There has been a recent buzz in the online casino industry, with the increasing number of Bitcoin based online casinos. These casinos operate using Bitcoin and other crypto currencies as part or main currency in addition to other deposit and withdrawal options as their banking methods. Advantages of playing at these Bitcoin based casinos are almost similar to the other sites that do not use Bitcoin and other crypto currencies. This means that at the end of the day, whether you choose to pay for your service using crypto currencies or the regular modes of payment, it all comes down to a matter of preference, especially on what you’d find convenient and easy to use.

However, while choosing these two methods of making payments at the mobile casinos, you’ll realize that Bitcoins have drawbacks that vary extraordinarily from the conventional type of payment. Since most of the articles online focus on highlighting the disadvantages involved with other payment methods such as eWallets, debit/credit cards and bank wire transfers, we’ve decided to take a different approach and focus on bringing you the few disadvantages associated with Bitcoins. These disadvantages are as per the following.

Value fluctuations

The value of each Bitcoin significantly rely on the laws of supply and demand. At some point last year, Bitcoins were worth a few hundreds of dollars but due to a surge in demand for the coins in China, the value of Bitcoins has spiked to a whopping $1273.94 – a figure that’s made them more valuable than gold, which was originally considered as the most expensive item.

With the ever changing value of Bitcoins, and the volatile market of the coins, it’s turned out to be progressively inconsistent to utilize Bitcoins at the online casinos. Why? Because at some point, you might be depositing when the value is very high, but when you are withdrawing the coins, the value might have dropped sharply. This was witnessed sometime back when someone dumped up to 500,000 coins online, making the value of the coins to drop with more than $400.

Confined to a given online casino

As already mentioned, Bitcoins is the most contemporary method through which players can use to play online mobile casino games. Consequently, there’s not many online casinos that have yet embraced offering Bitcoin services to players. Furthermore, those that have chosen to, they march have a few restrictions capped on this payment method. How does this affect your online casino gaming experience?

By choosing to use Bitcoins as your main method of making deposits and withdrawals online, you shall have limited or tied yourself down to the mobile casino that only offers its services using Bitcoins. This means that you might lack variety when it comes to the games and other services that you could easily have had access at the other online casinos.

The uplifting news is that most of the Bitcoin based online casinos, for example, Bitstarz Online Casino has plenty to offer in terms of game variety. Not only does it feature games from top slots developing companies such as Microgaming, Betsoft, NetEnt, and Playtech, but they also have plenty of other services such as payment options and friendly customer care services.

Bitcoins are illegal in some jurisdictions

Online casino services have been widely accepted in different parts of the world. Back here at the UK, Ireland, Germany, Australia among other countries have all passed laws that allow for online casino services. However, there are regions that despite having allowed for online casino services, they still haven’t passed laws that allow online casinos to offer their services using Bitcoins as one of the banking options.

Bitcoin transactions are irreversible

Are you aware that all the transactions made by Bitcoins cannot be switched and the main way that you can be refunded is if the person receiving the funds decides to send them back to you? This means that should you choose to withdraw funds from your online casino account and decide to trade that for real money with someone else and end up sending it to the wrong person, then the only way that you can recover your cash is if this person decided to send it back to you! Do you see how risky this can be, especially if you are withdrawing a huge sum of money?

Bitcoins are subjected to hacks

This might not be a new news to you as there has been distinctive instances of individuals being hacked and losing their Bitcoins on the web. Since Bitcoin based online casinos also rely on the same platforms as other Bitcoin users to store their coins, there are high chances that in case of a hack on the same platform that uses the Bitcoins, online casinos will also be affected.

In such a scenario, you’ll lose your bankroll, but some of the Bitcoin mobile casinos have the policy of reimbursing you in case of such an attack.

Main Concern

As you’ve read above, using Bitcoin as your preferred method of making deposits and withdrawals at the online casino has its fair share of disadvantages. Take note that we didn’t write this to demoralize you from utilizing this as a payment method yet as a wise online club player, you should evaluate your need/requirements before deciding to use Bitcoin as your preferred payment method.

Regardless of Bitcoin’s prevalence with some online casino players, it still remains unknown to some players across the UK and he world at large. As different online mobile casinos continue to incorporate this payment method in their banking options, this form of payment is definitely going to assume immense proportions in scale.

Is it possible to deposit Bitcoins using mobile devices?

Yes, it’s possible. Some players think that using Bitcoins requires one to have a degree in rocket science but in reality, using Bitcoins is as easy as A, B, C. Read our guide on how you can deposit using Bitcoins and sign up at Bitstarz Casino for a chance of 5BTC as your welcome bonus.

Deposit using your mobile device and get 5BTC

Categories: guides

Posted on: 8th March 2017 by:

One response to “What are the risks of using Bitcoin instead of real money at Casinos?”

  1. L4Leonid says:

    There is little to no risk of using Bitcoin as long as your online casino and the law supports it. Bitcoin is real money guys and you really can’t say using real money ‘or’ Bitcoin. Cryptocurrency transactions have been made so easy in these years and the casino players hardly face any difficulty. Lack of experience and some drawbacks like irreversible transactions matter but if your early decisions are right, there won’t be any problem.

    I personally don’t prefer Bitstarz casino because it lacks some good games that other casinos don’t. But you surely should check their games if all of them are available in your jurisdiction. It’s just like I’m unable to play Netent in Bitstarz. You probably can so check it out first. Besides, the Bitcoin gaming is flawless in this casino so worth checking out I say. The promotions are great.

    Loki casino is next and what you dont wanna miss is mBit casino which is another licensed one with a wide selection of games. All depends on your choice but it’s definitely safe.

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