Pros and Cons of Using Bitcoin to Gamble
Tags: Gaming, Cryptocurrency, Gambling, Technology, Bitcoin

While bitcoin has been around for quite some time now, adoption hasn’t been as fast and, when it comes to gaming and gambling, digital currency is a relatively new player.

It’s catching on pretty well, however, and is now a huge trend in the industry as bitcoin is accessible to anyone with access to the internet.

As with everything else, there are advantages and disadvantages to using bitcoin to fund your gambling. We take a look at some of the pros and cons right below.

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Pros

Gambling with bitcoin gives tech-savvy gamblers an edge considering how fast transactions can take place via blockchain technology. While other payment methods are dependent on banks or other third parties for processing, BTC is decentralized and offers transparency. Transactions are quick and can be facilitated from anywhere in the world.

They’re also anonymous and all that needs to be submitted is a bitcoin wallet address. Anonymity is a big thing in today’s society as it’s quite hard to stay off the radar in the current technological era but the use of bitcoin provides just that. BTC also eradicates the need for additional fees that would take several business days otherwise.

This makes bitcoin one of the most trusted and reliable methods of payment.

Cons

There are plenty of good things to say about bitcoin but it is far from perfect and isn’t always the best way to go. One should put some time into researching the coin and cryptocurrency in general before acquiring it but it’s a pretty great asset to have. Finding the right wallet could be pretty challenging but there are plenty of good ones out there.

Getting the best wallet for you and learning how to store your BTC is of the utmostOF importance. Bitcoin can be acquired through crypto exchanges that also provide storage but it’s best stored in an external wallet.

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One of the biggest concerns when it comes to BTC and other cryptos is volatility. Some digital currencies such as USDC and Tether do not change in value as they’re always equivalent to the dollar but bitcoin has proven to be pretty wild. It was valued at less than $20,000 per coin in early 2020 to over $64,000 in early 2021 before crashing on the back of a tweet from Elon Musk. It saw another all-time high towards the end of the year, climbing to over $68,000 but was just below $47,000 at the time of writing.

Also, the anonymity factor mentioned above doesn’t necessarily mean it’s great for gambling sites as many of them are required to complete KYC and AML checks. So, while your activities cannot be tracked on the blockchain, they can be on gambling sites.

How can you gamble with bitcoin?

Bitcoin offers holders plenty of options when it comes to gambling. One of the most popular is online sportsbooks. The demand for sportsbooks that accept BTC and other cryptos is growing and there are already several top bitcoin sportsbooks to choose from including Bookmaker, BetOnline, Heritage Sports, Bovada, and Nitrogen Sports.

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Sportsbooks that accept cryptos are becoming commonplace given that the crypto space has forced its way into sports, sponsoring teams, and securing naming rights to arenas. One can use bitcoin to bet just as they would with regular cash, placing punts on moneyline, point spreads, or totals in traditional fashion.

“The best online sports betting sites offer a broad selection of betting options on big games. You should be able to bet on alternative spreads and totals, and lots of game props and player props, plus halves, quarters and periods, and futures betting markets,” Bookmakers Review reports on that note. “The top online betting sites have sophisticated live betting products offering a range of in-play markets, with live streaming or stats and infographics. You should find features like cash out and a same game parlay builder too. The best Bitcoin betting sites include these sportsbook features, while furnishing their customers with a variety of exciting wagering options.”

There are also bitcoin casinos popping up all over. Initially, they would have converted regular cash into BTC then allow you to play various games or you’d still see FIAT figures while playing but then have your bankroll updated in BTC.

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Now, most casinos offer direct access to bitcoin games, with the transition from FIAT to BTC and vice versa a lot smoother. There’s also the option of playing with mBTC, or millibitcoin that allows for better management of one’s money via the platform.

Bitcoin casinos are ahead when it comes to crypto gambling. Users can find no end of games with which to entertain themselves and win money.

Bitcoin poker rooms are also a thing nowadays and gamers could find Texas Hold’em or Omaha Hi-Lo games online that offer BTC options.

The gameplay will be the same as one would be used to playing in a regular online poker room, just with the added option of fronting crypto.