Bitcoin is one of the most popular payment methods for online casinos, particularly in jurisdictions that have strict controls or grey and ambiguous laws. Yet, even in jurisdictions that do accept online gambling, Bitcoin is becoming an available option, and a great one at that.
Bitcoin was touted by many to be a flash in the pan, however in 2021, bitcoin has risen back from the lows of late 2019, with many arguing that it has replaced gold as a means of storing wealth. In addition, bitcoin is secure, it cannot be replicated, it is with limited supply, easy to use and has no regional boundaries.
It is therefore fast becoming a deposit option for online casinos.
Bitcoin Online Casinos
The bitcoin payment method can be used both as a deposit and as a withdrawal method with many leading online casinos. In fact, many online casinos prefer this method as it provides a secure payment method and is able to be used around the world. The reason for its wide acceptance is that it does not need to go through intermediaries. Accordingly there are no intermediary fees to be paid, there are no exchange rates that can taken advantage of through bid and ask spreads, and users remain anonymous.
Why use Bitcoin to play at online casinos?
There are many reasons to use bitcoin to play at online casinos. Players find that using bitcoin is one of the safest options to choose. For starters, the funds cannot be lost through an intermediary.
Misappropriated Funds will not occur
Funds that involve e wallet methods that require the funds to pass through a holding account, and this causes a lot of errors in fund transfers and lost funds. Players often complain that money was sent from their e-Wallet and have not been deposited into their online casino accounts. While casino operators say they are not to blame because they never received the funds. Hence, many players complain that funds are never deposited to their account and they do not know who to blame.
With bitcoin, funds are paid directly to the online casino. Bitcoin to your account is tracked via a unique bitcoin address which means your funds cannot be lost. The online casino operator can immediately trace and determine if funds have been deposited into your unique bitcoin address.
There are no transaction fees to speak of when using bitcoin. An administration fees is imposed by the online casino, but there is no additional intermediary fee. This removes that headache of being hit twice with fees in the bitcoin payment process. The administration fees are also comparably very low. At only 0.5% at most, it is lower than using credit or debit cards and definitely lower than e wallets and wire transfers.
Anonymity is relative in the world of payment. Many falsely believe that it is impossible to trace a bitcoin transaction. In most cases, it is very difficult, but if the same bitcoin address is continually used between sender and receiver a pattern could be detected and stakeholders revealed. But to a large degree, using bitcoin will render you transactions unidentifiable. For some players, this maybe advantageous when playing at online casinos.
Bitcoin is rising in value
Most currencies around the world are depreciating. This is cause through quantitative easing which equates to the printing of money. Through quantitative easing, countries are able to reduce the value of their debt. This doesn’t not come without repercussions, must notably being the countries currency begins to lose its value. With bitcoin, it cannot be influenced by a governments quantitative easing policy. It cannot produce more bitcoin to offset its debt, nor is bitcoin contained to one country. Many economists and bitcoin traders believe that the value of bitcoin will continue to rise of the long run.
Advantages of using bitcoin at online casinos
Though bitcoin is volatile, we believe if you hold bitcoin through the long term it in fact is a very stable form of currency. History has shown that but coin has had sudden and significant increases offset by large down falls. But it has always, will continue to reach new highs. The fact that but coin is in limited supply and will become synonymous of someone who has wealth will continue to see bitcoin rise.
You can remain anonymous using bitcoin
Bitcoin is touted as a payment method that hides the payer and the receiver details. To a degree, this is true, however it does not provide complete anonymity. You can, for instance, be “revealed” by following the bitcoin address and references. Bitcoin addresses and references are open to the public, and if curious or investigators who want to determine the flow of bitcoin, they could trace through bitcoin addresses. It is therefore highly recommended that regular payments and receipt between the two same parties are changed. This provides a one off reference, that cannot be deduced through patterns of payments.
It is effective like other payment methods
Bitcoin online casinos work in exactly the same way as other forms of payment methods. Your account will be credited in Bitcoin, and yes, it can be credited using a fraction of bitcoins. Just like buying and selling bitcoin, or paying and receiving payment in bitcoin, it can be done with fractions of a bitcoin.
Open an online casino account with bitcoin
To open up a bitcoin account with an online casinos, it’s relatively easy. Simply click on the online casino that you want to play at, choose the bitcoin payment method and follow the steps to depositing bitcoin onto your account. The online casino will provide a bitcoin address that you will need to direct your bitcoin payment to. Please be aware that some bitcoin online casinos are in fact scams. Hence do your research thoroughly and stick to those online casinos who are well reviewed and therefore trusted.
If you want to buy bitcoin, and don’t know how to get started, you can click on this link and select your country of residence to follow a How-To guide for buying bitcoin.
In summary, there are three easy steps to follow:
- Account Creation and verification,
- Depositing funds into your account,
- Transferring the Bitcoin that you have bought onto a Bitcoin wallet.
Denominations of using bitcoin to gamble can do down 0.0001 of a bitcoin. Now this, of course, continually fluctuates in value if converting to USD, EURO, CAD, AUD etc. Nevertheless, the point is that the you can play with very small fractions of bitcoin.
Online Bitcoin Casino benefits
The benefits of using bitcoin to play at an online casino are many. But first and foremost, for those who reside in jurisdictions that do not permit online casino gambling or in jurisdictions where the laws are unclear, that the banks won’t assist with processing a deposit with fiat currency, bitcoin is the way around it. So bitcoin, is an alternative method that is great for US States, and countries that have requested their financial institutions to not facilitate online casino deposits, but it is legal as a player to gamble at. Bitcoin removes the need for a bank or an intermediary and therefore a bitcoin deposit will always be able to be processed between an online casino and player.
Bitcoin is deposited and withdrawn quickly and efficiently
Bitcoin also has the advantage over many other payments methods of being processed relatively quickly. It is NOT instantaneous, but it usually won’t take more than three to four hours. This isn’t a very long time. In fact, it is on average much quicker than the majority of payment methods.
Bitcoin Transaction Fees are zero
Transactions fees with using bitcoin are zero. Because bitcoin is a decentralized token, no one person owns the transfer of bitcoin and therefore there are no fees are involved. However, if you wish to convert bitcoin to and from other cryptocurrencies or to fiat currencies then you will be exposed to exchange rate gain or losses and transaction conversion fees.
Legality of using Bitcoin
The vast majority of countries have legalized the use of bitcoin. This means the use of bitcoin to make deposits and withdrawals is not unlawful. BUT many countries do NOT define bitcoin as legal tender. This means there is no government backing to the value of bitcoin. The value of bitcoin is purely driven by public opinion.
African Countries take up using Bitcoin
Second behind the US in the uptake of gambling with bitcoin are countries from Africa. You may not know, Nigeria is behind the US with the uptake of bitcoin. Bitcoin is the preferred payment method because it steer clear of the poor banking system. Not only is the Nigerian banking system slow and inefficient it costs a lot of money to make a transaction. Furthermore it is open to corruption and manipulation. Close behind Nigeria, is South Africa and Kenya. This two nations also experience a banking structure that is inefficient and high in transaction costs. Hence they too are moving towards using Bitcoin to make and receive payments.
Other cryptocurrencies besides Bitcoin
There over 1,300 other cryptocurrencies besides bitcoin but none are no where near as popular as bitcoin. Ethereum is in second place by a long mile and has yet to be offered by online casinos. Stick to bitcoin at the moment, but time will tell if other cryptocurrencies will rise in popularity and be accepted by online casinos.
The leading bitcoin online casinos are based in jurisdictions which are either in the UK, Malta, Jersey or Canada. They are heavily regulated and are licensed. Do NOT sign up to play at online casinos which are unlicensed. The risk is great when playing at unlicensed online casinos.
Bitcoin Online Casino Games
You will be able to find all the games available at a land based casino as those at a bitcoin online casino. These online casino games can be driven by Random Number Generators (RNG), which are algorithms used to replicate randomness or can be played at live casino games. Live casinos are live streamed gaming tables which reflect the same natural randomness at land based casinos. Players are drawn to live casinos because of the assurance randomness and risk of human manipulation.
Bitcoin ATMs at Casinos
Finding a Bitcoin ATM at a Casino is unfortunately not that common. You will find that most Bitcoin ATMs are situated in dense city hubs, where they are more readily accessible. Bitcoin ATMs usually have daily transaction and withdrawal limits. They are not all open 24/7 because they are normally secured in shop stores and shopping outlets. Bitcoin ATMs are great for convenience, however they do not tend to provide the best exchange rate.