New Casinos: The Pros and Cons of Bitcoin Slots
As the online casino industry expands, so does the flexibility of gaming sites. Beyond the games themselves, many players look for new ways to pay for their slots and video poker. It was only going to be time before Bitcoin (or crypto in general) started appearing in the online casino scene.
A quick search for ‘Bitcoin casinos’ will show you that there are plenty of online gaming brands serious about blockchain. But do Bitcoin slots work well in practice? What’s really in it for the players – and do BTC transactions make life easier in these circumstances?
The Benefits of Bitcoin Gaming
From the outset, it’s clear BTC slots offer more flexibility for players. Instantaneous blockchain transactions mean there are no clearance times from banks or card issuers. This means players can instantly deposit or withdraw without waiting days for approval.
We must also consider how these slots, and participating casinos, help to break down international barriers. Much in the same vein as waiting for bank clearance, many players worldwide face currency restrictions. However, through Bitcoin games, players can pay in via wallet without the red tape. BTC, as you’ll know by now, has no international restriction.
Beyond this, let’s think about the value. BTC gaming tends to arrive without any form of fees or levies. This can be commonplace through online casinos that accept cards, for example. Also, those registering at online casinos for cash matching bonuses get incredible value from BTC deposits.
This is because BTC’s inherent value (per coin) is much higher than much traditional fiat. Therefore, you get more for your money from welcome deals and promo codes.
This is all without mentioning the privacy of BTC, which comes as standard. Not everyone wants to declare gambling activity to their banks, and Bitcoin, therefore, holds a lot of value.
The Drawbacks of Bitcoin Gaming
Of course, there are cons to the pros. One of the most significant downsides should be pretty obvious – there are still very few casinos accepting BTC right now.
Bitcoin slots and casinos are starting to emerge more and more, but we are still not at the point where crypto is entirely mainstream. Therefore, it will be some time before there are more casino choices for BTC users.
We must also consider the very nature of BTC on the market. The value you deposit and play with Bitcoin one day on slot games may well change the day after. That’s volatility – and if you are already trading in any crypto, you’ll likely know about this drawback.
Some gamblers may also see decentralised funding to be very risky. With fiat currency, some may argue, there is greater security and backing. While you do receive anonymity to a vast extent with BTC (and the security alongside), fiat cash casinos provide different safeguards.
This also leads to a point about your money’s security while it’s in the casino system. Some critics of BTC gambling would argue that, should something drastic happen to the digital ledger, you could lose money. This is a concern, of course, that applies to investing in crypto in general. It’s a common argument for sticking with fiat, though that doesn’t necessarily make it correct.
Bitcoin slots and casinos are still in their infancy. While they offer fantastic value and support to gamblers, it will be some time before they enter the mainstream.
There is absolutely nothing wrong with investing BTC in slots and games. However, as with all money, take every deposit very carefully.