In 2022, cryptocurrencies have become extremely popular in the gambling industry. Regarding sports betting or gambling, users tend to choose sites that support cryptocurrency transactions. Digital coins allow you to make payments quickly, anonymously, and with virtually no commission.
According to statistics from SOFTSWISS, by the end of 2021, the share of bitcoin gambling in online casinos was 80%. Ethereum is the closest competitor to this cryptocurrency. The percentage of these coins in the gambling sector is 10%.
Currently, a quarter of all bets are made in cryptocurrency. This is a significant increase from 5% last year. Even though the price of bitcoin this year is not very pleasing to investors, gambling using this cryptocurrency continues to develop rapidly.
Today, we will talk about why casinos are starting to support bitcoin as a payment method. Let’s talk about the main advantages and disadvantages of payments in cryptocurrency.
Advantages Of Bitcoin at Online Casinos
Play with crypto is now possible at many online casinos. All gaming sites can be schematically divided into two categories. Some focus only on working with cryptocurrencies, while others accept digital and fiat coins.
The popularity of crypto casinos is due to several advantages that Bitcoin has.
No one will be able to take possession of your bitcoins or freeze your digital currency account. The coin is decentralized; the system has no central regulatory body. You are the one who owns the coins and is in complete control of your transactions.
You do not disclose any of your billing information when you use bitcoin to fund your casino account or withdraw winnings. Bitcoin transactions do not require the provision of personal data; you remain anonymous.
Moreover, bitcoin transactions cannot be canceled or changed. This excludes the possibility of chargebacks.
Your bitcoin wallet is not linked to any of your personal information. As a result, no one can find out what you purchased for digital currency. At the same time, all transactions are transparent—it is easy to track information about addresses and balances using a public ledger.
The process will only take a few minutes, no matter what kind of payment you make (buying a pizza from a local store or sending money abroad). For crypto casinos, this offers a considerable advantage. Users don’t have to wait 1-2 days for their winnings; tokens will be credited immediately.
Due to decentralization, no intermediaries are involved in making payments. This allows you to eliminate or minimize commissions completely. You receive your winnings in full in an online casino without additional write-offs.
It is also worth noting that bitcoin is not subject to inflation; in some countries, tokens are also not taxed. Before using cryptocurrencies as payment at a bookmaker or online casino, check your local laws. This way, you will know exactly if there are taxes on winnings or profits from bets using cryptocurrencies in your country.
Bitcoin can be called the ideal gaming coin. Players prefer to use this token due to the fast deposit and withdrawal of winnings.
Disadvantages of Using Bitcoin in an Online Casino
Despite several apparent advantages of cryptocurrency, Bitcoin has several disadvantages. Many of them can be called temporary.
Exchange Rate Instability
Bitcoin, like any other cryptocurrency, experiences constant price fluctuations. Moreover, the value of a coin can vary significantly even within one day. This is directly related to the limited number of coins and their demand.
Sometimes there are pretty severe changes in value. So, at the end of last year, the token reached it’s historical maximum—one coin cost $68,789.63. At the beginning of the year, the rate began to fall; in some periods, the price of bitcoin fell below 16 thousand dollars.
Even though the coin appeared many years ago, it is still changing. Bitcoin is growing and becoming more accessible. But it also provokes various problems, for example, with scalability.
Not A Very Popular Payment Method
Despite the ubiquity of bitcoin, in real life, you will not be able to use it anywhere. But here we are talking about the issue of time. Every year, more companies are ready to sell you ordinary everyday goods and services for bitcoins.
Anonymity can be called a plus and a minus of bitcoin. Scammers and other attackers often use the fact that transactions cannot be tracked.
Bitcoin is one of the best payment methods at online casinos. To fund your account and withdraw your winnings, you will not need to provide personal or confidential information about yourself. Many bitcoin casinos do not even have a mandatory verification process.
You can make a deposit instantly and collect your winnings without delay. Gambling can be enjoyed anytime instead of waiting for money to arrive.