Should you avoid gambling with Bitcoin?
Bitcoin is definitely becoming one of the best assets to use when you are trying to gamble. Nearly every online casino will soon have a feature where it can offer you deposits through bitcoin or immediate purchase and betting. However many players have already asked questions about what this will do to the industry and how will banks start to respond to fewer requests for withdrawals with their platforms.
What about other cryptos?
There are many factors behind Bitcoin being the go-to crypto for gambling. Although, when comparing crypto gambling sites to each other, nearly every one of them features their own tokens, while also featuring Bitcoin or at the very least Ethereum. Bitcoin is the most popular crypto around the world, which means that accessing it is the easiest. Almost every crypto exchange and trading platform feature Bitcoin trades and conversions, therefore it was impeccable for gambling operators to include it as a flagship deposit option.
Not only for the user, but also for the operator, Bitcoin is an amazing choice, because of the diversity in service providers. This will not inhibit the operator’s choice when an existing provider makes some changes that they don’t agree with. The diversification of providers also means that transactions will be a lot faster, because of less strain on a particular platform. In addition, should one provider suffer some technical issues, the operator can quickly switch to an alternative one temporarily. Bitcoin does not have the ability to make large amounts of transfers within a second, therefore there may be traffic, ultimately creating the need to diversify, so don’t think these operators are doing it just to involve themselves in some sort of scam.
What’s in it for the casinos?
Since the platform of cryptos has been developing, making new cryptos has become a piece of cake. If the company has sufficient funds to hire a couple of developers it can easily launch its own crypto within a couple of months. For casinos, it would be an amazing addition, given the fact that their capital isn’t too shabby. An alternative to this strategy would be to just create a token with Ethereum or Bitcoin Cash and feature it like that, either way, it would be a personalized currency just for gambling. There’s not much to lose really if it is a large crypto casino, it may even prove to be a large success and show promise on the crypto exchange. The worst case scenario would be that players disregard it and go for Bitcoin and even then, it can be personalized to the point where there is no other way for the players to use your token. Imagine that a casino creates a coin, it becomes super popular and shows promise on the crypto exchange, the casino then can create a spinoff company for that specific crypto making even more profits and becoming a group of companies, further increasing credibility.
Is it even legal?
Well, it depends on where you live. For example, if you try to gamble Bitcoin in China, there’s a bunch of problems coming towards you. A) it’s illegal to gamble in China, B) it means that it’s illegal to gamble with Bitcoin in China. However, in most European countries you’ll find that it’s quite easy to gamble with Bitcoin, virtually no restrictions. Additionally, there is also the case of credit score, because as you know, there are many cases where banks deny loans to clients if their history shows transactions to gambling sites.