Though a few years ago, Bitcoin was thought to be just another “passing trend”, it’s more than clear that cryptocurrencies are here to stay. Cryptos are making their way through the world as more and more services accept Bitcoin as a payment method but no other services have started featuring Bitcoin as a primary payment method so heavily as casinos have.
The truth is, despite all the prejudice, Bitcoin is in many ways very similar to traditional payment methods. When you are making a Bitcoin deposit, the money will be converted into USD and the rest of the payment goes pretty much exactly like a regular payment to an e-wallet or your debit card.
But Bitcoin is distinctive and is preferred by thousands of casino gamblers for various reasons. Here are just a few of such advantages (and a few disadvantages) you should consider when using Bitcoin as your casino payment method.
Pros of using Bitcoin
1) It’s more private
The biggest pro of using Bitcoin for whatever purposes is anonymity. Blockchain technology keeps you – the user – completely anonymous which is clearly a big pro for anyone who wants to play casino games discreetly.
If you want to make the deposits or withdrawals without the casino seeing your information and you value your privacy highly, then using Bitcoin is the best option out there.
2) You can avoid extra fees
Bank transfers are expensive, that’s no secret. The upkeep of such payment facilities and functionalities is simply more expensive and hence the payments might be applicable to some extra payment fees.
However, by using Bitcoin you can completely avoid such fees. One of the reasons why many casinos have started accepting Bitcoins as a payment method is the smaller upkeep – there’s no need to facilitate any special functionalities to accept Bitcoin payments from players since you would just send the payment from your Bitcoin wallet to the casino’s wallet. Less hassle, less expensive!
3) It’s surprisingly safe
We’re coming back to the blockchain’s anonymous technology. Since you don’t need to use any third parties or other functionalities to make the transfer and the money travels literally from wallet to wallet, it’s much safer than paying, for example, with a credit card. Bitcoin payments are in a way very similar to making physical transactions, but instead of handing over cash, you hand over crypto coins.
Cons of using Bitcoin
Everything has its downsides and Bitcoin is no different. There’s one main issue related to using Bitcoin: it’s volatile nature. Bitcoin’s price fluctuates heavily and it can make enormous price jumps which might not be in your favor. That means there might be occasions where you even lose money when doing your casino deposits and withdrawals.
Also, be ready for a bit longer processing time. Some casinos process Bitcoin payments more carefully by checking the transfers manually and for that reason it might take several days, contrary to e-wallet payments which are done within a matter of minutes.
Despite these few downsides, Bitcoins are becoming more and more prominent in online casinos and for a good reason. If you value your personal information and privacy, Bitcoins might be the best choice for you.