Online casinos have become increasingly popular in recent years and are even replacing the traditional casinos in many ways. While online casinos have been around for quite some time they are continuing to evolve in unique ways, one of which is through the forms of currency that they take. Some online casinos are now accepting bitcoin which provides new benefits and risks to users. Understanding the benefits and risks associated with using bitcoin in online casinos can help you to choose whether this is a course that you want to take when playing.
Online Gambling
Gambling has mostly moved on to the Internet, although many still frequent physical casinos. There are many reasons for the transfer to online casinos including the greater ease of gambling at home with an online casino and at your leisure, instead of having to travel a potentially far distance just to visit a casino. Many online casinos have a wider range of games that are available to players than traditional casinos, at varying stake amounts, and therefore they can accommodate players more easily than you might otherwise. Further, gambling is illegal in many different countries and gamblers find it impossible to visit real casinos, other than the black market casinos that are under the surface and potentially dangerous to visit. An online casino provides a gambler with the ability to visit a casino safely and without physical risk from the comfort of their home.
Why Bitcoin
Bitcoin is being increasingly accepted by casinos both in the amounts that they pay out to players as well as the amounts that they take in from gamblers. Bitcoin has some notable benefits associated with it, but also has some risks that are associated with it as well. Bitcoin is a digital currency that is anonym. The transactions fees are very small and lightning fast and it’s not that hard to use. Gambling and bitcoin are basically a perfect match. There are quite a few online casinos that offer bitcoin casino games these days, ranging from the traditional blackjack and roulette, over poker up to slots.
There are some issues with bitcoin that pose some significant risks for those who are playing with it. People who own bitcoin often use online wallets to hold their bitcoins. Because it is online and generally untraceable, there is often a risk that a player’s account can be hacked and the funds can be stolen by a bad actor and the gambler can be out of their funds. Further, some players find it challenging to monetize their bitcoin and convert it back into their countries currency, although that has been changing in recent years with more widespread acceptance of bitcoin.
