Crypto Gambling’s Drawbacks
Today, most online casino transactions are made in major international currencies such as USD, GBP, and EUR. Still, more and more people have started using cryptocurrency in gambling. The share of crypto casinos is no more than 15% today. But Bitcoin is increasingly being introduced into our lives, so various Crypto Gambling resources include Bitcoin slots and table games in their list of entertainment. Considering the cryptocurrency development pace, this industry will grow a lot soon. In general, many consider cryptocurrency an excellent option for online casinos. Still, it is not so.
Why Is Crypto Gambling not Profitable?
Crypto Gambling develops quite fast. Against the background of the growing interest of users in the possibility of earning money, blockchain technologies with their derivatives have made a lot of hype. This hype allows witty investors and traders to receive impressive incomes without thinking about financial difficulties. However, many people besotted by advertising and publications of “experts” lose their funds trying to profit from innovative tools.
In addition to monetary losses due to banal illiteracy, greed, and causeless self-confidence, there is also a fraudulent factor. People are being actively scammed in a highly publicized, relatively new, and popular area – online casinos. There is no classic theft here, but there is inattention, infantile carelessness, and the expectation of easy money. So, why shouldn’t you play in cryptocurrency casinos?
Bitcoin is volatile.
Any currencies are subject to volatility. If we are talking about Bitcoin, this volatility is quite large, provoking additional risks. The cost of Bitcoin changes every day, and it is difficult to predict what may happen tomorrow. The supply of Bitcoins is limited, and their demand is constantly growing. If the cost of Bitcoin decreases, you can lose your money. Because numerous casinos have started accepting Bitcoin, volatility may decrease in the coming years.
It is a work in progress.
Cryptocurrency casinos are still under development. It may seem paradoxical, but withdrawals in coins take even longer than withdrawals to credit/debit cards. It usually happens with sites that manually process withdrawal requests in cryptocurrencies to protect against unauthorized access.
Not a “household” payment method.
Only a few online gaming platforms accept cryptocurrency as payment. So you can’t go to any online casino and start playing with Bitcoin or any other digital currency like you do with a credit card.
It is untraceable.
One of the most popular properties of Bitcoin is the ability to remain anonymous or not disclose unnecessary information about yourself. Most traditional casinos require the user to provide identification documents or the mandatory linking of a bank account with its further verification. There is nothing wrong with verification. There is an opportunity to prove your case if you have a controversial situation. In the case of a Bitcoin casino, it is impossible since you don’t provide any personal data and information about yourself. Your winnings and losses are not traceable.
Irreversible transactions.
Payments made with Bitcoin are not subject to verification, control, and cancellation. Such circumstances play into the hands of dishonest operators and gamers. Furthermore, anonymity has a not-so-nice side to it. If the player can’t remember the password, its recovery is impossible. So, you will not be able to return the money once it has left your wallet. While it helps eliminate the risk of fraudulent chargebacks, it can be a disadvantage if you make the wrong transaction.
Still progressing.
People have known about cryptocurrency and blockchain technology for a long time. But loud disputes don’t subside even today. Almost no expert can predict their development. So, it is impossible to predict what market changes will lead to the rise or fall of Bitcoin. Of course, such unpredictability doesn’t inspire confidence among online casino users.
Scamming gambling website.
As in any other financial area, fraud takes place on a reasonably large scale, which repels and makes online casinos unattractive. Unfortunately, there are many potentially fraudulent cryptocurrency casinos. So, if you want to play an online crypto casino, you have to visit only legal and reliable websites.
Legality.
Bitcoin gambling has no regulatory status. Bitcoin and cryptocurrencies are welcome in most countries of the world. However, in some states, their use is prohibited. If a country doesn’t indicate its attitude towards it, users can’t be sure of the legality and safety of their funds.
Security.
Every year the issue of cybersecurity becomes more and more important. Hackers stole millions of dollars in Bitcoin from accounts and appropriated a huge array of owners’ data. Data leaks continue to grow. Cybercriminals continue to invent ever more cunning hacking methods and money-making schemes. Therefore, many believe that no matter how safe a digital currency is, it is still not perfect and can’t guarantee the safety of funds one hundred percent.
Today, it is rather difficult to predict how fast digital currency will develop in the Crypto Gambling entertainment industry. Many people think that Bitcoin casinos are significantly ahead of their competitors. Still, such websites can’t be considered a stable way to earn money.
It all depends solely on luck. Not all websites are licensed. Many websites operate illegally. Also, gambling is very addictive. There is a great chance that a one-time big win will blind you, and you will not be able to stop losing all the digital coins in the end. Bitcoin casinos are entertainment and a fun way to spend tokens, not earn them.
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