Bitcoin in the casino has been a reality since 2013. With the propensity of cryptocurrencies, this naturally imposed itself. In terms of advantages, playing in a Bitcoin casino has many advantages. If it is now possible to use this virtual currency in the casino, certain rules must be respected, starting with the distinction between pure BTC casinos and those which accept, in addition to traditional means of payment, virtual currency.
Are you interested in online betting? Are you interested in online casinos? If so, you must be wondering which casino to play in, especially with the advent of bitcoin in casinos. If this adventure tempts you but you are still hesitating, you should know that this type of casino has many advantages.
There are many reasons why you might opt for bitcoin casinos. We distinguish for example:
Bitcoin is a virtual currency that, unlike conventional currencies, is not issued by a banking authority. It is therefore designed for discreet use. Thus, in a bitcoin casino, all transactions (bets or withdrawals) are done virtually and in total anonymity.
The transfer of Bitcoin to the account of a Bitcoin casino is almost commission-free.
Generally, this commission is 1% of your transferred amount. Also, transactions are processed for free or almost with Bitcoin as a payment method. Therefore, unlike traditional casinos, you will not have to pay unexpected fees with your account in a Bitcoin casino.
Independent of traditional banks and requiring no intermediary, Bitcoin is used free of charge. This represents a significant saving for any player.
For example, a deposit in a Bitcoin casino in bitcoin will be done without additional costs, the same for the withdrawal.
Bitcoin allows its customers to manage their funds in the account as they see fit. Unlike other currencies, bankroll funds cannot be frozen or confiscated by any organization due to its lack of links with a government or a banking structure. In the event of a withdrawal, the Bitcoin casino will issue you the full amount desired and without any tax.
Bitcoin casinos allow you to transact extremely fast, allowing you to deposit and withdraw your winnings in just seconds. Contrary to what you can observe with classic transfers which can take quite a long time, you will be able to have your bet on your virtual bankroll immediately.
On a bitcoin online casino, a multitude of games is at your fingertips. Including roulette, blackjack, craps, and baccarat which can be selected by subscription.
You have bonuses of up to 200% on your first deposit in Bitcoin and a multitude of other bonuses.
This is the choice to make for good adventures in online betting games. Since Bitcoin is a virtual currency independent of conventional financial systems, it can be used everywhere without space or time limits, as is the case with online wallets. With Bitcoin casinos, you are not limited in your game by your geographical location and could have access to a greater number of publishers with a single registration made.
Finally, it is clear to see that with the introduction of Bitcoin on the global market, bitcoin companies going public (https://edition.cnn.com/2021/04/14/investing/coinbase-stock-direct-listing/index.html), cryptocurrency has had a profound impact on the world of online casinos.
Bitcoin casinos owe their success since their advent to the many advantages they provide to their customers. In addition to allowing you to make your deposits and receive your winnings with ease, Bitcoin casinos guarantee you certain confidentiality with absolute control over your bankroll. For an optimal choice, opt for Bitcoin casinos.
While a Bitcoin casino is by definition a casino that accepts Bitcoin as currency, not all Bitcoin casinos operate the same. On the one hand, there are pure Bitcoin casinos, and on the other hand, casinos that only accept cryptocurrency.
These are those that are exclusively dedicated to Bitcoin. Not only is a cryptocurrency used as a medium of the transaction to bail out your account, but it can also be used for stakes in the form of sealed BTC tokens.
Due to the immediacy of Bitcoin’s availability, winnings are immediately available. All payments are made in mBTC or thousandths of Bitcoin without you needing to provide personal details. You continue to enjoy the same level of security and privacy as other Bitcoin transactions.
For registration on these sites, too, only an e-mail address and a password are required. Rare casinos offer a security system with Google Authenticator 2 factors or 2FA for maximum security.
Conversely, casinos that are not pure Bitcoin accept cryptocurrency in the same way as other types of classic currencies. For most of them, Bitcoin is just a simple deposit method.
In addition, they do not allow the withdrawal of winnings in Bitcoin, all payments are made via traditional means such as bank transfers. For this, it is, therefore, necessary to provide a lot of information about your identity, your bank accounts, and other contact details.
For all these reasons, these casinos cannot have Bitcoin casino status.
Many are skeptical of Bitcoin as a payment system. People see it as an investment product exclusively because of its high volatility.
However, the main purpose of Bitcoin is a partial or complete replacement of the traditional banking system, a kind of digital “cash” exchange. Is this really the case and does Bitcoin work in online casinos?
The most important benefit of Bitcoin that every user can experience is anonymity. If you wish, you can remain incognito and use services on the Internet and make online purchases with complete peace of mind. The payment system is designed in such a way that it is almost impossible to track the payment.
Unfortunately, the best online casinos accepting Bitcoin will always ask you to provide proof of identity to play at the casino or withdraw funds. Therefore, when using Bitcoin for payments in online casinos, be prepared that you cannot be completely anonymous.
The second no less important advantage of Bitcoin is security. Simply put, there are two options for storing this cryptocurrency. The first option is the special Bitcoin wallets that are installed on your PC. In this case, only you have access to the money.
These wallets have a serious level of protection and it is impossible to use them without knowing certain data. The second option is online services that allow you to create simple wallets similar to many payment systems. The developers of such services promise a high level of protection for user funds, but nevertheless, they are an intermediary and therefore have access to your funds.
The main disadvantage of Bitcoin as a payment system is the long transaction time. The fact is that transactions on the Bitcoin network are carried out only with the help of other users of the system, who use their technical abilities (computers or special facilities) for mathematical calculations.
The person whose technician is involved in transferring your funds is paid for it. The transaction time depends on the system load, but it can be reduced by increasing the payment for the transaction. As a result, we get a simple formula: cheap but very long trades or expensive but fast trades.
Despite the many advantages mentioned in the previous paragraph, it must be said that the bitcoin casino also has a lot of disadvantages. First of all, using virtual currency exposes the player to fraud, scams, or hacking risks. Security leaves something to be desired when it comes to bitcoin casinos. However, it is necessary to choose the site of online games well to minimize the risks.
There are also the minimum wage requirements. The amount of the bonus, as well as the winnings, cannot be withdrawn without having kept the minimum wage required by their rules. At the same time, be aware that the games are not always fair. Just like with traditional casinos and online casinos, some machines and software are rigged.
Regarding the currency used, volatility is very high. Its use can therefore be very expensive compared to fiat currency. And knowing that bitcoin is still illegal in many countries, the legal status of the casino is therefore uncertain.
This uncertainty is pushing most players today to opt for traditional payments. They favor fiat money over cryptocurrency. It should be noted that few providers offer bitcoin games. The chances of accessing exclusive bitcoin games are therefore minimal.
Finally, you cannot request a refund or chargeback. Once the deposit has been made to the bitcoin casino wallet, there is no going back. Advantageous and at the same time risky, the bitcoin casino is and remains the most futuristic casino of the moment. In one or two years, we hope that there will be improvements in terms of security.
Of course, by playing in licensed quality casinos, you will not be anonymous and the main Bitcoin casinos advantages will not work for you. But anonymity can be sacrificed for the opportunity to play the best slots from leading developers.
Nevertheless, if using this payment system is a convenient and simple option for you, then nothing bothers you. The most popular online casinos, which offer a variety of slot machines, allow Bitcoin to be used unhindered and even offer special Bitcoin deposit bonuses.
You can find the best bitcoin online casinos here.