for bet has both advantages and disadvantages.

Pros of Cryptocurrency in Casino

1. Low Transaction Fee

Bitcoin is a decentralized net so there is no public authority that would like to earn with the help of cryptocurrency operations. There are some transaction fees for bitcoin use but usually it is a couple of cents. This is way less than commissions that casinos usually pay for banks, payment systems, and aggregators. No doubt, that soon more and more casinos will resort to cryptocurrency operations using them for financial operations. Gamblers will be offered to withdraw money in cryptocurrency interest-free if it has already been used for balance refill.

2. Anonymity and Confidentiality

To work with banks and payments systems, you will have to provide plenty of documents and personal data. Operations with bitcoin take less information сотрудничества с банками и платежными системами потребуется — only the address of the bitcoin wallet as well as public keys and privacy keys. Many potential gamblers do not find the prospect of sending scans of their passports appealing. Most virtual casinos do not want to verify gamblers’ accounts and deal with their payments without documents.

3. Security

Naturally, bitcoin is a decentralized currency so it has a significant currency in comparison to fiat money. While the data about operations with fiat money is kept in the bank register or the electronic payment system, bitcoin differs with its system of decentralized registers. So, any attempt to make a history of transactions will be declines and individual transaction of gamblers will get to public access on the Internet. Money of a casino or a gambler that is kept in cryptocurrency will not be blocked on whim of any bank or authority.

4. Law Compliance

Law of some countries restricts to use of definite payment instruments for gambling. For example, you cannot refill your balance in casino with plastic cards. While using bitcoin, there are no limitations for gambling depending on the jurisdiction. Operators and gamblers may be located in different countries with various limitation of the gambling business. Bitcoin is not confined to the government limitations, so it may be used for mutual exchanges absolutely legally.

Cons

The biggest disadvantage of bitcoin is its volatility — the cost of cryptocurrency may be changed by 15-20% in a day. So, gamblers or casinos may get in disbalance with relation to fiat money. That’s why some gambling operators lean towards some more stable currencies.

Another big disadvantage is bitcoin idealism. Some people extol it and consider it to be invulnerable currency but in fact it is also not protected against cracking. And there is still an open question about the future of bitcoin.