An Overview
Bitcoin casinos are increasingly becoming popular in the segment of online gambling. There is a host of advantages associated with Bitcoin casinos, and the low fee charged by these casinos is a lucrative factor for many new and existing players. In the conventional gambling format, one has to incur anywhere between 3% to 5% transaction cost on the deposit and withdrawal process. This is because casinos have to pay intermediaries to process the transaction, and this cost has to be borne by the players.
No such extra transaction cost is applicable in the case of Bitcoin casino. Players do not incur any charge related to the processing of the transactions. Bitcoin is based on open ledger technology, which means transactions won’t require any third-party validation. However, there is an exception to this scenario. If a player selects the services of a cryptocurrency exchange, there will be a transaction charge associated with it. Given that today most of the cryptocurrency casinos offer the facility of deposit and withdrawal in Bitcoin, players don’t need to pay the extra money involved in the process.
What do Casinos Charge if You Use Bitcoin?
Different casinos have different policies regarding the fee charged from the players while depositing and withdrawing the money in the form of Bitcoin. There are many casinos that charge nothing if a player is willing to bet using Bitcoin. This is because most casinos’ main motive is to have more players in the house to get more advantage in the game.
Further, we have some casinos that charge you the deposit or withdrawal fees, and this takes the form of a cryptocurrency. This is because these casinos utilize the services of cryptocurrency exchange and Bitcoin wallet to convert the cryptocurrency into Fiat money and vice versa. These casinos incur charges from exchanges and wallets, which in turn is passed on to players. On average, a player ends up paying around 1% to 2% of the transaction fee on the deposit and withdrawal using cryptocurrency.
What is the Role of Bitcoin in the Gambling Industry Now?
The role of Bitcoin in online gambling is increasingly becoming relevant and popular nowadays. Players are patronizing Bitcoin casinos over the regular gambling formats because there are several advantages associated with the former format. Cost-effectiveness, a wide variety of games, and the convenience to remain anonymous during the gambling process are some of the benefits of betting in Bitcoin casinos.
That said, there are also certain challenges associated with Bitcoin casinos. The foremost one is the legal challenge, as many countries’ regulatory frameworks have declared online gambling an illegal affair. One can overcome this challenge by using the VPN, although it might not be feasible for all as many casinos do not permit a VPN. If you live in your country where online gambling activity is banned, you need to identify the Bitcoin casino that allows players from your country to participate in the gambling process. In such a casino, you can make a deposit in Bitcoin, and withdrawal can be made in the same digital currency.
Is Bitcoin Gambling Legal?
Bitcoin gambling is legal. But, there are countries around the globe where the cryptocurrency is not a legitimate tender. Players need to check whether the casino is affiliated with the legal establishment to steer clear of any implications later on.
Importantly, many governments across nations today want to regulate cryptocurrency, and that’s why we are witnessing more attempts by authorities to control digital coins. If this happens, the whole point behind the inception of cryptocurrency will become nullified. After all, if Bitcoin is regulated, there won’t be any motivation left to use it.
Final Thoughts
Bitcoin casinos have revolutionized the space of online gambling. Players are liking this format of betting thanks to a host of advantages associated with it. The low transaction cost, the convenience of time and place, a wide variety of games, and the opportunity to remain anonymous throughout the gaming process lend unique advantages to Bitcoin casinos over their physical counterparts. The revolution in digital technology and the availability of the affordable internet have further enhanced the Bitcoin casinos’ utility. However, there are challenges too, and the biggest one is related to the regulatory framework. Bitcoin casinos have to overcome this regulatory challenge to remain sustainable for a longer period in the future.
