ADVANTAGES & DISADVANTAGES of BITCOIN CASINOS
One of the newest emerging trends amongst keen online bettors is gambling at Bitcoin Casinos. Perhaps the primary reason that these types of casinos are becoming increasingly popular is the fact the digital cryptocurrency makes it easier for gamblers to deposit and withdraw funds more easily than other payment options do.
Let’s look at the advantage and disadvantage of BITCOIN CASINOS.
NO THIRD PARTIES INVOLVED IN TRANSACTION
As a digital cryptocurrency, Bitcoin does not use any third parties in order to help in the transfer of funds from one account to the other. Hence, when you’re using Bitcoin, you’ll be able to avoid paying any third party fees.
MORE SECURE TRANSACTIONS
As an e-wallet, Bitcoin makes it incredibly easy to transfer funds. Provided that it’s used correctly, you’ll notice that this payment method offers its user’s great security features. However, you should always keep in mind that you must implement certain practices in order to safeguard your information.
BITCOIN OFFERS ANONYMOUS PLAY
Bitcoin Casinos offer users complete anonymity when gambling online. The most information Bitcoin casinos will regularly ask for is a player’s email address. This is because otherwise the casino would literally have no way in which to recover the user’s password just if a player had to forget it.
In order to safeguard your privacy you must make sure not to share your Bitcoin address and Identification details with others simultaneously. This is because all Bitcoin transactions are saved permanently on a public network.
NO FEES WHEN USING BITCOIN
The cost of making a Bitcoin Transfer is close to nothing. Whilst the cost to transfer Bitcoins is typically free, an online casino might charge a small amount occasionally. So, always make sure to read the fine print beforehand.
GAMBLERS MAY BE REQUIRED TO PAY TAXES ON THEIR WINNINGS
On withdrawing your winnings you might be required to pay tax on the amount even though the government does not consider Bitcoin to be an official currency. This is because there is value attached to each Bitcoin.
ONCE YOU'VE SUBMITTED A PAYMENT USING BITCOIN IT'S IRREVERSIBLE
You should bear in mind that if you opt to transfer funds using Bitcoin, you won’t be able to cancel the payment. In essence, Bitcoins can only be refunded by the online casinos you have paid. Therefore, you should opt to always do business with companies that are both trustworthy as well as secure.
BITCOIN'S VALUE TENDS TO FLUCTUATE
Due to the fact that Bitcoin is a relatively new currency, the value tends to increase as well as decrease over a short period of time.