The rise of cryptocurrencies over recent years has had an impact on several industries. Gambling is one such industry, and many of the best online casinos offer Bitcoin as a payment method.
Some of these casinos work exclusively with cryptocurrencies, while some are more traditional gambling sites that simply have integrated crypto on top of their fiat options.
This post will take a look at the advantages of joining a Bitcoin-exclusive casino on the web versus picking a hybrid one.
Advantages of Hybrid Bitcoin Casinos
Let’s start with the hybrid Bitcoin casinos. Usually, those are traditional gambling platforms that have been around for a long period of time.
They offer classic payment methods such as Visa, PayPal, Skrill, and similar. At some point, they decided to add Bitcoin and potentially other cryptocurrencies to their portfolio.
If you decide to join an online casino of this type, you will be able to enjoy the following benefits.
Such online casinos often have a strong reputation and are licensed by respected gambling commissions such as the UK Gambling Commission, the Malta Gaming Authority, and similar regulators.
They are known for protecting the customers and monitoring all actions of every single casino. Your money and personal data will be safe with most casinos backed by such a name in the industry.
In comparison, BTC-exclusive operators are usually regulated by offshore gambling commissions that are not on the same level.
Better Products and Higher Variety
Another advantage of the experienced hybrid casinos that work with Bitcoin is the quality of their products. They use the services of some of the best studios on the market and offer the best games available. It could be slots, card games, live casino tables, video poker, you name it.
On top of that, the variety usually is much higher compared to Bitcoin-only casinos. Many of the leading platforms out there can offer hundreds of different titles. You would struggle to run out of fresh games to pick from and new options are added all the time.
Other Payment Options
The option to pick different banking methods could be useful. You can make deposits or withdraws with Bitcoin, but decide that you need the money in your credit card or something else in a certain situation. It’s handy to have a choice between many reliable providers.
Advantages of Bitcoin-Only Casinos
Your other option would be to pick a Bitcoin-only casino. This means that the gambling platform will only use BTC and potentially other cryptocurrencies. You won’t have access to mainstream banking options that work with fiat currencies.
Here are the main reasons to do that.
No Country Restrictions
Certain countries like the USA, for example, have restrictive online gambling laws. They don’t allow local citizens to use the services of internet casinos, so most of the traditional sites simply don’t accept such players.
This is not a problem for BTC-exclusive casinos. The unclear status of cryptocurrencies in most parts of the words makes them the perfect option for players from restricted territories.
No Personal Information Required
Many Bitcoin casinos won’t require you to add personal information or go through boring Know Your Customer (KYC) procedures, unlike the hybrid casinos. You can simply open an account using your email or in some cases, you don’t even have to do that.
You can stay completely anonymous and that’s one of the core advantages of Bitcoin in general.
Smaller Minimum Bets
If you have a small gambling bankroll and don’t want to take big risks, you should probably pick Bitcoin-only online casinos. Most of them come with lower minimum wagers, so you will be able to last longer if you have limited funds.
There’s no right or wrong choice here. The hybrid Bitcoin casinos offer a better service overall and they are safer on average. However, the exclusive crypto gambling sites are available to players from all over the globe and are often anonymous.
Picking either option depends on your personal needs and requirements.
Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk
In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.
CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated.
Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working?
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On Thursday, Bitcoin price broke below $6,700 and hit the weekly low to $6,480. Then, it rebounded back above $7,000 again with an increasing rate of 5%. At press time, based on the incomplete statistics, more than $720 million worth cryptocurrency futures contracts have been liquidated in this week. During the strong market fluctuation, investors are learning a hard lesson about the downside of cryptocurrency futures trading with leverage.
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