With Bitcoin
and other cryptocurrencies gaining popularity, it has been utilized in various
transactions online from e-commerce websites to gaming sites. Online casinos
have joined the pool as it uses cryptocurrency instead of real money protecting
its users and increasing privacy and safety.
There has been a growing number of online casinos accepting Bitcoin. Players are now able to play more games by merely depositing through Bitcoin. After making a deposit, Bitcoins are converted into a standard currency like US dollars. The deposit will then be processed similarly with depositing by the use of e-wallet or debit card. Users can also withdraw Bitcoin through their e-wallets.
The Upside
Using Bitcoin
ensures privacy for both casino owners and players since there’s no third-party
involved. This protects users from possible access to one’s financial
information. Aside from that, users can do away with chargeback issues that are
associated with credit cards.
For countries where online gambling is not yet legalized, using Bitcoin is the best option since banks do not allow transactions on gambling sites. But there are also no deposit casinos, which is a good alternative if you do not have a credit or debit card.
The real-time
fund transfer using Bitcoin is one advantage that urges users to utilize it
instead of the contemporary payment methods, which take two-three days before
it becomes available. Since Bitcoin is not recognized as a real-money currency,
it is not subject to taxation making deposits and withdrawals inexpensive. All
transactions are anonymous, protecting the name and privacy of the user.
The Downside
Although
there are many advantages in using Bitcoin for online casinos, there are also
downsides that users need to consider. Despite the popularity of online
gambling and the use of cryptocurrency, there are only a few online casino
sites that use Bitcoin. These sites also do not have licenses knowing that it
entails a lot of fees and processes to get that.
Another
disadvantage of using Bitcoin is a quick change in exchange rates. Since it is
a volatile currency, it could move positively or negatively against the dollar.
Hence, users need to be aware of the sudden change in exchange rates before
using it.
The fast and
instant processing of Bitcoin is one of its upsides. However, there are
instances that it is delayed compared to using credit and debit cards since
some websites process Bitcoins manually for security purposes.
How to Use Bitcoin in Online Casinos
Consider
reading the rules of an online casino before making a move. See to it that the
website you are planning to play at has a good reputation. Then check if it
accepts Bitcoins for deposits.
Prior to
making deposits and withdrawals, the user needs to set up an online wallet and
verify the account. Gamers can simply sign up in the system of the online
casino for smaller deposits. But for larger amounts, the user needs to download
an encrypted wallet to their device or computer.
After opening
an account, the wallet needs to be funded through a bank or from another
cryptocurrency wallet. A unique key is generated for every transaction to
protect the users. The transfer of cryptocurrency is instant and will be
immediately enabled to start playing.
However, if
you are depositing a more significant amount, it would take time to process it.
After the deposit, it will be converted into another currency. For withdrawals,
you can opt for a paper check method if an online casino does not allow
withdrawals via Bitcoin.
Online Casinos That Accepts Bitcoins
Gamers need
to be sure that the website accepts cryptocurrency before playing since not all
casinos accept Bitcoin. So, if you are having a hard time in looking for a
website that is reputable and uses Bitcoin, below are five online gambling
sites where you can be sure that your digital currency is safe.
Crypto gambling
enthusiasts around the globe can access websites for online casinos. This
includes the first licensed Bitcoin Casino, Bitcasino.oi which offers a live
chat support and boast its instant deposits and fast payouts.
Players who
want to check big online casinos that feature lots of different fun games can
go to BitStarz Casino. It is considered as the Biggest casino with almost
instant withdrawals. Another site where you can enjoy gambling with exclusive
welcome bonuses is mBit Casino. It also has a loyalty program and VIP rewards.
CloudBet is another
reputable online casino that accepts cryptocurrency and is known as the oldest
bitcoin sportsbook. Meanwhile, 1xBit offers welcome bonuses, slot providers,
and fantastic promotions.
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