Bitcoin casinos are on the raise! Thanks to trustworthy security protocols, small fees and user anonymity, Bitcoin or the BTC has been picked up by many famous online casinos and it is now probably the best payment option for United States online casino players.
Some of them just added it to their choice list of payment methods; others completely dedicated their services to Bitcoin customers only. On the downside, as it happens with other payment methods, not all Bitcoin casinos (or BTC casinos) are safe nor reliable. In case you are curious in finding out more about the famous crypto-currency and about good casinos that support it, stick with us while we elaborate on the use of this terrific modern invention.
Introduction to Bitcoin Casinos
Ever since it was developed some years back the Bitcoin concept received an immense amount of attention and in a short period of time it became an extremely popular payment tool. For some people it may still be hard to comprehend that you can pay for something in currency that is nonexistent in the real world, but you better believe it – it works and it is being used across the virtual world by a large number of active customers as you’re reading through these lines.
How Bitcoin Works in your casino
First thing’s first – to be able to use Bitcoins you have to obtain a Bitcoin wallet. As is the currency, the wallet is also a virtual object, and it could be lost if not previously backed up. For this reason, chose your wallet carefully among the three types available:
The first option is the online Bitcoin wallet, and it is stored in the cloud servers hosted by a third party. There are software wallets, and these are being stored at your computer. You will need to back them up manually. Hardware wallets are the third option and they are usually available in a form of a USB device that also has to be backed up manually, but is surely more secure than the other two versions.
The next step would be to purchase Bitcoins, but make sure you do it from a reputable seller. The Bitcoin has no attachments to a central bank of any kind, and the currency circulates from peer to peer, that is from user to user with appropriate Bitcoin addresses.
When you register at a casino that operates through Bitcoin transactions you’ll obtain a Bitcoin address of your own to use. The deposit to a casino account is instantaneous, only it needs to be confirmed by the block chain, which might require some time, but we’re still talking minutes.
Withdrawing your casino earnings using Bitcoin
Your winnings can, in fact, be withdrawn in Bitcoin, but if you want to use them in the real world you would have to sell them for actual, physical money at an exchange service. Bear in mind that Bitcoin values oscillate. The cashing out process might take a bit longer than the deposit, due to various checks and verifications the casino is obligated to perform manually. You’re free to keep BTC in your e-wallet, of course.
Advantages of Using Bitcoin in casinos
When you look at traditional banking methods such as wire transfers or credit cards they are simply not fast enough. Payment processing with Bitcoin is easy and takes on traditional banking any time.
In addition, the anonymity is guaranteed while paying in crypto-currency, which is extremely important for moving money around the web and protecting your personal data. Furthermore, fees are usually absent during Bitcoin transactions, or substantially smaller compared with other payment methods.
As for security, BTC relies on acclaimed and advanced safety protocols, which results in an altogether stabilized virtual currency. Given that they are not able to use most other popular casino banking methods, USA customers see Bitcoin as the best payment solution for purposes of online casino gaming. That’s actually the only method besides UPayCard and MST Gift Card, that allow instant withdrawals on the US market.
Disadvantages of playing at Bitcoin casinos
The problem with BTC in the realm of online gambling comes down to a restrictive choice of casinos.
For an ambitious casino player, there are never enough casinos available, and the number reduces if the player wishes to spend some Bitcoins. Moreover, the whole Bitcoin ordeal is fresh and innovative but it can be complex at some point. There are various requirements to be met in order to be able to access casino games, and the process can sometimes be overwhelming – from exchanging real money for BTC money, obtaining an e-wallet for storage, than having to exchange them back to physical currency.
Finally, Bitcoin is not regulated by any government body, yet. In many ways this is beneficial for the customers, it contributes to the low fees and the anonymity characteristics, but your Bitcoin balance might go through risk if the casino you’re using it for does.
Being new and advanced paying method, Bitcoin is a message from the future. Things develop fast these days, so casino players should keep up as everybody else.
The vastly popular crypto-currency has many positive aspects to it, and a few weaknesses, but don’t be afraid to explore your possibilities with it. You can use it for different online activities, but as long as casino websites are being taken into consideration, we’ve compiled a list of best ones that are also Bitcoin-friendly. Hope you find it helpful and good luck!