Bitcoin is by far the leader among cryptocurrencies, this coin is trying its best to adopt all of the latest technologies and to be implemented in various fields of our life.
Not that long ago, Bitcoin casinos stepped into our daily lives. Thus, many became concerned whether it is actually safe-to-play in Bitcoin casinos at all.
Is Bitcoin the ideal cryptocurrency for online gambling?
There is no doubt that a crypto society recognizes Bitcoin as one of the best cryptocurrencies out there that can bring many benefits to everyone.
But as gambling, in general, is a risky business, many think about the safety of playing in a Bitcoin casino in the first place. While there are many who claim that playing using cryptocurrency is risk-free, others still believe that it is better to play with fiat currency.
So let’s look at both advantages and demerits of playing in crypto-compatible casinos while using Bitcoin, as well as pretty much any other cryptocurrency.
Mike Gates
Advantages and disadvantages of playing casino games with Bitcoins
Firstly, the speed at which you can access your winning is noticeably higher when using crypto. Withdrawing traditional currency can take around a week to complete. At the same time, with the Bitcoin e-wallet, you can do that within minutes.
A yet another great advantage of Bitcoin in that matter is low fees which can be explained by the absence of a third party approval process – users can receive can send and receive Bitcoins in a matter of seconds without any intervention of a third party.
When it comes to the disadvantages of Bitcoin casinos, the only thing that actually matters is a casino itself. There are currently three casinos that are on the ‘blacklist’: Euro Play Casino, Grand Reef, and Balzac Casino.
These casinos were named unreliable because “unsavory business practices, unresolved customer problems, loose gameplay in free mode, slow payment time, and no information on licenses.”
Therefore, drawing a bottom line here, a Bitcoin casino is by no means less safe than a traditional or online casino. The most important point to keep in mind, however, is the reputation of the casino itself – considering the anonymity of the Bitcoin casinos, it is especially important.
