If you’ve never heard of bitcoin gambling and crypto gambling then you’d be surprised to know that this particular industry has grown substantially over the years and has become quite popular.
It operates on mostly the same rules as gambling with other currencies. Willing players can find a lot of chances to play in the top bitcoin gambling sites on the net with a bit of research.
What is Bitcoin Gambling?
Bitcoin gambling (or BTC gambling) is when a website enables users to gamble with their crypto and tokens. You can gamble through online games and it’s usually faster than traditional gambling sites. Additionally, a lot of these sites let users use top-up cards among other tools to their advantage.
Bitcoin Gambling Vs. Traditional Gambling
Bitcoin gambling sites and traditional gambling sites have many similarities and in essence, are operating on the same concepts. However, there are some differences between these two. So, what’s there to look out for?
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Payment
Most traditional casinos rely on third parties for their payment methods and transactions. Bitcoin casinos typically have no intermediaries. Payment is direct.
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Regulation
Regulation is required in traditional gambling sites since they issue casinos with licenses. Normally, gambling and Bitcoin casinos don’t need approval from these authorities since funds are transferred and transmitted directly from a user’s crypto wallet and their gambling account.
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Transparency
Bitcoin casinos tend to be more transparent than traditional casinos. They tend to conceal less important information from their players than your classic casino.
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Security
Bitcoin wallets are more difficult to hack and are generally more secure than using bank accounts, debits, and credits. There are also plenty of options when it comes to bitcoin wallets, and many people have a hardware wallet for their cryptocurrency. This means they can store their funds offline. These types of wallets offer a high level of security and are extremely difficult to tamper with.
Another thing to consider is that traditional casinos require users to disclose their details but Bitcoin casinos don’t, thanks to the decentralization and anonymity of use.
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Variety in Games
Both casinos typically offer a plethora of games so diversity of options is not a problem. There’s also an attractive portfolio of perks and bonuses that exist. Bitcoin casinos do however offer over a 99% payout rate compared to the classic casinos.
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Fairness in Games
The chances of winning in BTC casinos are significantly higher since game fairness is substantially larger than in classic casino games. Why is this?
Pros And Cons Of Gambling With Bitcoin
Let’s review the advantages and disadvantages of bitcoin gambling websites to move forward with a ready mindset.
Pros Of Gambling With Bitcoin
What are the advantages that come with playing with bitcoin? There are many evident pros to choosing bitcoin online gambling over the traditional routes.
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Cheaper
A BTC gambling site is typically cheaper than a classic online site. Traditional types have many extra costs that come with their deposits and transactions. Players also have a lot of duties and taxes to consider which cuts down on their total net amount of winnings.
Crypto casinos have either zero transaction fees or very low-cost fees. They are not regulated, which makes them even cheaper. They also typically have low-cost withdrawal and deposit fees. This is a huge pro to consider if you don’t want to lose half your winnings on taxes.
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Speedy Transactions
Transactions are speedier with BTC deposits and withdrawals due to its modernity and its use of blockchain technology. Crypto transactions usually take a few hours to process.
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Convenient
Bitcoin accessibility is very high, making it available to the majority of the globe. Some countries have restrictions on casinos but crypto casinos offer an alternative option for gamblers. This also helps them avoid joining illegal gambling websites.
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VIP Programs
Many crypto casinos offer users the option to join VIP programs. This lets them win welcome bonuses, a personal manager, more gambling options, cash prizes, weekend cashback rewards, trips, and of course loyalty rewards.
This is a good option for regular players and for those who want to have the perks while playing. They can also collect loyalty points from these memberships. These programs along with the bonuses we’ve mentioned before can be lucrative to a smart player.
Cons Of Gambling With Bitcoin
You’re in the business of gambling, risks come with the program. So let’s take a look at the cons that come with these modern casinos. It’s always best to be prepared. Gambling with bitcoin comes with a few disadvantages as with any sort of gambling.
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No Recourse
An online bitcoin gambling site doesn't offer players recourse if they make any funding mistakes.
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Crypto Wallet Needed
Users will need to get a crypto wallet, online or offline, to play in these casinos.
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Technical Know-How Needed
Players will need to research crypto, bitcoin casino gambling rules, and how to play the games. Crypto isn’t a familiar concept to everyone. And for those who are less tech-savvy and not up to date with this space, gambling is unwise. Knowing the basics, and understanding them is required.
It’s not difficult to learn, which is an upside at the end of the day.
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Volatility
Cryptocurrencies like BTC in general are volatile currencies. They’re subject to change. It’s best to keep this in mind.
Future of Gambling Using Bitcoin
The future of bitcoin online gambling sites seems bright. Looks like it might be here to stay. According to stats offered by Cryptonomist, this industry is estimated to be valued at $192 billion by 2030.
Using bitcoin for online gambling will see an upsurge in trendy concepts like Metaverse or virtual casinos. The concept of decentralized gambling, which makes transactions speedier, seems to be a favorable win for players and the casino alike, so it’s likely to stay integrated.
However, there’s a chance that more regulation will be put into place for crypto casinos in the future, as what has happened with trading and investing cryptocurrencies in the market. Hopefully, low house edges will be a norm in this industry since this industry will grow, and casinos want to have a competitive edge over each other.
FAQ
Can you gamble with Bitcoins?
Well of course you can, otherwise, this whole industry wouldn’t be standing today. As we’ve stated, BTC gambling comes with a lot of perks, like more security, fewer transaction fees, and speedier transactions. It is less fussy than gambling with traditional currencies.
Where Can You Gamble With Bitcoin?
On legit gambling websites, of course. Legitimate gambling sites bitcoin have a valid license to operate, which you can find on their website. Or simply research its validity, which will take a few extra minutes.
The top sites for playing offer a plethora of games, fair gameplay, fast transactions, and more. Some sites might charge a very small fee for converting BTC into fiat currencies, but the amount isn’t that substantial.
