Bitcoin betting is becoming increasingly popular, and with good reason. Bitcoins are now accepted at some sportsbooks, and this presents a unique opportunity for bettors, as there are now multiple ways you can bet on the games you love. Nevertheless, although its popularity is increasing rapidly, many people are still unaware of some important facts surrounding this currency and its use in casinos. This post will cover six essential things you should know before choosing to use your bitcoin in a casino.
Bitcoin Casinos Usually Offer Lots Of Existing Business
Bitcoin casinos offer a variety of exciting bonuses to the players. The most common bonuses are deposit bonuses, no deposit bonuses, and free spins. The biggest bonus that most casinos offer is the welcome bonus, which provides a big chunk of money to the players. Every casino is different, and you can read more here about the type of bonuses that specific casinos offer their customers. Nevertheless, Bitcoin will allow you to participate in an entirely new range of prizes, enhancing your enjoyment of your favorite games.
It Isn’t As Anonymous As You Might Think (But It Is Anonymous Enough For Most)
One of the biggest fallacies surrounding Bitcoin is that it is entirely anonymous. While this is true to a certain extent, players should be aware that it is actually pseudo-anonymous, meaning that anyone is free to view your transactions. However, while this might sound off-putting, it still provides a higher level of anonymity than something like your bank account. For example, only your wallet address will be visible when transacting with Bitcoin. This means people can observe what a specific address is doing, but they cannot attach a person to that address unless they already know.
You Need To Take Care When Depositing Or Withdrawing To Your Wallet
A bitcoin wallet is a software program that allows users to access and manage their bitcoins. It can be used on computers, mobile devices, or even in the form of an app on other devices. As discussed briefly in the previous section, you transfer your tokens by sending them to another wallet address. While this makes life far more straightforward than dealing with account numbers, sort codes and routing numbers, etc., you have to be careful when depositing your bitcoin. If the address you use to deposit into is incorrect, you have no recourse in getting your bitcoin money back. Therefore, you need to be careful and take your time when using a bitcoin casino. They will provide you with their bitcoin address, which you should either copy and paste or scan with your phone if they provide you with a QR code.
It Opens Up Betting To The World
For decades, the world of online gambling has been exclusively limited to citizens of specific countries. This is for various reasons, including bans, geographic location, or because their country is locked out of the global banking system. More and more, Bitcoin and cryptocurrency have democratized the world of online gambling and opened it up. All users need to do is to buy Bitcoin, place it in their wallet and then use that currency to deposit into a casino and begin playing. Although some nations are also cut out of the crypto world thanks to Know Your Customer (KYC) laws, almost anyone can download a wallet and get paid in Bitcoin for work they do online.
Bitcoin Is Volatile
Thus far, everything has been positive. However, there is a downside to using bitcoin, which you should be aware of. It is far more volatile than fiat currency, and as such, your stash of bitcoin might not go as far as you thought. Moreover, if you are on a winning streak and want to withdraw your winnings, if you do so during a dip, your innings might not be as much as you thought. Nevertheless, the upside is that the opposite could happen, i.e., you withdraw your winnings, and the token price shoots up overnight, netting you a nice profit!
Your Wallet May Charge You Transaction Fees
Another factor you should be aware of is that your wallet will inevitably charge a small fee when you perform any transaction. This fee will depend on your wallet and possibly the amount you send. Nevertheless, it is essential to note that these fees are often minimal and far less than traditional banking fees or even exchange rate costs.
Bitcoin betting has been steadily gaining popularity over the last few years and shows no sign of slowing down. From its pseudo-anonymity, making it faster and cheaper to transact than fiat, there are numerous reasons why you should choose bitcoin to bet with.