Bitcoin is the most popular casino cryptocurrency in the world. According to a Softswiss report, 78.5 percent of crypto casino players have used the coin to gamble at one point or another. While impressive, this popularity is not everything. If you’re looking for a crypto coin to bet with, you want to know if it’s safe, stable, and affordable. Let’s review the pros and cons of Bitcoin and see how it stacks up as a gambling currency.
Bitcoin is anonymous and decentralized
Bitcoin allows anonymous gambling. When you use Bitcoin to play in an online casino like Betway, it doesn’t create a record of your transactions. This is because no personal details are attached to your Bitcoin wallet. Bitcoin also lacks a centralized governing authority or system. No one can access, freeze, or control your wallet unless you give them your key. If you value privacy and anonymity, these features make Bitcoin a great coin to play with.
Bitcoin is safe
Bitcoin’s decentralized system and blockchain technology make it one of the safest modes of transaction in the igaming industry. Because wallets don’t collect personal data and there isn’t a central data store, Bitcoin systems are almost impermeable to data hacks. Bitcoin transactions are also irreversible. Once you make a transaction, you cannot change or reverse it, which means no one else can. However, Bitcoin doesn’t support smart contracts. Some players consider that a downside, but Bitcoin has proven safe for gambling.
It is fast and relatively cheap
Bitcoin is not the fastest casino crypto coin. Compared to Ethereum, for instance, it is downright slow. Ethereum transaction verifications take 2 to 10 seconds per block, while Bitcoin verifications take 10 minutes per block. However, compared to other modes of transaction like credit cards and bank transfers, which take several hours or days, Bitcoin is fast.
It’s also relatively cheap. Bitcoin transaction fees are significantly lower than credit and debit card charges, which can eat into your bankroll when betting on Betway.
Bitcoin is volatile and unpredictable
Like many other cryptocurrencies, Bitcoin is volatile. Its value falls and rises depending on many external factors, including news and tweets by prominent personalities like Elon Musk. It also exists in a fragile regulatory space, where regulators still haven’t pinned down how to handle Bitcoin transactions. This volatility means you can’t be sure of the value of your winnings or bankroll from day to day. This is a downside if you don’t like unpredictability in your gambling.
It has a steep learning curve
Despite being around for a long time, Bitcoin isn’t easy or intuitive to use. As a player, you need to know how to set up your wallet, make transactions, and verify ledger entries, which can be complex. Many new players find this steep learning curve discouraging and time-consuming. However, it’s not a dealbreaker if you don’t mind putting in the time and effort.
So, is Bitcoin a good betting coin?
Yes, for the most part. Bitcoin is safe, relatively fast, and cheap. Its decentralized model makes for anonymous betting, which is ideal if you prefer to keep your gambling activities private. Moreover, because Bitcoin is popular, it is the coin you’re most likely to find in most online casinos like Betway. The volatility and uncertainty around Bitcoin make it an unstable coin to bet with all the time, but you can easily handle this by adding fiat currencies to your bankroll.