Bitcoins have been around for over a decade, and during this time they have become a modern phenomenon that is part of people’s everyday lives.
At first, many people were sceptical about Bitcoins and the things they could be used for, with safety as a leading talking point. But over time, people have become accustomed to Bitcoins and blockchain technology along with other cryptocurrencies, with their uses becoming the norm and people feeling much safer owning Bitcoins.
In fact, one of the most popular ways in which people are spending Bitcoins is through online gambling, such as sports betting, casino games and online slots.
But is betting with Bitcoins safer than gambling with real money? We give insight in to this question below and discuss the pros and cons of the world’s most famous digital currency.
What is online betting and how do Bitcoins compare with real currency?
Firstly, many people think that online betting refers to sports only, but it is important to understand that online betting includes a wide array of options for gambling online, including table games, slots, live dealer games, poker, bingo, lotteries and virtual games.
If you’ve ever heard the phrase place your bets, then you will understand that this is a common term used in table games such as roulette and blackjack.
Additionally, the terminology does not change regardless of whether you are betting in real money or betting in Bitcoins.
So with the basics out of the way, let’s compare Bitcoins to real currency, such as dollars, euros or pounds, and look at whether they are safer to bet with.
Bitcoins have greater accessibility to all casino players and sports bettors because they are valued the same in every jurisdiction. So unlike real money there is no restrictions, value fluctuations or borders when betting in Bitcoins.
Transactions to and from the customer to the online betting site or casino site come with the highest level of security, through the use of blockchain technology and protection of personal data.
The nature of Bitcoins provides anonymity for users. Whereas real money requires a bank account, payment card or e-wallet in order to hold currency. This requires account information being entered and held on file.
Transparency in online gambling with reputable casino sites or sports-books is equal, regardless of whether you are betting in Bitcoins or real money. Providing the operator is not rogue, games will be provably fair from leading software developers and independently tested to ensure fairness and randomness.
Betting in Bitcoins provides slightly more diversity for players and bettors alike. This is in part due to the greater accessibility of the digital currency across the globe. Casino players and sports betting fans will often find that they have a more diverse selection of games and sporting events markets to wager on.
Transactions for Bitcoins are not only safe, but they are quicker than real money, especially for withdrawing winnings. Additionally, there are less time consuming processes for Bitcoins such as checks and verification requirements. As a digital currency, winnings can be withdrawn to a BTC wallet within minutes.
Betting with Bitcoins is not unsafe
Since the inception of Bitcoins, they have received bad press when using them to buy items or bet online. But betting with Bitcoins is not unsafe, and its time to reinforce credibility and debunk the myth.
Of course, as with any type of currency or online fad, there will always be people trying to exploit the system. So although betting with Bitcoins is safe, it is advisable to keep your wits about you and choose a trusted BTC wallet and reputable online casino.
Casino sites like Bitcoincasino.io have been allowing players to bet with Bitcoins on games such as slots and roulette for many years. In fact, the operator is a dedicated cryptocurrency casino and the most popular crypto is Bitcoins, whereby players are able to place bets quickly and easily.
What’s more, new players can get a first deposit bonus of up to 0.1 BTC free.
Although the aforementioned casino site is perfect for betting in Bitcoins, players that prefer to gamble using real money, such as the Euro, Dollar or Pound, may choose to play casino games with another provider that specialises in traditional currencies. Kingdom Casino is one of the most popular real money casinos of 2021 and although it does accept crypto, it focuses heavily on real money and all games and marketing materials feature EUR first and equivalent currencies second.