A few years ago, only a handful of people knew about Bitcoin, aka BTC. The cryptocurrency was not popular in its early days as many people thought that they were used only by techno-geeks who believed that they had the potential to change the world. Within a few years, the BTC had a significant impact, and their importance now should never be underestimated. A lot many people are aware of BTC nowadays. It is not surprising that 1 BTC hit a price of USD 20,000 at the end of 2017. It is so popular that the online gambling industry has embraced Bitcoin. It is a natural fit for bookies, poker rooms, and online casinos.
Kinds of Bitcoin Gambling Platforms
The initial gambling platforms that used Bitcoin were quite simple. They had easy-to-develop casino and dice games. However, today, there are lots of Bitcoin bookmakers in the market, and one can bet pretty much on any mainstream sport with the help of Bitcoin.
How is Crypto Gambling regulated around the world? Is it legal?
Anybody would say that a simple answer would be Yes. However, in reality, it is not that simple. The concept of crypto gambling depends upon the legislation of the country. Many countries are yet to introduce a regulation related to Bitcoin, which creates something of a grey area. If you live in a country with specific laws making Bitcoin gambling legal, then one has nothing to worry about. However, if you live in a country that makes Bitcoin gambling illegal, you need to think very carefully before engaging in such activities. Nobody should encourage you to break a law that you are aware of. For the majority of the users, it is probably not an issue at all. There are hardly any laws that pertain directly to the world of Bitcoin gambling, so you should be free from any kind of worries.
Pros of Bitcoin Gambling
There are many reasons why Bitcoin is considered conducive to online gambling. The cryptocurrency has many advantages such as,
One can stay anonymous as there are no procedures or requirements that one needs to go through. Several BTC operators will not even ask you anything. It is excellent for players from countries where online gambling has been made illegal.
The BTC transactions and withdrawals are way faster when compared to the traditional payment systems like wire transfer and use of credit/debit cards. One need not wait to get his/her money.
- Low Transaction Fees
The fees are minimal and, in some cases, almost non-existent. The operators usually cover the expenses on your behalf. The platforms also have much lower costs, and they provide lower margins and better odds.
Cons of Bitcoin Gambling
Bitcoin gambling is not without some negative sides, and one should be aware of it before plunging into gambling with cryptocurrency.
The price of Bitcoin is always moving up and down always. It might sometimes work in your favor, but it is tough to predict what will happen because of the volatility.
- Not User-friendly
You might take a bit of time to get used to Bitcoin if you are not a tech-savvy guy. However, most of the casinos and wallets’ user interface is getting easier, but there are still some which are still not user friendly.
Several countries and states in the US are trying to regulate Bitcoin. So the future of cryptocurrency is still not very clear.
The world of Bitcoin gambling is developing in rapid strides, and the future is bright indeed. There are loads of exciting opportunities if you do decide to give it a try. However, you have to make sure that you fully understand what you are getting into with Bitcoin gambling.