With industries continuously embracing digitalisation, people prefer simple, fast, and reliable payment methods. Fortunately, cryptocurrencies, such as Bitcoin, have become a popular payment option in many businesses, including online casinos. Its primary goal is to create a peer-to-peer payment method that avoids direct channels like banks and eWallets.

Punters usually use Bitcoin at online casinos to protect their privacy. Since Bitcoins are challenging to trace, gambling will become more accessible for people residing in places where online casinos are illegal. Bitcoin is becoming more conventional as numerous sectors consider it a convenient and reliable option.

However, using Bitcoin at online casino site in Singapore might pose several drawbacks. As a punter, weighing the pros and cons of using Bitcoins is advisable to minimise gambling risks. Diving into the complex world of Bitcoin can be challenging if you lack knowledge about it.

 

Pros of Using Bitcoin at Online Casinos

Safety and Bank-Level Security

Bitcoin casinos use distributed ledger technologies (DLT) that structure data into blocks containing a record or a bundle of transactions. These blocks are associated with a cryptographic chain, making Bitcoin casino’s security system impenetrable from hacker attacks. There are various security measures in Bitcoin online casinos, such as:

Secure Sockets Layer (SSL) encryption

This security protocol encrypts online communications with specific algorithms. SSL creates an encrypted link between the casinos and their clients to transmit sensitive data.

Payment Gateways

Casinos offering Bitcoin transactions use payment gateways to handle deposits and withdrawals. These systems fully comply with the Payment Card Industry Data Security Standard (PCI DSS) and utilise Secure Sockets Layer, Transport Layer Security, tokenisation, and other risk management measures.

 

Zero or Minimal Fees

Traditional casinos are known for their significant fees when depositing and withdrawing substantial funds. For instance, if you fund your account using a credit card, you need to pay the card manager with additional fees like monetary exchange and transfer charges.

Fortunately, using Bitcoin can absolve most of these costs. In fact, Bitcoin comes with minimal transaction costs and no conversion fees when depositing and withdrawing funds. The reason is that this system is decentralised in nature and does not involve intermediaries.

 

Fast Transactions

When using fiat currencies, it usually takes hours or days before your payment will go through. Fortunately, that’s not the case with Bitcoin. Once the online casino approves your withdrawal request, the money will immediately go to your Bitcoin wallet. No matter where you are, you can access your Bitcoin wallet and make direct transactions.

 

Increased Anonymity

Another benefit of using Bitcoin at online casinos is that it allows gamblers to be anonymous when playing. Unlike in the traditional way of gambling, punters will no longer need to provide any personal or financial information aside from their email and Bitcoin address. This is beneficial, especially if you want to hide your identity and ensure safety while gambling.

 

Decentralisation

While digitalisation provides numerous benefits to the gambling industry, it also attracts the attention of cyber criminals who steal sensitive information from the Internet. However, you will have total and absolute control over your funds using Bitcoin. Since it is decentralised, no entity can take your Bitcoin away or freeze your crypto account.

 

Cons of Using Bitcoin at Online Casinos

Makes Fraud Easier

As mentioned above, anonymity is among the main selling points for Bitcoin. But, it can also be one of its major drawbacks. Anonymity makes it easier for people to commit fraud and put the authorities off the scent. This is a red flag for an industry where safety and credibility are paramount.

Although Bitcoin can disguise your identity, it does not prevent your Bitcoin wallet from being exposed. Since ledgers are public, it is easy to determine how much money you spent and where you used them. Bitcoin’s anonymity might contribute to the growing number of hackers and fraudsters, putting your gambling experience at risk.

 

Bitcoin’s Value is Volatile

If you are new to crypto, you need to set an expectation that Bitcoin is highly volatile. It means that the value of Bitcoin reflects the changing volatility in the market. Any increase in Bitcoin demand could lead to increased prices, and a decrease in demand will result in a decline in value.

The demand for Bitcoin is usually influenced by different factors, including:

Mining Difficulty

Since Bitcoin mining entails lots of computational power, more miners are joining the network. When this happens, blocks will become more difficult and expensive to mine, increasing Bitcoin’s price.

Network Usage

The more people engaging in the Bitcoin network, the higher the demand for the cryptocurrency. If Bitcoin becomes more mainstream, the demand will rise, as well as the price.

Events

Bitcoin experiences a halving event every 210,000 blocks. During this time, the Bitcoin issued to miners is cut in half, resulting in less supply of Bitcoin and an increased price.

The rule of thumb is that when Bitcoin’s value increases, your bankroll will also increase. On the other hand, if Bitcoin’s value decreases, so does your bankroll. It implies that the value of your bankroll will fluctuate according to Bitcoin’s price.

 

Technical Challenges

Using cryptocurrencies like Bitcoin requires a certain level of technical understanding. Players who are unfamiliar with cryptocurrency might need clarification on the process. If you are new to Bitcoin, it will be risky to use it despite insufficient knowledge. Any wrong decision might result in mistakes and irreversible losses.

Regulatory Concerns

The regulatory environment surrounding Bitcoin is constantly evolving. While many countries gradually adapt their uses and benefits, other countries and even some religions have strict regulations on using cryptocurrencies. If you are unaware of these laws, you might unknowingly violate these mandates, resulting in legal complications and potential financial penalties.

 

Conclusion

If you are curious whether using Bitcoin in live casino games Singapore is legal, the answer is yes. The Payment Service Act of 2019 defines crypto as a medium of exchange used to avail goods and services. However, as a punter, you must ensure that your online casino is reputable and trustworthy to safeguard your Bitcoins.

Are you looking for a credible online casino in Singapore? 88ProBet can provide you with the best and safest gaming experience. From securing payments to offering quality casino games, we can help you maximise your gambling profit. Register for an account here.