Bitcoin online casinos: What are their pros and cons?
In our current technological era, Bitcoin currency has definitely made its mark as a valuable and unique form of currency. Interestingly, Bitcoin has allowed people to purchase amenities, place bets, and carry out transactions while remaining anonymous. Above all, Bitcoin is indeed known for providing military-grade security. On the flipside, NZD live casinos have to be kiwis’ favourite – thanks to their enticing bonuses and promotion offers, licenses, secured online environment, and much more! Bitcoin currency holds various potential advantages, especially when it comes to the gambling industry. It is due to these potential advantages that Bitcoin casinos are being preferred more over the live dealer casinos that do not offer Bitcoin transaction.
Bitcoin casinos allow users to have all the same features as a normal in-person or online casino but with the added protection of keeping users anonymity and without the need of bank account information. Due to the numerous advantages, one can get with bitcoin, bitcoin casino gambling is now on the rise. It will surely make your gaming life fun and exciting in the most convenient way. Since gambling with bitcoins is just new, you must consider several aspects as you need to learn important things concerning betting with bitcoins like the back of your hand. Moreover, they do not have cumbersome regulations, unlike traditional casinos. But again, with few or no regulations, it is important to choose a fair bitcoin casino that will offer you the highest security. Have a look at our recommended casinos below.
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In this article, we will discuss the pros and cons of Bitcoin casinos. Read on to get familiar with this new trend that has attracted gambling fans globally.
Bitcoin casinos Pros
- Bitcoin provide high transparency
Bitcoin casinos are renowned for providing transparency and clear platform than live dealer casinos – ensuring the odds are legit and clear to gamblers that ultimately help in avoiding scams.
- Bitcoins provide military-grade privacy
The biggest reason why not only gamblers but even Bitcoin-users, all over the world, prefer this crypto currency is the military-grade privacy provided by bitcoins. Bitcoins never ask for your personal information. However, the only time you are required to provide such information is when you want to purchase some
The only time you have to provide any personal details is when you want to purchase some Bitcoin where you would have to input your bank account or credit/debit card details. After that, you just have to connect the cryptocurrency wallet address to your online casino profile without providing any personal information.
- Bitcoins do not charge any fee
When it comes to Bitcoin gambling pros & cons this can be either one of them as most online casinos that accept cryptocurrency will not take a fee for any transaction you make but some other may actually ask for it. But again, even if there is any transaction fee, it is usually too low.
- Bitcoins offer fast transactions
Bitcoin, like most other cryptocurrencies, is decentralised. This means two things. First, there are no banks or any other physical jurisdiction behind the system, and second, everything runs on the Internet. This means that no intermediaries have to review the transactions, and in most cases, deposits and withdrawals will take about ten minutes to complete, if not instantly.
Remember, regular online casinos will many times take up to 7-10 days to even take a look at your application to withdraw money, let alone accept it which can take some more time.
- Bitcoins accompany great Bonuses and Promotions
Bitcoin online casinos are known for offering exciting bonuses and promotions. In regular online gambling platforms, you may see bonuses, especially the first deposit welcome bonuses, offering a 100% match bonus up to a couple of hundreds of dollars. However, when the casino accepts Bitcoin, those rewards can range anywhere from 1BTC to whopping 5BTCs. Note that at the time writing, 1 XBTC was equivalent to NZD$11,501.76.
By promotions, we often refer to additional bonuses on one-time ones. For example, freeroll Poker tournaments may be held where you can join for free but win a respectable amount of Bitcoin should you win the event. Reload bonuses are often offered and can be very generous as well.
- Bitcoins provide high security
As mentioned earlier, when you use Bitcoin for online casino gambling, your details will not be shown anywhere. That doesn’t only prevent anyone from getting critical personal details you may want to hide, but it protects you against identity theft as well, which is a pretty big deal should you think about it.
- Bitcoins offer anonymity
Bitcoin has allowed people to purchase amenities, place bets, and carry out transactions while remaining anonymous. As long as the payment is verified, there is no need to confirm the person’s identity.
- Bitcoins add value
Just as any other cryptocurrencies go by the demand and supply rule, Bitcoin is currently on the rise due to the high demand as more and more people on the work start using Bitcoin by each day that passes. Therefore, in case of online casinos, gamblers can really play smart when it comes to Bitcoin.
Another advantage is that players could withdraw or exchange their coins for fiat currency, or they could keep gambling using their available funds. Thus, they can have a considerable amount of money shortly.
Bitcoin casinos Cons
Yes, the value of a unit can either take a positive or a negative role. For the time being, gambling with Bitcoin is truly profitable but what happens after some years when the cryptocurrencies demand has dropped? Bitcoin currency can be volatile – the can experience serious value change on an hourly basis.
Its worth will start going down at a rapid pace so you should be aware of that and know when it’s time to withdraw and exchange your earnings for real money.
- It’s still a digital currency
It runs on the public ledger and every single thing, no matter how small or how significant, which runs online can at any time collapse due to a considerable number of reasons.
Sure most of each player’s funds are stored in secure cold storage but what about the amount that is still on the “air”. It could be lost in any time, and most likely you wouldn’t get a refund, not even a partial one.
- Little security
The issue of security goes for any online casino and not only the Bitcoin ones. Most online gambling site owners don’t wish to “fight” with the law over things, so they decide to base their operations on specific countries and areas. Thus you have no guarantee of taking back your money if something goes wrong.
This happens because the legal system cannot protect you whatsoever if the online casino you play in isn’t placed in your country of residence. However, laws related to online gambling with bitcoins depend upon the local jurisdiction.
- Minimum wage requirements
Earlier we talked about the bonuses and promotions that go together when depositing using Bitcoin. The drawback to these enormous amounts of money is the minimum wage requirement a user, will be asked to meet to become eligible to withdraw the winnings acquired with a said bonus.
Most online casinos will not let you withdraw Bitcoin if you haven’t fulfilled the whole needed amount, but there are still some that let you take part of your earnings based on the minimum wage requirement percentage you have cleared. These can often be as high as 35x-40x times rollovers.
- Not always fair gaming
The most significant disadvantage when gambling on Bitcoin casinos is that the games may not be certified as being “provably fair” even if the casino itself is fully licensed to operate and offer its services to potential players worldwide. This can cause a serious trouble to the players. In such a case, online casinos always have an upper hand – it does not happens when betting on a regular online casino but when it comes to Bitcoin and cryptocurrencies in general – unfortunately, things can take a wrong turn very fast. Sadly, the number of online casinos that have been involved in scams is still very high.
Bitcoin Casino Bonuses and Promotions
As a Bitcoin player, you can expect to get some great deals at top casinos online in 2019. The most popular offer is the welcome bonus, which can double or even triple the first real money deposit for free. A 100% match on the first payment is quite common nowadays and it is a great incentive for new players to get started. Other promos can come in the form of no deposit bonuses, free spins, or free coins. The latter is based on a rewards program where every bet made using Bitcoin generates comp points that can be exchanged into coins for free.
Blockchain technology has really removed some major pain points that prevent players from fully enjoying gambling activities. It is truly one of the most revolutionary innovations of all times. With current global trend, people should start acknowledging that bitcoin betting is becoming inevitable. In a nutshell, Bitcoin casinos are safer, more accessible and much better than other live casinos. Before, deciding to play on a bitcoin casino, one must refer to an authentic bitcoin gambling guide and then proceed to play on.
Talking of bitcoin online casinos pros & cons, thankfully, there is still a perfect balance between the two. Therefore, it’s a matter of choice – you may even choose to play on the top New Zealand online casinos that do not offer bitcoin services. However, we encourage you to use Bitcoin as the bonuses are worth it in our opinion. The bottom line is that it is essential to play responsibly and place your bets carefully.
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