Bitcoin: Fancy a ‘Bit’ of the Action?

So the good news is that this is the only terrible pun we have any intention of including in this particular piece. Now that’s out of the way, we can move on to the more important stuff.

Chances are that even if you haven’t yet tried it out for yourself, you’ve probably heard of the concept of Bitcoin gambling. Or more specifically, using Bitcoins to take part in online gambling. Contrary to popular belief, this curious cryptocurrency isn’t what you’d call a brand-new innovation. It’s been around for years already and has a pretty enormous global following.

All of which prompts the all-important question – is it time to get involved? Are there really any specific benefits to playing at Bitcoin casinos? Or for the time being at least are you better off sticking with everyday currency?

To be honest, much of it comes down to personal preference. After all, the currency you choose to play with doesn’t make a blind bit of difference to a) the games themselves or b) your respective chances of taking home a prize. So in terms of gameplay, there really isn’t any real difference to speak of.

That said there are certain pros and cons that differentiate Bitcoin casinos from those you may be more familiar with. We’ll now take a brief look at both, in order to help you decide whether the Bitcoin holds any real value in terms of your own online gaming choices.

The Pros of Playing at Bitcoin Casinos
Looking at the positives first, the one immediate entry that springs to mind is the way in which there is a growing contingency of casinos right now which exclusively accept Bitcoins. Which in turn means that if you want to join the action, you have no choice but to use this increasingly popular cryptocurrency. Of course, just because any given casino accepts any given currency doesn’t necessarily make it a good casino. Still, there are some very decent Bitcoin casinos doing the rounds these days which are definitely worth checking out.

There are also those who argue that it is only a matter of time before the Bitcoin becomes something of a new standard for online purchases in general. As such, they also argue that now really is the perfect time to familiarise yourself with Bitcoin – online casinos being a great way of doing it. If you’re unfamiliar with the way Bitcoin wallets work, trying your hand with a suitable casino is a good way of testing the waters.

Interestingly, there’s one school of thought which suggests that Bitcoin casinos often have a better payout rates than their conventional counterparts. The reason being that by dealing exclusively with this one cryptocurrency, they have considerably fewer overheads and costs. As such, they are able to pass the savings on to their customers. That said, this is more a theory than something that has been categorically proven as accurate.

Of course, one guaranteed benefit offered by most Bitcoin casinos is the promise of extremely fast transactions. What’s more, Bitcoin currently exists in something of a grey area in terms of its classification as an official currency. Which in turn means that in some instances, those who may be restricted from gambling online using conventional currency may be legally entitled to join Bitcoin casinos.

The Cons of Playing at Bitcoin Casinos

As for the downsides, there are a couple of things you need to bear in mind if you decide to go ahead and sign up with a Bitcoin casino. As already mentioned above, the biggest being the comparative lack of regulation and official classification when it comes to Bitcoin casinos.

As they do not operate using any form of officially recognised currency, they have the opportunity (should they wish to do so) to somewhat slip the net when it comes to regulation. Not all of them, but certainly some. In fact, there are certain examples of Bitcoin casinos up and running these days that haven’t even been granted gambling licenses. So while it’s not to say every Bitcoin casino is out to rip you off, you definitely need to have your wits about you when making the right decision.

Of course, there’s also the on-going argument that any cryptocurrency like the Bitcoin represents a fundamentally risky investment in its own right. While there have been those who’ve successfully made a fortune by buying and selling Bitcoins at the right time, it remains one of the most volatile currencies in recent history. Which in turn means that regardless of how much you invest, win or lose while gambling, the value of your Bitcoins could swing wildly in either direction.

Last but not least, it’s probably also fair to say that gambling using cryptocurrency isn’t quite as straightforward as using everyday money. Or at least, not while you are first getting used to things, anyway.

Worth Bothering With?
In conclusion…well, it’s pretty much the same conclusion we outlined at the beginning – it largely comes down to personal preferences. The simple fact of the matter is that while not all Bitcoin casinos are up to the same high-quality standards, there are certain service providers that are doing an excellent job. With the promise of solid payout rates, rapid transactions and premium gaming, there’s plenty to say for giving the Bitcoin a go.

That said, you could also argue that you technically don’t gain anything particularly extraordinary by making the switch to cryptocurrency. So if you prefer to keep things as simple and safe as possible, conventional currency may be the way to go.

If you do decide to try your luck with Bitcoin casinos, always ensure that you carry out as much research as necessary beforehand. Just as you should be doing before choosing any casino whatsoever, do as much homework as necessary to find out how they are performing and what their customers have to say about them.

More often than not, it should be pretty easy to determine which Bitcoin casinos fall into which category.

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