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How Does Bitcoin affect My Gambling Experience Online?

Does Betting with Bitcoin Truly Affect My Gambling Experience?

If you are thinking about having a punt on your favourite games with cryptocurrencies for the very first time, it is natural if you have some questions. One of the most asked questions we get from readers is, “how does betting with bitcoin affect my gambling experience?”. The short answer is – it will affect it, and in some ways, it will affect it for the worse. However, bitcoin betting affects your gambling experience for the better, too, and does for an overwhelming majority of aspects and features. Find out what those are with our guide.

You’ll Be More Anonymous

Let’s get the obvious out of the way. The first thing you’ll notice about betting with bitcoins at crypto casinos is that you become more anonymous. Bitcoin betting sites (and the blockchain itself) offer you a degree of anonymity you won’t get with fiat currency casinos. Most of this is down to the KYC process, and we’ll look more at that in a short while. Having a touch more anonymity is certainly not a bad thing in the online casino world.

You Can Withdraw More Speedily

One of the biggest (noteworthy) advantages of betting with bitcoin and other cryptocurrencies at online casinos is the ability to withdraw your winnings rapidly – and we mean rapidly. Again, the absence of a KYC process (in some sites) speeds this step up, but as a general rule, cryptocurrencies are usually far quicker cashout options than fiat currency methods. You won’t be charged for cashing out your winnings either, with average transaction times taking an hour or less.

However, depositing with cryptocurrencies such as bitcoin is another story. You must process BTC deposits through your payment provider, and you will likely have a small charge applied (miner’s fee) for doing this. On top of that, the peed of your deposit depends entirely on your “miner” and fee. This makes crypto deposits slower than most automated fiat currency payment providers, but not by much. The speediness when it comes to withdrawals more than makes up for that, though.

You’re Technically Double Gambling

As you’re probably aware, Bitcoin is a highly volatile cryptocurrency. This means that its value regularly swings from high to low. It can gain hundreds, even thousands of dollars in a single day and lose that much just as easily. Many would argue that merely getting involved with cryptocurrencies in the first place is a gamble. Considering that you’re actually gambling with a volatile cryptocurrency, you could argue that you’re gambling twice. After all, even if you win a lot with BTC bets, it won’t mean much if it loses value the next day.

Exclusive and Forbidden Bonuses

Making the jump to bitcoin betting opens doors when it comes to bonuses and promotions. On the one hand, you’ll be able to claim an entirely new array of deals, not open to fiat currency users. However, at the same time, some of those fiat exclusives may now be out of reach for you. The ability to claim some bonuses and not others will impact you. However, whether that changes your gambling experience from a positive to a negative one or vice-versa depends entirely on the types of offers you wish to claim.

A “More” Limited Array of Games

Not all cryptocurrency casinos have games that are BTC-friendly. Oddly enough, some of them can only be played when your BTC deposits are converted into a fiat option, such as US dollars. Of course, some software providers have already made their games BTC compatible, and you can play them with ease. However, there are exceptions – some major progressive jackpot slots, for instance, can’t be won in BTC. Ultimately, the ability to bet on games with BTC will see you experience a “smaller” selection of titles available. However, whether that collection is substantially less or only marginally so will vary from site to site.

Goodbye to the KYC Process

If you nip over to a cryptocurrency casino site that is licensed out of Malta (MGA), then you will likely note that it has a KYC process that you must complete before withdrawals are permitted. The same is true if you head over to a dual fiat/crypto casino. There will most likely also be a KYC process.

However, if you were to sign up at a Curacao licensed casino, or one that ONLY accepts cryptocurrencies, then you might find that the KYC process has been removed from the process. Yes, on the one hand, it does make protection against identity fraud, money laundering and underage gambling trickier to enforce. However, at the same time, the lack of a KYC process means better (and more) anonymity. Ultimately, this is a toss-up based on which one matters more to you. Keep it in mind as it unquestionably affects your experience betting online.

Is Betting with BTC Worth a Punt?

The big question is that given all the information above, “is betting with bitcoin worth a punt?” Ultimately, we’d say so. If you’ve made it this far into our how-to-guide, you’ll notice that most of the ways that your gambling experience has been altered is for the best. However, there are one or two cases where your gambling experience is knocked down a peg or two. However, we firmly believe that BTC betting is superior to fiat currency gambling.

If you are eager to give it a shot, then might we suggest something? Play at dual fiat/crypto casinos, to begin with. Our reasoning is this – if you discover that you don’t like crypto gambling, you can always enjoy basic fiat currency gameplay without changing your site. Moreover, if you deposit with both cryptos and fiat currencies, you can experience the best of both worlds under the same roof. Check our top casino reviews to find ideal fiat/crypto casinos right now that offer you the best experiences online today.

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