While some online players are still sceptic about the virtual currency, thousands of bettors continue to adopt the reactively new payment option. Regardless, the mixed emotions that range from completely trusting the cryptocurrency to avoiding it, the global industry was relatively quick to adopt the new payment option. Bitcoin is widely accepted at thousands of businesses and organizations which has seen many online casino operators adding it as a payment option.
When it comes down to using Bitcoin to fund your online casino account and you start searching for advice, there are as many reasons to use it, as there are those to avoid it. Weighing the pros and cons could be the only way, but in the end, it all comes back to one thing, which is personal preference.
Bitcoin is described as virtual currency by the US Treasuryultima, it is a software wallet that is stored on the computer of the owner. It is a widely accepted currency, worldwide and seen as one of the safest ways to pay for services and goods. The benefits include easy payments to others or paying via your computer or mobile devices. It is also seen as the fastest and most inexpensive way to pay, and for online players, it is certainly an alternative to funding their online casino accounts. The biggest benefit is that it offers much faster payouts. It is an easy way to convert your cash into a cryptocurrency and back to a normal currency and setting it all up is not complicated. The other and in many cases the most important benefit is the anonymity offered to users. Thousands of online players elect to fund their account, and by using Bitcoin, they do not have to use their bank, debit cards or credit cards.
The list of Bitcoin-friendly casinos includes security, anonymity, several bonuses, easy account funding and fast withdrawals. At the same time, there are the reasons that are less favourable listed, and these include choice as not all casinos accept Bitcoin. There is also the question of how legal it is to use cryptocurrencies and then there is the complexity, which includes installing the software to use the Bitcoin wallet.
There are five major benefits of playing at Bitcoin-accepting online operators and the main reasons why players prefer these include the following reasons.
Security is the main factor for players preferring Bitcoin casinos. Bitcoin offers a very secure payment system. Legitimate Bitcoin casinos display their license details on their homepage and use several security systems to provide the player with a safe environment. The idea of a cryptocurrency has been favoured for many decades, the first to pass was Bitcoin, which launched in 2009 and its main focus was privacy. As with other cryptocurrencies, the main reason for the currency is that it is decentralised and is not part of any government or banking system, which while associated with higher risk, there is no one with jurisdiction over any transactions it is used or.
Low Fees are another huge benefit as this way of paying cuts out banking fees, transaction fees and even service fees. All transactions made via Bitcoin are stored in the blockchain, which is a public ledger. Even though you do avoid expensive banking fees, there is a small fee that is subtracted from the amount you withdraw. The fee is used to maintain the smooth operations of the cryptocurrency.
Fast transactions are a big part of decentralisation. The duration of payouts via Bitcoin is minimal, especially in comparison to other withdraw system that can take days, while cryptocurrencies are based online and the advantage is quick transacting. Obviously, the casino pending period is still part of the process, what is shortened is the time the banks take to reflect the amounts in the player account.
Bonuses are another great attraction and players are eligible for all types of offers and promotions. Several online operators prevent players depositing via Neteller or Skrill from claiming high-percentage welcome bonuses. This is avoided, should you use Bitcoin to fund your casino account. You can claim any bonus including welcome packages, free spins, reload bonuses or even cashbacks, provided you deposit the minimum amount requested.
The value of Bitcoin continues to fluctuate from very high too much lower values. While players do qualify for all bonus options, the wagering requirements remain in place. Wagering can be as high as 40 times and reaching that with the current value of Bitcoin could be a substantial amount.
Apart from wagering requirements, the value of Bitcoin could be extremely high when you deposit and then the value could decrease massively by the time you want to cash out. It is a digital and the currency is subject to the laws of demand and supply. There is no way to get away from how volatile Bitcoin is and in the history of the cryptocurrency it is easy to see how much it can bounce up or down.
Bitcoin is, by a long shot not a household payment yet as you still cannot use it for everyday goods such as going to the go mall to buy food with it yet. However, Bitcoins biggest benefit can also be its downfall as anonymity makes it untraceable, and while great for safety and privacy, it makes it easier to criminal element to buy or sell illegal items that can never be traced.
. High-Speed Transactions
. Increased Level of Anonymity
. Low Transaction Fees
. Quick Withdrawals
. Highly Volatile Currency
. Not Offered at all Online Casinos
To make any purchases with Bitcoin, or to fund and withdraw from online casinos, you first need to set up the Bitcoin digital wallet. Many online-based wallets, such as Circle or Coinbase, offer assistance during the process. This helps you set up the wallet and, as a measure of convenience, allows you access to information on how to buy or sell your bitcoins.
Before you visit any Bitcoin online casino, you first need to purchase Bitcoins It is important that you first confirm in the cashier section that Bitcoin is accepted before you register with the online casino. When you select this option, you are given a wallet address and you can re-visit your wallet, paste the address and authorise a transfer. It takes only minutes to complete the transfer and funds will be applied to accounts immediately thereafter at the casino.
Q: How favourable is the lack of bank and government involvement in Bitcoin use?
A: It depends on your personal preferences; Bitcoin was created to use blockchain technologies. It is the only way to remove banks and government involvement and leave them out of coining profits from the system. With the banks and government removed from the system, online casinos operate without the government getting between them and player.
Q: Is Bitcoin transaction completely untraceable or anonymous?
A: Many online sites and casinos advertise and inform players that Bitcoin is completely anonymous. The opposite is true since cybersecurity researchers found that any casino or company leaking data regarding the purchases, also leaves a link to the list of people that uses crypto transactions. Recent founding by the Luxemburg University proofed that it is possible to track payments when through IP address nodes. Although, Bitcoin uses protected by VPNs can offer protected privacy. A more accurate description would be that Bitcoin is pseudonymous instead of anonymous, which means it really difficult to trace transactions but doable.
Q: Are there any other cryptocurrencies apart from Bitcoin accepted at online casinos?
A: Most of the listed benefits are part of depositing or withdrawing via any cryptocurrency, Bitcoin is just the most favoured, currently. Most online operators that have added this payment method also accepts several others. Some of the most widely accepted cryptocurrencies also include Zcash ZEC, XRP Ripple, NEO, XMR Monero, LTC Litecoin, HERO HEROcoin, ETH Ethereum, EDG Edgeless, DOGE Dogecoin or DASH Dash.
Q: What are provably fair games available at Bitcoin Casinos?
A: Games at online casinos that are provably fair considered has a mechanism that enables the player to confirm the fairness of the game. The whole provably fair concept is related to the massive increase in cryptocurrency play at online operators. The main selling point of these is the fairness of the games, it is flourishing and is based on rumours that the entire gaming process can be manipulated by platform owners.
Q: How popular are provably fair games at Bitcoin Casinos?
A: There is a huge demand for the games part of the provably fair gaming range especially with online casino gaming identified as a risk. The odds are mostly against the player and with the hopes of overcoming that, the games are favoured.
Q: Will all online casinos add Bitcoin as an accepted payment option?
A: Bitcoin as a payment method available to online players faces several uncertainties and controversies. There is still a lack of knowledge on how to use it by many individuals, and regardless of the lack of confidence, Bitcoin continues to grow in value and popularity. Bitcoin-friendly casinos increase all the time. Whether or not Bitcoin is the payment option of the future, are something we can’t confirm, but at the moment it seems to have a bright future.
Q: Can I reverse payments made via Bitcoin?
A: There are quite a few considerations to think about before you simply start using a cryptocurrency. The one fact we picked up is that Bitcoin payments are irreversible. This makes it important to be sure of the casino’s reputation and licensing before you deposit via any cryptocurrency. If you selected a great casino, the fact that you can’t reverse the deposit might not have any influence on your online experience. Not all casinos will reverse your payment into your casino account, regardless of the payment method you use. So it is not only a problem you face when you use Bitcoin, the best way to prevent this is to make sure you join a reputable, regulated online operator worth your trust.