Using Bitcoin to gamble, is it a good idea?
Bitcoin and gambling would seem to go hand in hand on the face of it. A cryptocurrency that is unregulated and almost anonymous would surely be popular for those looking to place bets without too many prying eyes. And yet, somehow, this hasn’t quite manifested into a reality. But why is this, and what advantages could you be in line for if you do decide to leverage the mysterious Bitcoin?
For starters, one clear plus for the usage of bitcoin when it comes to gambling is that online, you are no longer bound by pay-out restrictions. Pay-outs using bitcoin are fast and simple when compared to the conventional method – where regulations can intervene. Furthermore, as was tangentially touched upon earlier, betting with bitcoin provides punters with an extra cloak of privacy.
“Know your customer” rules are prevalent in the industry, which is hardly ideal for those looking to keep a low profile. Luckily, bitcoin can be traded used to bet with almost anonymously, allowing users to stay as low-key as they desire.
Online gambling can sometimes be regional and localized to certain areas only. With that in mind, the opportunity to use bitcoin and other cryptocurrencies allows you to bypass such issues, particularly if your cards can only be used in the issuing country. Bitcoin is borderless, and in that sense, perfect for gambling.
A lot of countries still place limitations on foreign money being used for bets – now, that’s not such a problem. Betting in the age of digital currency truly can become global, which presents a giant threat to traditional outlets, who have controlled the levers for two decades. The use of VPN’s and other geographical disguises opens up gambling to whole new markets and punters, something that previously wouldn’t have been possible.
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An additional benefit revolves around the idea of provably fair odds. Essentially, cryptocurrency betting sites can definitively know for sure that the mathematical odds they present to customers are accurate and true to form. As unique selling points go, this is one of the best out there, particularly for newer sites hoping to build a following. It adds a layer of trust, knowing that you are, in essence, playing a fair game – one that isn’t trying to deceive you in real-time.
While there are certainly plenty of benefits, it must not be forgotten that cryptocurrency still comes with some unavoidable risks. For all that privacy is assured, that too goes for the owners of such sites, who can sometimes be less than morally scrupulous. In some instances, this can lead to flat out fraudulence. In 2015 one user was able to exploit the random number generator of Primedice, allowing the attacker to earn themselves $1 million.
However, as much as this incident was damaging, it was an isolated case, one which shouldn’t act as a representative for the industry as a whole. The growth of cryptocurrency gambling sites points to the fact that most are reputable, offering value where traditional outlets did not. In that sense, be sure to take horror stories such as this with a pinch of salt.
With regulations being so scarce, the cryptocurrency landscape can sometimes feel like the Wild West – lawless and rife to abuses of power. Sites can receive licenses from less strict nations, allowing them to operate in a manner that some nations would deem to be highly irresponsible. The financial incentives of playing with bitcoin are certainly attractive, and to some, they will be worth the risk. But it must be stated that generally speaking, you are safer visiting the sites of traditional gaming companies if you deem Bitcoin to be too big of a risk.
Fundamentally, the world of cryptocurrency is rife with risk. In can even be said that the acceptance of the risk vs reward paradigm is an essential element of why people first venture down the Bitcoin rabbit hole. Indeed, to put faith in a slightly opaque online virtual currency, one which fluctuates in value daily, is to take a seismic risk in the first place. Gambling with bitcoin, or any cryptocurrency for that matter, is merely an extension of the risk required when you first purchase the digital dollars.
Enthusiasts know what they are signing up for, so if you choose to do the same, do your research, and understand exactly what it is that you are consenting to. Gambling poses a risk no matter which avenue you go down. In fact, it is the thrill of the risk that captivates so many of us. Currently, the traditional gambling titans remain in control, but that can very easily change, and if it does, you can bet your house that crypto-based sites will benefit most.
Disclaimer: This is a paid post and should not be considered as news/advice.