Bitcoin has made its mark as a handy form of currency for both online purchases and Bitcoin gambling. S8888casino gives this Some of the advantages & Disadvantages of using Bitcoin in online casinos are:
Safe payment method & Transparent transactions
Bitcoin is encrypted and backed with blockchain, which guarantees no theft is possible.
Bitcoin transactions are virtually impossible to cheat, scam, or hack. Essentially, there is no way to fraud the Bitcoin system.
Low transaction costs & Instant transfer
Bitcoin involves minimal costs included in transacting over the blockchain, enjoying the status of a practically cost-free transaction option.
Bitcoin transactions take anything from a few seconds to a few hours, unlike traditional deposits and withdrawals which can take up to a few days. The most extended Bitcoin transaction recorded is 24h.
Blockchain transactions are fully anonymous and un-attributable, with no paper trail on bank statements confirming transactions. This type of play has presented itself as an extreme benefit for players who like to keep their online gambling discreet.
Disadvantages of Using Bitcoin in Online Casinos
Like any other currency, Bitcoin to has its disadvantages. Here are some of, the most mentioned disadvantages when using Bitcoin in online casinos:
Limited number of Bitcoin casinos & Uncertain legal status
Although Bitcoin's popularity is increasing, there is still a limited number of Bitcoin casinos present on the market. Not every casino and software provider offer Bitcoin games.
Bitcoin legal status is still uncertain, which is why many countries have not yet approved of this currency.
Potentially slow transactions & High volatility
Paradoxical to claims of Bitcoin instant transfers, there are situations recorded of withdrawals with Bitcoin taking even longer than withdrawals to credit/debit cards. This usually happens with websites that manually process Bitcoin withdrawals due to security purposes.
Bitcoin may be a lot more expensive than traditional currencies due to its volatility, making its results somewhat risky.
No chargebacks or refunds
Unlike fiat currency, Bitcoin has no refund or chargeback policy established, which may deter players from using it. Check out this guide to casino payment methods for more information on what currencies you can use when playing at online casinos.
Also, give our podcast on cryptocurrencies and casinos a listen for more insight into the world of cryptos.
Bitcoin Gambling Promotions and Bonuses
While a commonly overlooked perk of Bitcoin online gambling, Bitcoin casinos typically have lucrative bonuses and promotions as well as well-rewarding Bitcoin games and benefits.
Traditional online casinos and other gambling platforms offer approximately double amount bonuses for profits of up to a few hundred of dollars. Bitcoin casinos, however, extend rewards ranging from 1 BTC to 5 BTC.
The best Bitcoin casinos are known to design attractive promotions to attract non-Bitcoin believers to their gambling platforms.
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