16 Sep

Crypto Casinos – Pros & Cons of Bitcoin Betting Sites

Are Altcoin casinos safer than traditional cash money gambling sites?

Are Altcoin Casinos Safer than Traditional Cash Money Gambling Sites?

It’s been ten years since the first Bitcoin was mined, marking the birth of the world’s first decentralized crypto-currency. As any follower of BTC knows, it’s had its ups and down over the years, rising from an initial value of just a few cents to a peak worth of $19,783.06 on December 17, 2017. It then nose-dived back to around $6k in early 2018, and today is worth a little over $10k per BTC.

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The transient value of the original digital currency has kept many potential users and investors away, but there are others on the market that have exhibited much greater stability. Other forms, such as Etherium and Litecoin, experienced similar surges when BTC became crazy expensive, but have otherwise sustained more reasonable values. Collectively, we’ve come to know these and toher digital currencies as Altcoins.

Crypto Casinos & Other Popular Uses

Crypto Casinos – Pros & Cons of Bitcoin Betting Sites in 2020

Altcoins have become popular avenues for investors and certain types of web-based commerce – particularly those where anonymity may serve useful. The online gambling industry is perhaps the most famous in this regard.

To date, hundreds of Bitcoin betting sites have been launched, lauding the benefits of depositing from a digital wallet. Most promote their services by hailing the superior safety and security of gambling with altcoins, but is it true?

Are Altcoin Casinos Safer than Cash Money Gambling Sites?

Comparatively speaking, the clear answer is no. Crypto casinos have their perks, but exceptional security is not among them. The fact that anonymity is so highly acclaimed may be good for players in regions where iGaming is illegal, or where individuals would otherwise have to pay hefty taxes on gambling winnings, but in the same token, it means a hacked account can never be recovered.

The anonymity factor eliminates the ability to trace the thief. No matter how secure altcoins claim to be – no matter how rare hacking incidents may occur – when a security breach does happen, the victim is powerless. And that’s not the only safety flaw in crypto betting sites.

A significant portion of digital coin gambling websites do not carry a reputable operating license. They can’t, because their whole purpose of existence is, most often, to cater to individuals in jurisdictions where iGaming is illegal. Lack of license means lack of jurisdictional oversight; no authority to enact and enforce laws, or ensure the operator follows those laws.

If Not Security, what are the Benefits of Bitcoin Betting Sites?

I’ve seen some promote these sites as having a greater game selection, but that’s a falsehood by all accounts. In fact, cash money gambling sites that hold a reputable operating license offer the better games, whereas unlicensed sites can offer pirated versions of those same games, meaning they can be rigged to provide much lower payouts than advertised.

The only real benefits to altcoin casinos are the fact that players in illegal markets can access them – is that really a good thing? – and that withdrawals are far quicker. Traditional casinos enforce a pending period of up to 48 hours before processing, and the ensuing processing time can take up to another week (a few hours for web wallets, or 3-5 business days for a bank transfer).

Bitcoins and other crypto currencies are the only payment option that can be facilitated within a few minutes, if not instantly, upon requesting a cashout. Thus players in black markets who are willing to trade a higher degree of safety and security for speed and anonymity may find them appealing enough to take the risk.

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