Unless you’ve been living under a rock the past few years, you’ll know that Bitcoin and other cryptocurrencies are all the rage. Bitcoin has gone from being an obscure tech interest, to a mainstream investment product which is regularly touted by prominent figures like Elon Musk. Nowadays anyone can get into Bitcoin and use the cryptocurrency as an investment or as a way of purchasing goods and services online.
Bitcoin is now one of the most popular deposit methods for online casinos. Players now have the option of playing at the best online casino and sports betting sites using Bitcoin or other cryptocurrencies, like Litecoin, Ethereum, and Dogecoin. Not only that, but you can also get a special Bitcoin casino bonus when you deposit at certain casinos using cryptocurrencies. So using Bitcoin at online casinos is definitely advantageous to you, the player.
If you’re yet to be convinced about investing in Bitcoin and using it at online casinos, here are three advantages of using Bitcoin at online casinos:
1) Privacy
In 2024, we’re more aware of our privacy and safety online than ever before. We’ve all had to go through the frustration of cancelling our Visa or MasterCard credit card after it’s been compromised online. With Bitcoin, you avoid many of the pitfalls of using your credit card online through the security of blockchain technology.
As blockchain technology is decentralized and distributed, it is near impossible to hack or alter the information within: namely Bitcoin transactions.
Furthermore, you do not need to use your real name or any identifying features when purchasing Bitcoin. Your Bitcoin wallet, essentially the account in which you hold your cryptocurrency, does not contain identifying information. So hackers cannot steal your banking information or social security number, for instance.
Using Bitcoin also allows you the privacy of your online gambling deposits not appearing on your bank statements. This is definitely an advantage for those who live in regions and countries without easy access to online gambling. Please remember to always gamble responsibly and to seek help if you feel that you may have a gambling addiction.
2) Lower Trading Costs
With the growth of internet over the years, we’ve all enjoyed the ability to buy products and services from around the world at a cheaper cost than we ever could have imagined. But then the world met the unfortunate development of transaction fees. We’ve all been shocked at the high cost of “convenience fees” for concerts and for other online transactions. Online casino players are definitely not strangers to this but Bitcoin has changed the game.
Prior to cryptocurrencies entering the scene, bettors often had to contend with online casino deposits and withdrawals including service charges which can seriously eat into your winnings. Generally speaking, Bitcoin online casinos do not include processing fees for deposits and withdrawals. This is far better than, say, a couriered check for which we’ve seen fees of up to $100!
This is not to say that Bitcoin does not have any transaction fees. When purchasing and exchanging Bitcoin on a crypto exchange, you will normally be charged a transaction fee. At the time of writing, the average transaction fee is $1.67 but this does fluctuate on a daily basis. Still, this is better than the gouging we’re used to on some sites nowadays.
3) Near Instant Payouts
Traditionally, withdrawal methods at online casinos could entail a lengthy wait before you received your winnings. A bank transfer can take up to five days, while a couriered check could leave you waiting over a week! Bitcoin has reshaped the landscape of online casinos by offering near instantaneous payout speeds.
Rather than waiting days upon days for your payout, cryptocurrency withdrawals could see your winnings in your wallet in as little as fifteen minutes. You read that right: you could go from jackpot to payout in only fifteen minutes! The ease and speed of Bitcoin transactions are really a major selling point of using Bitcoin at online casinos.
