All is not gold when it comes to cryptocurrencies. There are some cons, such as:

A Cryptocurrency Transaction Is Irreversible

All cryptocurrency transactions are irreversible, which means that the other party will never receive the money back. This is because cryptocurrency is a digital asset, not a fiat currency like USD. Therefore, the transaction cannot be returned to the sender, even if the receiver disappears or refuses to proceed with the deal. Cryptocurrencies are not like traditional fiat currencies where banks execute the transaction and then retain the funds. In a cryptocurrency transaction, the parties involved send funds to the other party’s wallet, and then make sure that the transaction is irrevocable. If any of the parties involved want to reverse the transaction, they have to go through the entire process again.

The Value Of Cryptocurrencies Is Highly Volatile

Despite the rising popularity of cryptocurrencies in recent years, their price is highly volatile. These assets are highly speculative, and sometimes, they make headlines for huge volatility. For instance, in 2017, the price of Bitcoin surged to a high of $19,343. At the end of 2017, the price of this cryptocurrency fell to $5,933. This volatility can make it difficult for online gambling operators to predict their profits. In 2014, the value of one Bitcoin was less than $400. If you had bought $100 worth of bitcoins in 2014, then the cryptocurrency would have been worth $4,800 in 2017. At the same time, the Bitcoin price fluctuates in a very high range. In February 2018, one Bitcoin crossed the $10,000 mark for the first time in over a year. Some experts predict that the Bitcoin price may touch $25,000 in the next five years.

Cryptocurrencies Are Out Of Governmental Control

Every country has its legal tender, which is also referred to as fiat currency. While some countries have allowed their citizens to accept cryptocurrencies as payment methods, most governments have not endorsed this form of payment. This is because cryptocurrencies are not issued by a government and they are not accepted by the government. Hence, they are outside the control of the government. This can make cryptocurrencies more attractive to criminals who operate outside the law. In this digital age, many illegal activities such as drug trafficking, human trafficking, and even terrorism rely on online payments through cryptocurrencies. These activities can be easily tracked and stopped with the government’s help. However, cryptocurrencies are out of the control of governments.

Not All Online Casinos Accept The Same Cryptocurrencies

Most Online Casino Singapore use Bitcoin as the primary and only cryptocurrency. This means that all gambling transactions are conducted only in Bitcoin. However, some casinos accept other cryptocurrencies such as Ethereum and Litecoin for their gambling operations. Since there are many online casinos, the players are advised to contact the casino management. The managers of different casinos can decide to accept certain cryptocurrencies. However, it is worth noting that it is very difficult for each online casino to find a separate cryptocurrency wallet to receive payments from the players. A better option is to choose a casino that accepts multiple cryptocurrencies.

Conclude

Cryptocurrencies are highly volatile assets. Hence, on gambling operators need to adopt a prudent approach to this form of payment. The online casinos that allow customers to make deposits and withdrawals in cryptocurrencies have seen a rise in revenue. It is also worth noting that the popularity of cryptocurrency gambling is increasing. However, this form of gambling involves some disadvantages. These include the risks of unregulated markets and the highly volatile values of cryptocurrencies. However, these disadvantages can be easily addressed by adopting a prudent approach.

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