Categories: EducationFAQ

Are Bitcoin Casinos Worth Registering With?

Bitcoin is one of the most well-known crypto currencies around and can be used to purchase items and products. What most people don’t know, however, is that it can also be used at online casinos. The main question on everyone’s minds, however, is whether or not registering at a bitcoin casino is worth it. Let’s take a look!

The Drawbacks

A Volatile Currency

The main problem with Bitcoin is that the value is always changing, either rising or falling. This means that you should be careful when making larger deposits or withdrawals as the value can change at any time and potentially leave you with less money. However, it’s important to note that once converted into a real-life currency, the value will not change. 

Online Casino Acceptance

One of the main issues with using bitcoin at an online casino is that not many online casinos accept the currency. What’s more, those that do are usually not licensed by the UK Gambling Commission and we suggest you avoid registering with these online casinos since they can be unsafe to play at. 

These unlicensed or overseas casinos may offer unfair games or lacklustre customer support which is hugely important when it comes to reporting problems or glitches, and when making withdrawals. Some of these online casinos also hold withdrawals for a long time or charge ridiculous fees so you lose on winnings. 

However, if you do want to go ahead and play with Bitcoin, you should register with new casino sites, as those are most likely to offer this option. If in doubt, we recommend contacting the operator’s support team before signing up. They will also be able to answer any other questions you might have. 

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Complicated For The Average User

Another drawback for using bitcoin is that it’s a little complicated for the average Joe. Obtaining bitcoin requires a little work and most people are likely to be turned off by doing this. Although it isn’t necessarily difficult obtaining bitcoin, it can certainly feel overwhelming for anyone new to the payment method. 

The Advantages

Incredibly Safe

Although some of the online casinos accepting bitcoin may not be safe, the payment method itself is incredibly safe to use. All transactions are encrypted and logged to ensure that all parties are kept safe when using bitcoin. This also applies to all other crypto currencies, making them some of the safest payment methods around.

Low Fees

Another advantage to using bitcoin as a payment method is that there are almost no fees. Most online casinos today charge fees for making a deposit or a withdrawal, deducting it from your overall winnings or funds. However, casinos which offer bitcoin generally don’t charge large fees, but it’s important to understand that this depends on the online casino and you should always check with a site before registering with it. 

Conclusion

Overall, using bitcoin at an online casino is safe and you are completely secure. However, there are outside risks involved and they generally involve the unpredictable and fluctuating value of bitcoin as well as the licensing issues of online casinos that accept it. If you’re interested using bitcoin, we urge you to only register with a site that is licensed by a well-known gambling regulator, helping to ensure your safety.

Mark

Mark is a 24 year old cryptocurrency entrepreneur. He was introduced to Bitcoin in 2013 and has been involved with it ever since. He used to mine bitcoins and altcoins but now focuses on blogging and educating others about digital currencies.

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