Like it or not, cryptocurrency is here to stay. Well-known innovator Elon Musk, once said that he could either watch cryptocurrency happen or be a part of it. This tells you that digital coins are now entrenched in our society, with uses increasing daily.
The development doesn’t stop there, as cryptocurrency has also found its way to our online casinos. Is this a passing fad, given that online gambling has yet to gain widespread acceptance? Does this mean that cryptocurrency gambling is the new norm?
Well, there is lots of speculation about this, with lots of rumours that are thrown around in friendly circles. However, this article explores Bitcoin gambling, outlines logical conclusions, and clarifies whether this “fad” is here to stay.
What Is Cryptocurrency Gambling?
Cryptocurrency gambling is a form of online betting that involves the use of Bitcoin and other cryptocurrencies as the stakes. This betting method is very similar to traditional online betting, with the main difference being the payment methods.
Since digital coins are a fairly new concept, many punters are still warming up to the idea of Bitcoin gambling. As such, there aren’t many Bitcoin gambling sites out there.
Nonetheless, the main factors that determine if Bitcoin gambling is here to stay are:
- The advantages that Bitcoin gambling offers compared to traditional wagering
- The drawbacks that lie with using cryptocurrency gambling
As long as the benefits of Bitcoin (BTC) gambling outweigh the drawbacks, BTC gambling will be here to stay. However, if the risks outweigh the benefits, this staking method will be phased out soon.
Why Is Bitcoin Gambling Better Than Regular Gambling?
There are a lot of benefits that come with adopting Bitcoin gambling over traditional betting. These benefits stem from the fact that BTC gambling fixes some of the issues that have plagued traditional online betting.
Some of the advantages that Bitcoin gambling has over traditional wagering methods include:
Although there’s a growing acceptance of staking within legal circles, many financial institutions frown upon it. So, using your credit card to bet at an online casino can hamper your chances of getting more credit. There are some situations where the financial institution might even freeze the account of the user.
However, Bitcoin gambling offers total anonymity to punters, which means that no one can track their finances. The decentralised nature of a blockchain means that no governmental body has back-door access to the BTC site. So, no one will be able to tell when you deposit or withdraw funds into your crypto wallet.
Little Geographic Restrictions
One of the issues that has plagued online staking is the fact that some countries have strict betting laws. So, punters in that country would be barred from accessing some of the major wagering sites around.
Sometimes distance puts a hamper on regular deposit and withdrawal methods. That’s because some of these casinos won’t accept the local payment channels from some faraway country.
On the other hand, Bitcoin gambling suffers no such distance restrictions, as everyone is permitted to use them. Whether it’s for deposits or withdrawals, cryptocurrency transactions have no distance limitations.
To play the games on traditional staking platforms, bettors need to transfer their funds to the site. The safety of this process depends on the security features of the site, which are sometimes lacking. There are also cases where staking platforms have been hacked, robbing the customers of their deposited funds.
Cryptocurrency gambling occurs on Bitcoin platforms, punting websites built on a blockchain, making their security impregnable. The cryptographic hashing algorithms on which these blockchains are built make hacking them close to impossible.
Transferring digital coins from a wallet to any other location is also an airtight process. Many blockchains have boasted about it, declaring that it can’t be hacked unless the user leaks their private keys. As such, the inherent security features in cryptocurrency gambling can be seen as airtight.
Transferring funds from a traditional online casino to your bank account or e-wallet can take hours. Sometimes it’s been noted to take days for the process to be completed. This slow speed results from the various governmental checks these funds go through before they’re approved.
Cryptocurrency gambling, on the other hand, works beyond the control of any governmental or regulatory body. So, there’s no wasted time from having a governmental or regulatory body approve transactions. The innate nature of the blockchain emphasizes transaction speed, so all crypto fund transfers are confirmed in seconds.
Are There Any Drawbacks?
Although Bitcoin gambling looks like a perfect version of traditional staking methods, it still comes with its disadvantages, such as:
No Regulating bodies
While Bitcoin bettors enjoy total freedom due to the nature of the blockchain, they aren’t supervised either. This means that an unlawful Bitcoin casino could steal your funds, and you wouldn’t be able to report it. Since these casinos operate under no regulation, punters can only rely on the reputation of the site.
No Transfer Reversals
Fund transfers for BTC gambling affairs are always final. Since no one has authority over the blockchain, no transaction can be undone. So, if you aren’t careful when transferring your funds, you’ll have to live with it.
Cryptocurrency Is Restricted in Some Countries
Cryptocurrency itself is still a grey area in many countries today. While most countries haven’t expressed their stance on this currency, others have made owning it illegal.
Countries like Algeria, Egypt, and China have prohibited cryptocurrency on the grounds of religion and lack of regulation.
Cryptocurrency gambling comes with many benefits and a few drawbacks. However, many of these drawbacks are being resolved as many countries are beginning to adopt the use of these virtual currencies.
Some countries have legalised cryptocurrency, while regulatory commissions have started issuing licenses to trustworthy Bitcoin sites. Even the issue of banning cryptocurrency would be resolved as more countries accept this legal tender. As such, it’s safe to say that cryptocurrency gambling is here to stay since the benefits outweigh the risks.