Through recent technologies and inventions, the iGaming platforms have taken over the Gambling industry. Transactions on these platforms are done using special currencies; Crypto-currencies, especially Bitcoin. Although there are some downsides to the use of Bitcoins, It remains one of the best methods of online financial transactions. On this review, we look deeply into the pros and cons of Bitcoin Gambling.
Pros of bitcoin gambling
Zero transaction charge
This is one of the major reasons why a large number of marketers and investors make use of the Bitcoin Crypto-currency. Unlike your traditional banking system where all transactions are made with a charge on it, But due to the end-to-end system in bitcoin, you are not charged for any transaction. Although, a little bit of money, about $0.04 or less, is sometimes channeled to miners. This amount is nothing compared to how much you are being charged by your local banks.
Your normal banking system would always need to provide a lot if not all personal data, this might be a bit discouraging as you can’t fully trust anyone just like that, Bitcoin platforms require very little information about yourself, thereby assuring you of privacy. If you wish to make an anonymous transaction, then Bitcoin should be your go-to method, the system is end-to-end encrypted, meaning there is no third party with access to your transactions, and this is one of the factors that attracts a lot of people.
Your usual banking system works in such a way where there is one ledger containing all the transactions and is handled by the institution, this system is not at all flawless as changes could be made easily without any proof, meanwhile, Bitcoin makes use of a public ledger system, where all actions can be seen by all parties and all changes can be monitored. Gaming operators can recognize this highly secured method of transaction, and that is why it is being used by many.
With Bitcoin, it could take a few hours sometimes minute to deposit, withdraw or transfer money, this is very fast compared to the normal method of transactions. Using the Bitcoin payment method for iGaming is a highly smart move, as players are encouraged to play when their transactions are fast.
Due to certain laws and prohibitions in certain countries/states, it is against the law for banks to participate in Gambling transactions, but with Bitcoin, you can make your gaming transactions regardless of these prohibitions and in any part of the world. This also opens a larger opportunity for operators to get players from all around the globe.
Cons of bitcoin gambling
This is one major factor that discourages a lot of users, the value can change at any time and is always changing. There is a high possibility of you not getting the same amount of money you initially deposited. Many people might just prefer to make use of currency more stable.
This is another major reason why a lot of gaming operators do not use Bitcoin methods, there is a high tendency of hackers stealing from people on this platform. This has happened before on several occasions where major financial transactions were breached and millions were stolen. Operators might not be able to fix issues like these.
Just like all other online banking platform works, the Bitcoin platform is always being improved for better delivery, which sometimes is not very beneficial for the user. Players might end up not being able to work with it or might face loss due to some of these changes.