The number of online casinos that accept Bitcoin is growing. As the market expands, players can play more and more of their favourite games by depositing crypto. However, some gambling enthusiasts remain sceptical.
As with anything, there are advantages and disadvantages to playing a UK bitcoin casino. If you’re still hesitant to get started, read on to learn more about crypto casino pros and cons.
The first plus is that Bitcoin casinos offer privacy for both owners and players. Since this currency uses blockchain technology, it means that no third party ever can have access to your information. All transactions are private and secure.
Also, you will never encounter the chargeback issues that are typically associated with credit cards.
Another advantage is for people who live in areas of the world where gambling is restricted. As a result of a grey legal landscape, some banks don’t allow processing of transactions to and from gambling sites. For these players, Bitcoin is a reliable option.
The speed is another attractive characteristic of Bitcoin casinos. Deposits and withdrawals are instant, in contrast to other payment options, where these transactions can take up to a few days.
Finally, because no country has recognized Bitcoin as a real-money currency, it’s not subject to taxation. There are no fees associated, and you never have to reveal your identity. What you win is yours to keep.
There are a few downsides that you should take into consideration before playing at a UK Bitcoin casino. These operators don’t have to hold a gambling licence from a jurisdiction, which can lead to scam online casinos.
A second drawback is that BTC is highly volatile. You might know that its exchange rate often fluctuates and drastically. It can work in your favour one day and cause you losses on the next.
- Anonymity, privacy, and security
- Convenient and fast transaction times
- No fees
- Many Bitcoin casinos are not licensed
- A highly volatile currency