What Are the Advantages and Disadvantages of Bitcoin Casinos?

The online casino industry is on the lookout for new technological trends and makes sure it adapts some of them to ensure it stays popular and better accommodate its customers. One example of this is the fact that the majority of casino sites are available on mobile devices such as smartphones and tablets.

To ease the transactions their clients make, they also adapt tech advancements in the financial sector which is why they accept eWallets and cryptocurrencies. One of the most popular cryptocurrencies is Bitcoin and because of its popularity, the industry spawned the first bitcoin casino websites. Despite being new on the market they are gaining popularity quickly and like most new trends these types of casinos have some positive sides and drawbacks.

The Advantages

Everything that involves money online is always at risk because hackers along with identity thieves and scammers never miss an opportunity to get their money from their next victim. This is why online casinos take extra steps when it comes to the security of their clients. Bitcoin casinos, on the other hand, use these measures as well but the fact that they use bitcoin makes them safer than other casino sites. Bitcoin guarantees privacy to both the players and the casino owners so neither has to worry about their personal or financial data being at risk.

Bitcoin casinos are still a new thing and they need time to reach a larger audience. The common ways of making transactions are done so through a third party, which is a bank. This presents problems because players have to wait for some time before a transaction is completed and they have to pay a fee to the third party for their services. Bitcoin surpasses this as it offers speedy transactions for all its clients. You can forget about waiting for days for a withdrawal to be made because the transactions are completed in a matter of minutes. Moreover, when it comes to fees and taxes, you won’t pay any if you choose to play at a bitcoin casino since the cryptocurrency successfully cuts out the third party.

The Disadvantages

There are relatively few drawbacks that bitcoin casinos have. The first thing that stands out is that these types of casinos don’t need a license to operate. This is because of the level of safety and security the use of the currency provides. However, people would need to take measures when choosing a website to play on since anyone can set up a scam. Another thing that makes bitcoin casinos unreliable is the currency itself. The exchange rate of it can move up or down unexpectedly and can either work for or against you. If it moves positively against the currency you’re using then you’re lucky, but if it moves negatively you’re not. Finally, not all websites process the transactions quickly so some of them can take more time than a debit card transaction.

Conclusion

Bitcoin casinos have their positive and negative sides, but when you consider the fact that they’re still no widely accepted you can see why that’s the reason. The currency has yet to take on the financial sector and be accepted by the public. By that time these casinos will have gained more popularity and would have taken care of their flaws.