Cryptomaniaks lists a number of tremendous betting sites that allow people to take advantage of the power of blockchain by depositing and withdrawing in Bitcoin and other cryptocurrencies. Does this make it worth it for you to make the switch from traditional online blackjack betting to sites that offer blackjack betting with Bitcoin?
Let’s examine some of the benefits and risks you might face when you consider switching.
Risks First
No sense in listing all the benefits for you only to later hit you with risks that would be a “hard no” from you. So let’s examine the risks. If they are ones you’re willing to mitigate or live with, then you’ll be able to see the benefits. Finally, you’ll be able to weigh the benefits against the risks in a pro-con type of showdown.
The biggest risk to using blackjack betting sites is simple: human error.
Lost Bitcoins
An eye-opening article interviewing Timony Peterson, CAIA Manager at Cane Island Alternative Advisors, claims that 1,500 bitcoins are lost each day meaning only 14 million BTC will ever circulate.
Furthermore, to support his theory, “Peterson points to a research note published by his organization earlier in the year. In the five paged document, the term “irretrievably lost” is introduced to the bitcoin lexicon.
Explaining the term, the research note says irretrievably lost bitcoins represent funds or “money (that) is gone, it is no longer part of any economy anywhere.” The document adds that such bitcoins “are unable to be transacted and the cost of recovery exceeds the value obtained from successful retrieval.”
How and why are these Bitcoins lost?
They’re lost mainly due to human error.
Bitcoin does not have chargebacks.
If you use traditional finance to use a blackjack betting site, then you’ll have the ability to ask for a chargeback if you send money to the wrong address or something else happens.
If you lose your account password for a traditional bank or credit card, you’ll also be able to verify your identity with them and have your password restored.
Not so with Bitcoin.
If you forget your private key to your Bitcoin wallet or you send your Bitcoin to the wrong address, then your funds are lost — possibly forever.
The way to prevent this is to learn and practice using the Bitcoin blockchain first. Get comfortable using a cold wallet, storing your private key in multiple places, and generally staying safe.
Once you realize how much responsibility you need to have when using Bitcoin with blackjack betting sites, then you’ll be able to decide whether or not playing on blackjack sites with Bitcoin is for you or not.
Scams and Hacks
Another risk to be aware of is the fact that the crypto space is full of scams and hacks. This is only natural for new technology and a new asset class coming into its own.
Scams happen when you are fooled into sending your crypto to blackjack sites that may not be legitimate.
Hacks happen when the blackjack betting site you use doesn’t follow strong security measures and is hacked for the funds it stores.
These risks can be handled by you.
Make sure you visit the list in the link at the top. Those sites have been vetted and found to be legitimate businesses with proper security systems in place.
Benefits Second
If you think you can handle the responsibility of transacting with Bitcoin and cryptocurrencies. If you feel you can spot scams and avoid them, as well as play on blackjack sites with proper security, then there are a few benefits that await you.
Speed
The best benefit of playing blackjack with Bitcoin is that you’re able to make faster transactions.
Instead of waiting days to send or receive your cryptocurrencies to and from blackjack sites, you can use cryptocurrencies and be ready to play or cash out within minutes.
This feature is vital since crypto volatility might make you want to capture the best crypto prices once you cash out and decide you want to convert to fiat through your exchange.
Provably Fair
In a brick-and-mortar casino, you can be sure the Poker cards are dealt in a fair and random way. Casinos are regulated, after all. You can also physically see how many decks the poker dealer is using and how they distribute cards.
In online blackjack sites, however, how can you be sure the cards you’re playing with have been given to you in a fair and random way?
Most blackjack casinos that use blockchain will also make sure to offer you a system that is provably fair.
This means you can use blockchain technology to check that the Poker games you play are offered with fair and random card draws.
Benefits Can OutWeigh Risks
It looks like the benefits offer a stronger use case for blackjack poker rooms. But this is only if you take proper steps to stop the risks from making you lose your winnings or your crypto.
Educate yourself on the blockchain, practice using Bitcoin by transferring small amounts and securing your crypto, and then you’ll be ready to reap the rewards of using blackjack betting sites with Bitcoin.
Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.
