There are Hundreds of online BTC casinos out there, and more are coming. Not to mention lots of them are a pure scam, created to rip the users off.
It’s because of the digital age we are living in. An online crypto casino has more to offer than a “standard” online casino now. And this is probably one of the main reasons why people are going for it. The extra perks that the blockchain offers. But there are a few drawbacks as well.
Check out this Infographic of
Pros & Cons of Bitcoin casinos for more information.
Benefits: Financial privacy - some of the top BTC casinos provide full privacy thanks to cryptocurrency payments. Note that some online casinos will offer privacy only if the customer deposits and withdraws cryptocurrencies (being an active user).
Low fees - Transferring Bitcoin and other cryptocurrencies saves a lot of effort when compared to other options.
Play from home (or practically anywhere) - traditional casinos might block you because of where your credit card or bank transfer is coming from to avoid sanctions and regulations. But a BTC casino offers deposits and withdrawals that can come from anywhere. Of course, there are lots of restrictions that have to be double-checked before transferring money.
Better & bigger bonuses - it’s a fact that the most famous Bitcoin online casinos generally offer improved, more substantial, and frequent bonuses than traditional online casinos. Not to mention the VIP programs.
Drawbacks:Lack of clear regulations - running a fiat-based, unlicensed casino is challenging because of all the strict laws Authorities will end up noticing. On the other hand, it is easier for a BTC casino to operate without a license. Unlicensed casinos don’t report to any third party or government. Therefore, the risk of unfair conduct is raised.
No chargebacks - at a standard online casino, the client can always request his credit card provider to perform a chargeback, allowing him to get back his cash. And the opposite. When you deposit Bitcoin or crypto, you can’t request a chargeback since there is no financial buffer. It is both an advantage and disadvantage of the cryptocurrencies - all transactions are permanent, without any 3rd party involved.
Crypto prices - they are volatile. Today’s earnings could be a grand loss after a week if not cashed out.