Bitcoin casinos and hybrid casinos that accept Bitcoin have become more and more popular over the last 5 to 8 years. The popularity of using crypto currencies like BTC, but also others such as Litecoin, Dogecoin, Ether, etc… made their way into online sportsbooks and casinos with great success.
So, what is it about Bitcoin Casinos that make them a better place to place wagers, gamble, and play your favorite casino games? Well, there is a list of pros and cons below that reflect the reasons most gamblers around the world prefer to use BTC over fiat (or hard) currency.
- Payout Rates are Better
Online Bitcoin casinos tend to offer higher payouts since their site has fewer costs than regular hard-currency gambling sites. There are no costs needed to obtain gambling licensing, for example.
- Legal Aspect
Bitcoin (BTC) is not an official currency, so gambling and playing games of hazard is not directly illegal. The U.S. and other countries sometimes have gray areas where Bitcoin gambling is concerned — so, while online gambling is illegal in this jurisdiction, Bitcoin gambling is not and there is virtually a zero percent chance that you will get in trouble — this is mainly due to the next positive aspect most players love about Bitcoin casinos.
- Anonymous Transactions
The anonymity of Bitcoin casinos are one of the most popular aspects of these cryptocurrency casinos — this is a huge strength that offers players an anonymous option to gamble online and use BTC as currency without having to enter any personal information or banking information.
In addition, a strength of Bitcoin is present in the casino transactions as well. You can deposit and cashout via e-wallets and transfer your BTC easily, instantaneously, and without fees.
Not all Bitcoin casinos are completely anonymous with their signups, so take a look at the registration process in our reviews on this website or when heading to a new Bitcoin casino, take a look to see what information they require upon signup.
Anonymous gambling via Bitcoin is most popular among players from typically-restricted countries like the U.S. and U.K., where gambling with traditional currency online is prohibited. Bitcoin gambling offers a way around this.
- Faster Transactions
Bitcoin transactions occur very quickly, and this is a huge bonus to BTC gambling websites. When depositing and withdrawing your funds, online Bitcoin casinos can get you gambling quicker and cashing out instantaneously. Alternatively, traditional fiat/hard currency gambling sites can take days and days to set your account up with money, and a lot longer to allow you to withdrawal your funds — processing times become tedious in traditional casinos — with Bitcoin casinos, transactions are instant in nearly all cases.
- No Transaction Fees
Costs for deposits and cashing out are non-existent. Rather than having to pay fees as you typically do with traditional online casinos, Bitcoin casinos use e-wallets to transfer BTC into your account. This process is immediate and you don’t have to wait. It is also safer and since you are not using your debit or credit card, there is no chance that your funding could be rejected because it comes from a gambling site.
- No Tax Issues
Regardless of where you reside, your government will not and cannot tax you, even if they magically had this information and wanted to. This is because you don’t need to set your real name when opening for a Bitcoin casino account and in many cases, you don’t need a name at all — just an email address. Also, Bitcoin is anonymous and your e-wallet is safe from prying eyes — including the governments.
Most traditional hard-currency online casinos ask for bank account information, personal information, official ID, a copy of credit cards, and even passports. No thanks! Bitcoin can save you from this.
As with anything, there are always potential cons, depending on if these issues matter to you as an online gambler.
- Lack of Regulation
With Bitcoin casinos, there is less regulation — no one is observing everything that is happening when it comes to any Bitcoin-based business. Since there is less regulation, it is up to you to read unbiased reviews, keep an eye out, and make a decision about an online casino yourself. Take care in choosing the right BTC Casino for you. Only try your luck on reliable, stable, and online casinos that have a good track record of paying out to players. Also check the “Blacklists” which have up-to-date information on casinos to avoid and to watch out for.
- No Official Gambling License
Since there is less regulation and just about no standards on Bitcoin gaming, there may be platforms out there that may try to cheat you. This is why it is important to check recent Bitcoin Casino Blacklists, check their reputations online yourself, read reviews, and see what other players’ experiences have been before you play on their platforms and deposit money.
How to Recognize and Avoid Untrustworthy, Rigged, and Scam Online Casinos