Increasingly, cryptocurrency is making its mark as a genuinely viable alternative to conventional currency. With the value of the Bitcoin having recently hit an all-time high ($15,000), more businesses than ever before are opening their doors to crypto customers.
At the same time, investors and those who enjoy a gamble in general are looking to Bitcoin as one of the most lucrative assets on the market right now. One that’s undeniably volatile, but nonetheless has the potential to generate enormous returns practically overnight.
There’s no shortage of investors who’ve become ridiculously rich thanks to Bitcoin, making it a tempting and appealing prospect to say least.
Does this mean that Bitcoin is a safe and appropriate form of currency for online gambling? If you’re planning on placing bets or hitting online casinos in the coming months, is now the time to give Bitcoin gambling a go?
Like most things, the answer depends entirely on who you ask. There are various ups and downs to using Bitcoin for pretty much anything at all – online betting and casino gaming being no exception to the rule.
Arguments in Favour of Bitcoin Gambling
One of the most immediate benefits of Bitcoin gambling is the way in which it is a uniquely discreet form of currency. For a variety of reasons, there are plenty of people who prefer to remain anonymous while gambling online and keep their activities to themselves. Whereas the vast majority of conventional forms of currency can be traced back to the customer, Bitcoin is about as close as it gets to cash – albeit in a virtual sense. If privacy and discretion are priorities, Bitcoin is just about as discrete and anonymous.
Another advantage to Bitcoin gambling is the growing prevalence of online bookies and casinos that exclusively support Bitcoin payments. Some of which are offshoots of existing brands, while others are purpose-built sites specifically for Bitcoin users. In any case, getting into Bitcoin gambling can open the door to a plethora of new options to explore. Shopping around for a safe and reputable Bitcoin betting site is still important, as not all are performing at the same high-quality standards.
Ultra-fast transactions in both directions are another point of appeal for Bitcoin customers. Payments and withdrawals can be processed practically instantaneously, with the added benefit of minimal (or zero) transaction costs. What’s more, the safety and security of bitcoin transactions can be exponentially greater than those of most comparable forms of currency. It’s practically impossible to hijack the information transmitted when making payments with Bitcoin, as is hacking the user’s information and subsequently using it for illicit purposes.
Lastly, the volatility of Bitcoin also makes it an extremely appealing asset in the eyes of investors with a high risk appetite. Having once been valued at next to nothing, Bitcoin has skyrocketed in value over the years to become one of the most valuable assets of its kind the market has ever seen. It’s been known to plummet in value just as quickly, but time it right with cryptocurrency and it is perfectly possible to make a fortune, almost overnight.
Bitcoin gaming is essentially a form of gambling in its own right – something that holds enormous appeal for those with the risk appetite to handle it.
Arguments Against Bitcoin Gambling
On the opposite side of the argument, the biggest issue with Bitcoin today is the way it exists as a decentralised and largely unregulated currency. This in turn means that online bookies and casinos that accept Bitcoin can potentially get away without being licensed or regulated in the conventional sense. The Bitcoin gambling landscape is therefore slightly riskier than that of the licensed and regulated casino landscape. There’s no shortage of reputable, responsible and reliable providers out there – it’s just that you have to have your wits about you to avoid the more unscrupulous sites.
In addition, there are still no guarantees as to what the future holds for Bitcoin. On one hand, it could be recognised and approved by authorities worldwide and spark the biggest currency revolution in generations. In which case, the value of Bitcoin would explode beyond anything we’ve seen to date. On the other hand, it could be outlawed overnight in major jurisdictions all over the world, effectively rendering it worthless. The latter of these two scenarios is highly unlikely, but is by no means 100% out of the question.
Of course, there’s also the unavoidable risk that accompanies gambling with a volatile asset. When you play with conventional cash, you know exactly how much you’re winning, losing and have leftover in your bankroll. With Bitcoin, the value of every wager, win and so on can be exponentially different from one day to the next. This can work in your favour, if you pocket a prize and the value of Bitcoin suddenly spikes. It can also work against you, if you invest heavily in Bitcoin only for its value to plummet within a matter of hours.
Is Bitcoin Worth Checking Out in 2021?
As previously touched upon, whether or not Bitcoin is worth gambling in 2021 is purely a judgment call. Rather than a form of currency in the conventional sense, it’s better to look at Bitcoin as a game in its own right. A gamble on an asset that works like any other investment, which can shift in value at any time and without notice.
In which case, betting with Bitcoin essentially means you’re doing something of a double gamble. Not only are you putting your money on the line with the games you play, but the currency itself represents an ongoing wager of sorts.
One that could very well make you rich, but at the same time could also see you facing heavy losses.