Ever since it first appeared in 2009, Bitcoin has been gaining increasing attention from individuals and corporations all around the globe. Because of this, its value has grown exponentially, with the tendency to continue reaching new heights.
As cryptocurrency became more widely used, online casinos started joining the frenzy and enabling Bitcoin transactions. Today we’ll present five reasons why this fantastic payment method is unparalleled when it comes to depositing and withdrawing from online casinos.
Probably the biggest perk of using Bitcoin to deposit in an online casino is the privacy it grants. According to Jayson Peter from Casino USA, casinos that accept Bitcoin don’t require that you share any personal information to complete the transaction.
This is because cryptocurrency is a decentralized system that is subject to no jurisdiction of banks or governments. This way, you just need to supply your Bitcoin wallet’s address and approve the transaction without revealing your identity. This, in turn, means that you’re not sharing any sensitive personal information that could be misused or manipulated.
Fast Deposits and Withdrawals
Not needing to fill out forms with personal information is also one reason why Bitcoin transactions are much faster and easier than other payment methods. Indeed, wire transfers and check payments, for instance, can sometimes take days to process.
Using Bitcoin takes these hurdles away, as all you need is a couple of mouse clicks, and the funds will be in your casino account within seconds. Besides, most casinos that approve Bitcoin deposits also enable withdrawals, which reduces transaction processing time from days and weeks to minutes.
Most traditional payment methods charge a fee for each transaction you make in online casinos. This is because there is usually some kind of an intermediary between your bank account and the casino, especially when it comes to withdrawals.
With Bitcoin, which uses a decentralized system, there are no mediators in your transactions meaning there are usually no fees. However, since Bitcoin transactions are stored on a Blockchain database that keeps the whole system functioning smoothly, small maintenance fees are sometimes deducted from withdrawn amounts. They are usually so low that users practically don’t even notice.
Safe and Secure
We’ve already mentioned that privacy is a significant advantage of using Bitcoin as a payment method because you don’t have to share any personal information with the online casino you’re depositing to. For this reason, Bitcoin is also a much more secure option since no sensitive data is getting exposed.
Furthermore, Bitcoin transactions are protected by state-of-the-art encryption that makes it virtually impossible for any unauthorized parties to access and exploit your information. Bitcoin is considered to be one of the safest online payment methods.
Can Be Used By Everyone and Everywhere
Many avid gamblers are aware of the fact that online gambling is forbidden in a lot of countries worldwide. Governments prevent their citizens from playing by putting bans on bank transactions with online casino operators. This is where Bitcoin comes in.
Everyone owning a Bitcoin wallet can access it from anywhere in the world. Besides, online gambling restrictions have led to the emergence of questionable websites offering gambling services to residents from restricted areas, only to scam them.
The possibility of Bitcoin transactions gives players from banned areas a chance to play in a legitimate online casino with peace of mind.
Over the years, Bitcoin has become one of the most reliable transaction methods in online casinos. Offering unparalleled security and transfer speed, low fees, anonymity, and availability, it’s not difficult to see why.
With its popularity on the rise, we are bound to see many more casinos enabling this terrific payment method shortly. In the meantime, we will continue enjoying its perks wherever we can.