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According to CCN, Bitcoin’s value is now almost $14,000. With this cryptocurrency’s quick and steady growth, it has become a viable digital currency. In fact, it is now widely accepted by a lot of shops, both online and offline. However, it’ not only used in purchasing services and goods but also in gambling.
Gambling is such a big industry that, in 2016, people in the US have lost $116.9 billion on casinos. Experts predict that this number will increase now that the betting industry has established a strong hold in the online world, and cryptocurrencies like the Bitcoin is making online transactions quicker and easier.
If you are looking for a Bitcoin casino, you’ll have no trouble looking for one. But before you sign up, make a deposit, and place your first bet, it’s advisable that you first understand the pros and cons of bitcoin gambling.
Here are the pros of bitcoin gambling:
- It’s anonymous.
The best thing about blockchain technology is that it keeps its users anonymous. This means that when you make transactions with the casino, they won’t get any personal information from you. The money you pay can’t be traced back to you either.
- It’s secure.
Unlike credit card payments, Bitcoin payments are safer because you don’t need to go through a third party payment facility. It’ll be just like paying actual money in a real Vegas casino, except it’s online.
- It has smaller fees.
You can directly send bitcoins from your wallet to the casino’s. Since the casino doesn’t need the help of a third party payment facility, they don’t have to charge high transaction fees anymore.
Here are the cons of bitcoin gambling:
- Its value fluctuates.
We all know that the price of Bitcoin has been going up and low from time to time. If the price isn’t steady, then you might get little when you convert your fiat currency to Bitcoin. For example, if the price of Bitcoin goes up as compared to the Dollar, you’ll need to spend more Dollars to get a fixed amount of Bitcoins to pay for your casino betting.
- It requires expert knowledge.
While some of us already has some experience in transacting with Bitcoin, a lot of people still don’t know how. This is because you need some technical know-how to compute the currency and securely store it in a wallet. You also need to be time to learn how to transfer your Bitcoins to the casino as payment.
Now that you know the pros and cons of bitcoin gambling, do you think it’s a cool idea to use the cryptocurrency to bet? If you know a great deal about Bitcoin, then you will find that it is the most convenient payment option for online gambling. In fact, when you think about it, cryptocurrency can create a sustainable working relation with online gambling markets. Online casinos promote their use, and they can help create the most secure transactions.Get Exclusive Crypto Analysis by Professional Traders and Investors on Hacked.com. Sign up now and get the first month for free. Click here.