Bitcoin Casinos

Bitcoin VS Fiat Currencies Comparative Table

We mentioned the advantages and disadvantages of playing online casinos with Bitcoin, but how do they stack up against mainstream methods of payment? Here is a comprehensive table that will help you take stock of the situation.

PROS

Data Protection
If you are not keen on sharing your personal information on betting sites, Bitcoin casinos are the way to go. The best bitcoin casinos will allow you to deposit and withdraw completely anonymously without ever exposing your personal information to the sites. This safety and security measure extends to all transactions done online. Rather than sharing your personal details with many different sites, you only input them in your e-wallet which then hides and protects them. Considering the rise of digital crime, this is a big security plus.

Lower Fees
Traditional methods of moving around money rely on third parties such as banks to act as the middleman between the sender and the receiver. This, in turn, requires higher fees to be paid out in order to cover the additional work put in this step of the transaction. Bitcoin payments, on the other hand, are peer-to-peer and completely bypass this phase. With direct transactions made between Bitcoin holders, the costs are cut and payments incur very low if not free fees. Such savings do not only apply to you but also to Bitcoin casinos which can then offer additional bonuses for using this cryptocurrency.

Instant Transactions
Bitcoin works purely on a virtual scale, meaning both withdrawals and deposits are practically instantaneous, whilst fiat currency transactions can take up to days to be processed and sent. Not only are the transactions faster, but the limits are usually considerably higher on both deposits and withdrawals.

Anonymity
Bitcoin gambling is practically anonymous due to the intrinsic nature of the cryptocurrency. True, all transactions done through Bitcoin are publicly listed for everyone to see on the public ledger known as “blockchain”, however, there is absolutely no personal data attached to each transaction. Instead, a one-time-use alphanumeric code only known by the sender and the receiver of the Bitcoin is issued per transaction.

CONS

On the flip side of the (Bit)coin, users need to be aware of two defining features of cryptocurrency:

Volatility
All currencies fluctuate every single day but Bitcoin is not tied to anything but the value that it is given by its users: a double edged sword. The volatility of the virtual coin is higher compared to mainstream currencies. Though it is impossible to accurately predict what the Bitcoin trend will look like, it has been soaring in the past few years. Investors and entrepreneurs alike have started adopting Bitcoin as their preferred method of payment, and the virtual coin has become more and more mainstream. Due to its soaring popularity, Bitcoin is gaining traction and is expected to keep on growing in the near future.

(Not yet) Widely Spread
As with all things novel, it can take time for the public to get acquainted with unexplored ideas. Some of the best Bitcoin casinos out there are laready pioneering the new wave of crypto gambling, setting the pace for all others to follow.

With all the advantages that Bitcoin gambling brings to the table, it is only a matter of time before more and more providers start accepting this method of payment. Meanwhile, the first Bitcoin casinos are offering very interesting bonuses which early comers can profit from.