If you’ve been keeping up with cryptocurrency news, you’ll know that Bitcoin is currently going from strength to strength. In fact, CoinTelegraph reports that at the time of writing, Bitcoin has hit a new record value of $40,000.
To put it into some kind of perspective, that makes it bigger than PayPal, Coca-Cola, Netflix, Disney and countless other major companies as an investment opportunity right now.
Bitcoin came out of nowhere to become the kind of financial phenomenon nobody expected. The popularity of Bitcoin has resulted in a slew of new online and offline businesses opening their doors to Bitcoin customers. Bitcoin casinos being no exception to the rule, which are in no short supply online.
But does the massive and accelerating popularity of Bitcoin make it a safe and advisable currency to be using right now? More specifically, is now the time to grab yourself some cryptocurrency and find out what the Bitcoin casino craze is all about?
The short answer…well, it depends entirely on your intentions, your bankroll and your risk appetite. There are major advantages and disadvantages to Bitcoin casino gaming – a few of which we will now be taking a look at in a little more detail.
Advantages of Using Bitcoin for Online Casino Gaming
Ask those who use Bitcoin as their preferred currency for online gaming and most will cite the same key benefit. Bitcoin offers the kind of privacy and anonymity the vast majority of conventional currencies cannot come close to replicating. It’s understandable that for millions of people who gamble online, they’d prefer their activities to be kept under wraps. Even if they’re not doing anything illicit or illegal, they may still value their privacy and anonymity. Something Bitcoin offers on an entirely higher level.
In addition, playing online with Bitcoin opens the door to a broader range of casinos than sticking with conventional currency alone. There’s a growing network of online casinos that exclusively support Bitcoin payments. Which means that unless you play with Bitcoin, you won’t be able to sign up in the first place. Exclusive games, generous bonuses and various ongoing incentives – all sweetening the deal for those who take the plunge and give Bitcoin casino gaming a go.
Financially, it’s also possible for Bitcoin to be uniquely rewarding. First of all, the vast majority of Bitcoin casinos impose few or no fees whatsoever for transactions in both directions. All the usual charges and commissions are eliminated from the equation, given how Bitcoin is a comparatively affordable currency to work with and process. In addition, Bitcoin is one of the most notoriously volatile currencies in recorded history. One with the potential to skyrocket in value at a moment’s notice.
By playing with Bitcoin today, the prizes you win (if you’re lucky) could be worth exponentially more tomorrow than they are today. There are no guarantees as it could just as easily fall in value, but the ongoing upward trajectory predicted for Bitcoin makes it an appealing prospect among investors worldwide.
Coupled with lightning-fast transactions and a significantly reduced likelihood of falling victim to financial fraud or identity theft, it’s easy to understand the appeal of Bitcoin as a form of online casino currency.
Disadvantages of Using Bitcoin for Online Casino Gaming
On the downside, the market for Bitcoin casinos isn’t quite as reputable as the market for conventional online casinos. It’s not that Bitcoin casinos in general can’t be trusted – it’s more a case of a few bad apples in the bunch to be aware of. As it stands, Bitcoin casinos that operate in certain jurisdictions don’t need to be licensed and sidestep regulation. This means that if they wanted to, the could more or less get away with anything. If you’re planning on playing online with Bitcoins, make sure the casino you choose is licensed and regulated.
In addition, nobody really knows what’s going to happen with Bitcoin as time passes.It’s a decentralised and unregulated form of currency, which most governments haven’t yet decided what to do with. Chances are, it’ll be acknowledged and accepted as a viable and important alternative to conventional currency at some point, becoming a staple the world can’t get by without. At the same time, the prospect of authorities clamping down on Bitcoin and wiping it off the face of the earth entirely isn’t out of the question. Highly unlikely, but a prospect to bear in mind when investing in Bitcoin.
As touched upon above, the biggest risk associated with Bitcoin casino gaming is the potential for the currency to plummet in value at a moment’s notice. Just as Bitcoin has been known to skyrocket in value overnight, it’s also shed massive amounts of its value just as quickly. It’s an extremely volatile asset of interest to investors with a hefty risk appetite, though could be a little too volatile for others.
So, Should I Get Into Bitcoin Gaming?
Whether or not it’s a good idea to get into Bitcoin gaming right now is entirely up to you to decide. Investing in Bitcoin is a form of gambling in its own right, which as with all types of casino gaming could prove rewarding or risky. Bitcoin is far from a safe haven and has an uncertain future ahead of it, though at the same time has made a lot of people exceptionally rich within a very short period of time.
Making the decision to invest in Bitcoin is up to you, but ensuring you choose a licensed and reputable Bitcoin casino is mandatory. Particularly when considering the current value of Bitcoin, it’s understandable how some operators won’t hesitate to relieve you of your hard earned cryptocurrency.
Check for licensing and regulation, read customer reviews and ensure the Bitcoin casino you choose has earned the recommendation of real-life players.
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