In the new wave of digital currency, bitcoin has moved out of the shadows to become a household name around the world. You cannot underestimate the penetration of the technology. Even those not involved in any way have certainly heard of bitcoin.
Bitcoin is nothing new. It has been around for a decade. That’s quite a lot of time for mainstream adoption, which bitcoin is yet to achieve. However, although blockchain technology is making slow progress, progress is progress all the same.
Today we explore online gambling using bitcoin. We discuss the merits and demerits of bitcoin’s involvement in the sector and hopefully keep you well informed before making the decision.
Let’s start with the pros
Personal Information Security
Using bitcoin when gambling guarantees security when it comes to your personal details. The only information needed is your bitcoin wallet address, and sometimes your name. No other details are required. And, considering your bitcoin wallet address is anonymous, you have nothing to be afraid of.
There is no need for gambling platforms to keep customer banking details. It would be a risk to your personal information’s security whenever there is a data breach in the centralized database system.
Anonymous Crypto Gambling
As aforementioned your bitcoin wallet address is the only thing needed. You won’t need banking details when transferring cryptocurrency. This means you could keep your identity anonymous to a larger extent.
It’s also not a legal requirement to provide your name. This further heightens your privacy while engaging in your online gambling activities.
No Transaction Fees
If you have used a credit card before, then you are aware of the fees charges when transacting. Some go as up as 10% of the deposit. In addition to these fees are possible conversion charges when transacting in foreign casinos.
On the other hand, the fee charged while using bitcoin is negligible. Cryptos don’t require third-party intermediaries since they don’t belong to any specific country. They are sent directly from your wallet to a casino anywhere without any additional costs.
Below are a few cons that you should be aware of as a crypto gambler.
Cryptocurrencies Are Highly Volatile
Cryptos are emerging assets, and their price can be very volatile. Now, any funds that you have kept in store could lose value very quickly, sometimes as a matter of hours. But on the flip side, they could also gain value…in just hours.
Non-Rectifiable Mistakes And No Legal Oversight
Bitcoin, like other cryptocurrencies, has no central authority. Meaning there is nobody there to rectify your transaction errors. Type in a wrong address, and you could lose your funds forever. Nobody can get them back for you. Handle with ultimate caution.
The fact that there is no legal oversight may come to many as a benefit rather than a shortcoming. Its however a serious disadvantage when somebody steals your crypto. Getting help from the authorities can be quite a daunting task since bitcoin doesn’t fall to any country’s jurisdiction.
As you can see, the benefits of online bitcoin gambling outweigh the demerits. All you need to do is take time to learn more about the technology and prepare before exploring.
Cryptocurrencies are the future of money. In the coming years, everybody will be using crypto. So, consider this a test and getting conversant with the future that is coming; A future of cryptocurrencies.