Up until recently, many of us didn’t understand Bitcoin. Most were unsure what purpose it served or how to even use it. In recent years, popularity has spiked among investors and ‘miners’ alike. It can now be used as a form of payment and the online casinos are slowly but surely jumping on the bandwagon. It’s expected to be a common form of payment in 2018.
The standard practice is, once you deposit your Bitcoin, it’s converted into a currency such as £/$/€.
Using Bitcoin as a form of payment has a number of advantages and disadvantages. However, certain elements will suit players, while others won’t. It all comes down to preference. Will you choose to use Bitcoin or regular cash transactions or e-Wallets?
The most obvious benefit is the anonymity associated with Bitcoin transactions. It guarantees privacy for both the casino and the player. No third party can see your financial information. You’ll also avoid the charges that are attached to credit card transactions.
A huge positive for online casino users is the immediate deposits and withdrawals. Nowadays, the majority of processors are instant but can be waiting 2-3 days to make a withdrawal.
Bitcoin is a decentralised currency, so is not recognised as a currency in any country. This means it’s not subject to taxation. This makes your experience less expensive in comparison to other methods of payment. Let’s not forget the anonymity. You don’t need to reveal any personal information, a massive selling point for some gamers.
Online casinos that accept Bitcoin as a form of payment have no responsibility to hold a license from a certain jurisdiction. Many online casino players will look for licenses before registering with a casino because it adds a sense of reliability. These licenses are typically expensive to acquire and so the online casinos who don’t use them are making a substantial saving.
Bitcoin can be a volatile currency to invest in. Given the recent turn of events in December which saw it climb to be worth more than $17,000 and dropping within days. The value of your Bitcoin can fluctuate, so, if it moves positively, this works in your favour. If it moves negatively, it’ll be worthless which means you’ll be getting less of the cash equivalent to play with.
Even though it’s becoming increasingly popular for online casinos to accept Bitcoin, they’re not widespread for deposits and withdrawals.
First and foremost, as mentioned above, many online casinos that accept Bitcoin don’t hold licenses from a particular jurisdiction such as Malta or Gibraltar. So, never underestimate the importance of researching whether or not the casino is safe, secure and reliable.
Setting up your account isn’t difficult, but may be somewhat time-consuming. First, you must set up a wallet and verify the account. If you want to deposit large quantities of Bitcoin, you must download an encrypted wallet to your computer or mobile device.
Now you’re set up, deposit into the wallet. You can do this via bank wire or transferal of Bitcoin from one wallet to another. Now, source a casino that accepts Bitcoin.
You create a string when you choose to deposit using Bitcoin, which you must copy and paste to determine the cash equivalent you’ll be receiving. This automatically deposits your account, so you are free to play straight away. If you choose to deposit a large quantity, it could take longer to deposit.
It’s important to remember some casinos won’t process Bitcoin for withdrawal purposes, in this case, you can typically opt for a paper check in its place upon withdrawal.