Cryptocurrencies are among the greatest inventions that came with the rise of the Internet. They are mostly used for shopping online, and most dominant in the e-gambling industry. There are several pros and cons of using cryptocurrencies in e-gambling and that is exactly the topic that we wanted to discuss in this article.
Bitcoin gambling has become extremely popular in the past few years because it offers several great advantages to the players. More and more online casinos are featuring Bitcoin and other cryptocurrencies as payment methods. Let’s check out what are their advantages and disadvantages.
One of the most prestigious pros that come by using Bitcoin or any other cryptocurrency is fast transactions. All deposits and withdrawals made with cryptocurrencies are instant. Just to put this into perspective, regular payment methods require several days of processing before they are transferred to your account.
Next up, we have anonymity. When registering at online casinos, players receive a certain level of anonymity by playing under aliases. That anonymity is increased even more by using cryptocurrencies.
Lastly, one of the biggest benefits that Bitcoin and all other cryptocurrencies are that players save a lot of money by using them. Since cryptocurrencies are self-sustainable and not controlled by banks, players are not required to pay added or hidden fees.
Furthermore, they are not location-based, which is a big plus for someone that wants to play online casino games in countries where this type of gambling is not regulated by law.
You may think that these pros are good enough reason to start using them, but our headline is ‘pros and cons of using cryptocurrencies in e-gambling’, so make sure you read the cons before making a decision.
Two cons come by using cryptocurrencies. First off, their volatility is high, which means that their value changes each day. It’s hard to predict what their value will be. The second one is that transactions with cryptocurrencies are immutable.
Once you transfer them, you cannot get them back, which is not the case with regular payment methods. This can be a massive disadvantage if you end up making a wrong transaction.
Now that you’ve seen all pros and cons of using cryptocurrencies in e-gambling, you can decide whether you want to use them or not. Our stance is that the pros outweigh the cons by far and they are definitely worth using.