Bitcoin Casinos: The Pros and Cons

Discussion in 'Lets Talk about gambling and more...' started by Marina, Jan 27, 2016.

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  1. Marina

    Marina Administrator Staff Member

    In recent years, we’ve been hearing of more and more players who have opted to take their gambling sessions to Bitcoin casinos.
    The rise of this digital currency has enabled many online casinos to offer it as a form of payment and therefore we have witnessed a growth in Bitcoin casinos across the board.

    Recently we were told about a player who got stung by his experience at a Bitcoin casino. The player swore that he would never set foot into one of these casinos again.
    We decided to take a closer look at how these casinos tick and examine their pros and cons and if it safe to play at Bitcoin Casinos?

    The outcome was pleasantly surprising;
    because although there are tales of scams here and there (and you will find that in every type of industry), the majority of Bitcoin casino players were very happy with their decision.

    What is Bitcoin?

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    Before we examine the pros and cons of online casinos that work with Bitcoin, let’s first define what Bitcoin is. We’ve already said that it is a digital currency. This currency essentially
    uses encryption techniques to regulate the generation of units of currency and to verify the transfer of funds. Bitcoin operates independently from a central bank, and its units can be used
    for online transactions between individuals or businesses (such as online casinos).

    The Pros and Cons of Bitcoin

    One of the negatives of Bitcoin is that it remains a niche product despite its meteoric growth, and will never be considered a form of payment on par with, for example, credit cards or e-wallets.
    On the other hand, players who decide to use Bitcoin and trade in this virtual currency won’t have any problem finding casinos that accept this form of payment.

    Bitcoin has unfortunately been mentioned as the form of payment favored by illegal drug traffickers and money launderers in newspaper reports. For this reason, it may have developed a reputation
    as a ‘shady’ type of currency. Experts, however, point out that criminals are just as likely – if not more likely – to use traditional currencies to do their dirty business, and Bitcoin has thus been unfairly
    lumped together with these activities.

    Bitcoin, as we noted, has many positive things to say for itself. For starters, it is good for online casinos as a whole, as they can be sure that if they receive a Bitcoin payment the funds have been
    deposited legitimately. Bitcoin therefore reduces fraud-related costs for online casinos quite significantly. It’s good for the player too: Bitcoin allows players to have full control of their bankroll
    as they are able to move their funds on and off the site on a daily basis and at will.

    When checking out the system, we discovered that players who agree to try out Bitcoin as a form of payment for their online gambling entertainment tend to stick to Bitcoin.
    As such, we believe that all major sites will eventually offer Bitcoin since it increases security and reduces costs. The idea is for players to stick to reputable sites and do check
    on the gaming platform as they would any site, whether a Bitcoin casino or not.
     
  2. Ellis

    Ellis Well-Known Member

    What a great article Marina!
     
  3. Robbi Collin

    Robbi Collin New Member

    Hi I just want to ask about your opinion regarding the continuity of bitcoin.

    Recently, the lead developer of bitcoin said that it has failed? - Lead developer quits bitcoin saying it 'has failed'

    Is it really a fail, and if it is what would happen to all the money in the circulation. Mine included since I'm playing using bitcoin too.
     
  4. Marina

    Marina Administrator Staff Member

    Welcome to our forum @Robbi Collin

    Well, I for myself do not like Bitcoin. I simply do not trust this virtual currency, but well, this is just my personal opinion.
    We will see what the future brings for Bitcoin.

    May I ask why you prefer playing in bitcoin?
     
  5. Robbi Collin

    Robbi Collin New Member

    well, I can stay anonymous with money accounts.

    I don't like using my personal account in my games.
     
  6. Marina

    Marina Administrator Staff Member

    Understand :)
     
  7. CATLICKER

    CATLICKER Member

    You can accomplish the same by using "Pre-Pay" credit cards.
     
    Marina likes this.
  8. SuperNova

    SuperNova Moderator Staff Member

    I am still not a bitcoin friend. For me it is a strange virtual thing and I will not invest my money.
     
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