The Advantages and Disadvantages of Bitcoin Online Casinos

The Advantages and Disadvantages of Bitcoin Online Casinos

BTC Extends Dominance Ove Other Cryptos

Nowadays, we see a surge of online casinos that accept deposits via Bitcoin. To that end, every Bitcoin deposit in an online casino is instantly converted into one of the standard currencies (Euro, USD, etc.). Afterward, the deposit is handled the same as it would be if the transaction was completed via debit card or e-wallet.

However, there are still players that look suspicious to the use of Bitcoin and the benefits that come with it. In case you are having the same doubts, you will find what follows to be extremely helpful. In it, there is a detailed description of the pros and cons of depositing and withdrawing with Bitcoin.

The pros of using Bitcoin

  • First of all, there is the privacy that is guaranteed for both the Bitcoin and the players. There is no third party that has access to any of your financial or personal information. Also, you will avoid chargeback issues that can occur with classic credit cards.
  • A number of countries still haven’t legalized online gambling. Because of that many banks block transactions from and to online casinos. That makes Bitcoin by far the best way to go around that ban. By using Bitcoin the bank is not involved in the transaction. There is no link so ever to the bank or the credit cards issued by it.
  • Another major advantage of using Bitcoin is that the withdrawals are instant. Withdrawing via standard processors can take two to three days.
  • The fact that there is no country in the world that has officially recognized Bitcoin as a real currency also plays in your favor. What that means to you is that your Bitcoins cannot be taxed. On top of all these, Bitcoin transactions are dirt cheap, not like the massive fees paid for bank transactions.

As it is clearly shown, there is nothing complicated about the use of Bitcoin. Each transaction is super secure and fast. But to be completely fair, and for you to see the full picture, we will also introduce the cons of using Bitcoin.

The cons of using Bitcoin

  • Online casinos that accept Bitcoin as a payment method are not required to be licensed by the standard jurisdiction bodies. That alone saves the casinos tons of money that they would otherwise spend on license fees.
  • Even though Bitcoin’s popularity is constantly rising, there are still not too many casinos that accept Bitcoin.
  • Bitcoins fluctuation is notorious. Sometimes that can go in your favor and sometimes it can mean losing money.
  • Certain websites process the Bitcoin withdrawals manually. That’s mainly due to security reasons. Because of that the withdrawal process is not instant and can be slightly prolonged.

How to make casino deposits using Bitcoin?

After you set up a wallet, you need to verify your account. For larger amounts, you need to use an encrypted wallet that can be easily downloaded and used on any mobile/pc device.

Next is adding some money to your wallet. You can use any standard money processor (bank wire, debit card, PayPal, etc.). After you transfer some amount of money you will be given a special key that is used for transactions.

Once you are all set in that department you need to make sure that you play with a reputable casino that has no problem accepting Bitcoins.

If you got that covered then you can make a Bitcoin deposit. When you select a Bitcoin as a mean to deposit, a string is generated. You will need to copy/paste the string and select the amount you want to deposit. If the amount is small, the transfer is instant. On the other hand, if the amount is bigger, you will need to wait for the transaction to be checked via the blockchain before it is approved. Once that is done the Bitcoins are automatically converted into a standard currency.

As far as the withdrawals go, some casinos that accept payment via Bitcoin don’t allow a withdrawal in the same way. Instead, they opt for paper checks as an alternative.

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