Accepting deposits only in Bitcoins and being considered merely a virtual-world currency by no government in the globe is the greatest advantage of online Bitcoin casinos. Using it as a legal currency for your online casino can mean your online gaming site can run almost without any need for a physical casino license (an actual casino license usually costs at least 10,000$.) However, there are a few downsides to using this virtual currency. Here is a list of them.
The most notable disadvantage is lack of control over the spending of user’s deposited funds. In case of online casino using Bitcoins as payment for gaming activities, the only thing that will remain under the control of the gamer is her ability to change her personal password. And even if she could, the same password may not be used for subsequent deposits and withdrawals. Hence, should she want to have some money from her depositors, all she has to do is to change her password.
Virtual currencies are prone to fraud and hacking. Even with a decentralized setup, there is still an ability for one party to steal from another. This is quite possible since Bitcoins are highly resistant to hacking, making it highly likely that hackers would try to hack into such systems. Hence, this becomes a significant risk for users of such casinos who wish to make deposits and withdraw money out of their funds.
Apart from this, some currencies are highly unstable. For instance, the Euro and US Dollar are considering as unstable currencies, making it a risk for online gamblers to use these in their gambling activities. The instability of currencies may pose a risk for both owners of the casinos as well as users of these websites. Moreover, there are no restrictions on the transfers or the bonuses that you can get from these websites. Hence, this makes it easy for anyone to get access to huge amounts of cash.
Furthermore, the best feature of this type of casinos is that they offer free marketplaces where people can trade currencies. The main reason why most people prefer to play here is because of the bonuses offered. There are actually no age limitations or other restrictions when it comes to playing here. In fact, there are even some bonuses that allow you to withdraw your bonus money, giving you even more reasons to play and win here. Thus, this is one reason why most people prefer to play here.
Finally, users of this type of casinos are able to enjoy a hassle-free interface. As long as there is an internet connection, the players will be able to perform all the transactions needed. They just need to find a good online dealer, sign up and deposit their money into their virtual currency accounts. In a matter of minutes, they can engage in all types of activities such as playing with different currencies, accessing the bonus features and withdrawing the funds whenever necessary. This certainly gives the whole experience an ultimate advantage over other types of online casinos.