Can Bitcoin Be Applied to Online Gambling?
Written by Julie
Published date · Jan. 29, 2021 | Last Updated · Sept. 29, 2023 | Read Time: 3 mins
Cryptocurrency is growing rapidly in the world. It was not that long ago where if you asked someone if they had heard of Bitcoin then they would probably have said no. Why has cryptocurrency suddenly become so popular? Well, there are a number of reasons but largely it is due to inflation, which then fuels people’s desire to invest in it, which leads us back to the price of Bitcoin inflating. There are a circle of reasons with each one helping to drive the value up. There has been an influx of investment in Bitcoin from pension schemes, universities and trust accounts.
Can You Gamble With Bitcoin?
Yes, Bitcoin can be used to gamble with. It is not a straightforward process though so make sure you read carefully. There are many gambling platforms out there that accept Bitcoin. The first ones were very simple, they only really had the easy to play casino games available for Bitcoin. Now, however, there is a much wider range of games available that can be used for Bitcoin. The major software developers like Microgaming and NetEnt have started to implement Bitcoin into their games. Some even have Bitcoin only casinos. There are plenty of reasons to gamble with Bitcoin, but it can be riskier than gambling with ‘normal’ money.
What are the Advantages of Bitcoin Gambling?
Speed – Often, it can take a while for a withdrawal from a regular online casino to be processed into your bank account. Bitcoin withdrawals are usually much quicker than the usual casino payments. You should not have the wait for your money like you often do with a credit/debit card.
Security – One thing which Bitcoin prides itself on is how secure the currency is. If you have followed the correct procedures, there will be minimal risk of your Bitcoin wallet being hacked.
Privacy – Some people do not like gambling transactions showing on their bank statements. Bitcoin allows the users to remain anonymous. It can be helpful to help to access English websites when abroad too.
Exclusive Promotions – Many of the biggest casino offers are often only available on Bitcoin casinos. These offers often provide an excellent opportunity to have free bonuses or to win money.
What are the Drawbacks of Bitcoin Gambling?
Volatility – The price of Bitcoin can largely fluctuate. It is not as straightforward to just assume it will always rise. It adds an extra element of risk to gambling when the value of your currency may change.
Less Variety – There are fewer casinos out there that accept Bitcoin as opposed to regular debit cards. Whilst this should not prove too much of an issue, it can be a pain when looking for new games.
Complicated – Unless you are super clued up about Bitcoin, you may struggle to understand the implications it can bring. The technology can be complicated and may not be suited to everyone. It is becoming easier to understand though.
Expensive – The price of Bitcoin is very high. It costs over £23,000 just to buy one Bitcoin. Most people will not have that sort of money just lying around so it will be difficult to gamble with Bitcoin.
Laws Against Bitcoin Gambling – So, gambling with Bitcoin is legal in the UK but the laws around it are not very simple in other countries. Lots of places are yet to have any regulation around Bitcoin which means there is a level of uncertainty as to where you can do it. It is also illegal in some places so you should think very carefully about breaking the rules.