Should You Use Bitcoin to Gamble Online?
Posted by Harry Kane on Friday, May 19, 2017
If you were looking to describe Bitcoin to someone, you would probably categorise it as the enigma of the financial world.
Ever since this mysterious cryptocurrency first emerged under the control of Satoshi Nakamoto back in 2009, it has travelled across both niche and mainstream markets while also enduring numerous controversies. This incredible journey has seen it embraced by the black market and bricks-and-mortar casinos, while it has recently become the preserve of online gamblers.
While increased regulatory measures and the lower usage thresholds have helped to propel Bitcoin into the mainstream, however, it continues to be plagued by half-truths, misconceptions and previous controversies. With this in mind, the question that remains is whether or not you should use Bitcoin as an online gambler to fund your operations?
The Advantages of Using Bitcoin
There are certainly a number of advantages associated with using Bitcoin, particularly when accessing an online casino of your choice. To begin with, the digital currency offers total anonymity, which cannot be said for any debit card or e-wallet payment solution currently available to players. This means that players can game and access their favourite games discreetly, without having any reference to gambling sites or activities included on their accounts.
This is not to say that the stigma once associated with gambling now remains, but more that some individuals prefer to keep their recreational activities completely private.
Security is also a key consideration, and another advantage of Bitcoin is that it provides a completely private and reliable method of crediting your account and making withdrawals. Leveraging the concept of anonymity and advanced, military-grade encryption, it is capable of delivering both real-time transactions and genuine peace of mind. The currencies capacity for completing live transactions is also appealing, particularly in the fast-paced world of online casino gameplay.
Above all else, however, Bitcoin remains an entity that be kept entirely separate to your primary bank and debit card accounts. The main advantage of this is that it makes it far easier to create and effectively manage a predetermined bankroll, which can in turn ensure that you only ever gamble within your means. In this respect, Bitcoin could well be considered as a key driver of responsible gambling in the digital age, while it certainly offers in-built ways of minimising risk.
Are There Are Any Cons Associated with Bitcoin?
While Bitcoin may have had a decidedly chequered past, it has overcome this through the implementation of more stringent regulations and responsible usage thresholds. This has enabled Bitcoin to realise the full potential of its natural advantages, while helping it to find a relevant application in the field of online gaming.
Ultimately, whether or not Bitcoin is a viable option for you comes down to personal choice. It cannot be argued that the cryptocurrency offers a number of innate benefits to gamblers, however, while it is also fair to surmise that it will become increasingly commonplace in virtual casinos throughout the world. Now may actually be the ideal time to embrace this, particularly if you are a casual gamer who wants to gamble responsibly.