Bitcoin has been in the news for well over a decade now, and despite its ups and downs, including its most recent loss of momentum, it is still a preferred payment method in online casinos. Below, you can discover seven reasons why people prefer Bitcoin over other payment options, and some of them may very well surprise you.
Bitcoin is Private
Gambling has lost much of its negative stigma in recent years, but that doesn’t mean people want everyone to know what they do. Bitcoin is by and large the world’s most private way to trade money, and since banks and government systems have no jurisdiction over it, people who use it to make casino deposits – or to withdraw their winnings – have no need to worry about their “secrets” being out. In other words, they can gamble freely without fear that their friends, coworkers, and others will discover them.
Low-Cost Alternative to Other Payment Methods
Many of the most popular payment methods out there – namely mobile wallets – aren’t without their fees. Some of the world’s biggest banking systems charge fees for everything from transferring money in the first place to currency conversion, which can be problematic for people who choose offshore gambling rather than local online gambling. Bitcoin remedies this since it is decentralized and not regulated by governments, banks, or other entities. You should remember that transactions are stored in something called a blockchain, which allows cryptocurrencies to work as they should. With this in mind, you won’t pay a fee for withdrawing funds from a Bitcoin-based casino, but you might have a small fee subtracted from the amount you withdraw – typically only a few cents.
It’s Really Fast
Standard currency being moved from your bank to a casino (or vice versa) can take several hours or even days. All the regulation put in place is designed to prevent everything from fraud to money laundering, and because the government backs banks and credit card providers through the FDIC, there’s no way to get around it. The same cannot be said for Bitcoin. As soon as the casino says you can withdraw your money, that money will be available in your cryptocurrency account, but it may take a small amount of time for the block associated with the blockchain to process. This might take 10 minutes, but it could take up to a few hours from the time the casino authorizes your withdrawal request.
There are Online Casino Bonuses for New Users
Gamblers aren’t the only ones who benefit from Bitcoin transactions. In fact, the casinos benefit from them, as well. Bitcoin just makes things simpler for casinos, so they often match your deposits anywhere from 50% to 200% just for choosing Bitcoin as your deposit method. You might get a single deposit bonus or you might get several if you continue to make your payments using the cryptocurrency. You might also be able to get free spins, lifetime reload bonuses, and more. Look for casinos that offer Bitcoin payments and withdrawals that come with other benefits, as well, including jurisdictions, game quality and bonuses.
Security is Excellent
Because banks and online wallets are bound by law to validate your identity in order to process any transaction – whether that transaction is a deposit or withdrawal – utilizing Bitcoin can improve your security a great deal. Once again, because it is not regulated by banks or governments, you won’t have to provide much personally identifiable information in order to transfer money around. Privacy is important to cryptocurrency companies, and it’s important to you, as the gambler, too. With that being said, if you’re asked to provide a ton of information despite choosing Bitcoin as your preferred way to bank with that casino, it may be in your best interest to look for a new venue.
Bitcoin is Valuable
Bitcoin’s value fluctuates, but it averages anywhere from $8000 to $10,000 in US dollars, making it incredibly valuable for both casinos and their players. Even the Federal Reserve Chairman, Jerome Powell, has seen the value of Bitcoin. He recently compared it to gold during testimony regarding Facebook’s Libra project. If you have 1BTC (Bitcoin) in your account right now worth about $10,000, and if the price skyrockets to $20,000, you have effectively doubled your money. Of course, you need to keep an eye on the fluctuations, but for the most part, Bitcoin users have come out ahead in recent years.
Ease of Use
If there’s one major reason why gamblers should choose Bitcoin for their online gambling needs, it’s the ease of use behind it. Creating an account is simple and making a deposit is even simpler, but it is up to you to find a casino that meets all your needs and accepts Bitcoin as a payment method. Though they do exist, they can be few and far between. Far more casinos accept debit, credit, Skrill and other solutions, all of which require you to provide a vast amount of information that could very well compromise both your safety and your security. Rather than provide those personal details online to a company you barely know, take a few minutes to open a Bitcoin e-wallet account and make your deposit. It’s fast and it’s easy.
Though Bitcoin’s reputation has ebbed and flowed throughout the years, there is little doubt that it is one of the best possible ways to protect yourself if you choose online gambling as a hobby. You can keep your information private and complete transactions in record time, which is especially beneficial for making withdrawals since you won’t have to jump through hoops to prove you are who you say you are. The best part? If Bitcoin’s value continues to climb, simply creating your account could turn out to be quite the investment in the long run.