Bitcoin has been around for a long time and it doesn’t look like it’s going anywhere anytime soon. Even the major players in the world of finance agree that Bitcoin has become an important part of the economic landscape. Therefore, it is not a surprise that this popular cryptocurrency has managed to integrate itself so well in the world of online gambling.
We are going to explore some factors that you should investigate if you are trying to find a good Bitcoin online casino.
Licensing and regulation
Although bitcoin is not regulated by any country or nation, gambling websites still have to comply with the laws of the countries in which they are licensed to operate. For Asian players, there are many options when it comes to gambling and playing slots on the slotxo platform from around the world.
In order to be licensed by a gambling authority, bitcoin casinos must abide by the same rules as any other online casino. This means that they go through a variety of tests that determine their fairness and safety. These tests are carried out by independent organizations. Make sure you stick to websites that show transparency when it comes to their gaming and financial operations.
This factor is tied to the previous one, as security is an integral part of an online casino’s ability to obtain a license. When it comes to non-traditional payment methods like bitcoin, this aspect becomes even more important as bitcoin does not have a large financial institution backing its value.
That said, bitcoin transactions are probably more secure than credit and debit cards or e-wallets. Since bitcoin is inherently private, there is no risk of your personal information falling into the wrong hands.
However, online casinos need to save some of your personal information to confirm your identity. This information is stored along with your account funds, so it is crucial for playing at casinos that have a well-developed data encryption system.
Bitcoin online casinos often display their security certificate at the bottom of the website, along with the logo of the company that handles their encryption.
Pros and Cons of Bitcoin Casinos
As the popularity of bitcoin has increased in the last couple of years, so has its presence in the online casino arena. More and more web casinos are accepting BTC as a form of payment, but why should you consider using it?
Each payment method in online casinos has its advantages and disadvantages. This is also true for bitcoin, so let’s take a look at some pros and cons of using this crypto in online casinos.
The advantages of Bitcoin casinos
The main advantage of using bitcoin for online gaming is the privacy it provides you. Your personal and financial information will not be disclosed to third parties, which means that your transactions are totally discreet and secure.
Also, all bitcoin transactions are instant. While other banking methods can take hours or even days to process, your bitcoin deposits will be available in your online casino account within seconds.
When it comes to withdrawals, things can be a bit different depending on the casino. Some web-based casinos take a day or two to process your withdrawal request, so even though the transaction itself is instant, the casino may make you wait a couple of days while your information is verified. This is established practice with any payment method, not just bitcoin.
Bitcoin also doesn’t charge for transactions, while your bank or e-wallet does. The casino may still impose some charges on your end, but this is rare.
The disadvantages of Bitcoin casinos
Although bitcoin has boomed in popularity in recent years, it is still not accepted as a payment method at all online casinos. There are still popular gaming sites that do not support this banking option, which could be considered a drawback. However, we believe that it is only a matter of time until all online สล็อต casinos start accepting bitcoin payments.
Another potential issue is the fact that bitcoin can be quite volatile in value. The exchange rate of this crypto-currency tends to change very quickly, so you can end up losing money simply by having it stored in BTC instead of pesos. That said, the price of bitcoin has been known to rise just as quickly, so this potential drawback can quickly turn into an advantage.