A currency that shaped and continues to shape the online gaming industry is Bitcoin. I’m a Bitcoin user and I think it’s safe to say that once you’ve used the digital currency other payment solutions like credit cards or ACH bank transfer pales in comparison. But, it also copped a fair amount of criticism since governments feel that it’s the perfect commodity for money laundering and other nefarious business activities.
I’m not here to discuss the dark side of Bitcoin, just the impact it had on our industry and I might add the positive aspects of it outshines the negative bit of it by a country mile. So, in all fairness to Bitcoin; it’s safe, it’s legal and it’s not going any where soon. This article gives you 5 reasons why you should be using Bitcoin as a deposit method to wager at online casinos.
Please understand that Bitcoin doesn’t necessarily flout a country’s gambling laws. Take the United States for example, online gambling is a gray area and there is no federal law against it, taking wagers however does go against law but not at liability to the player, Bitcoin effectively is not yet treated as a legal currency in the USA, it would be no different to exchanging matchsticks or candy bars for a bet or wager.
While online gambling might still be frowned upon in various cultures, Bitcoin offers the user pseudonimity. A player’s private details will not be disclosed to any third party, sold or traded. And, you don’t have to worry about friends or family members finding out that you’re gambling online. Unless you have a gambling problem it’s best to seek help immediately.
The cash in your Bitcoin account can be stored in a hot or cold wallet. Unlike credit cards or ewallets (Neteller or Skrill) the latter option (cold wallet) affords you more protection, your funds can only be accessed by you with a highly encrypted password key and not by the company which stores your bitcoins.
It’s Lightning Fast
No delays here, which makes Bitcoin the best method to transfer and to receive cash payments from an online casino. Transactions are concluded within a couple of seconds to minutes, there are isolated cases where transactions where concluded within a day-luckily they’re far and few in between.
If you compare Bitcoin payments to credit cards where transactions can take up to 5 working days, the cash hits your account within a couple of minutes. But the biggest advantage Bitcoin users have is that they’re not restricted by the casino’s monthly withdrawal limit. Bitcoin players can withdraw up to $90,000 per transaction at some online casinos.
Bitcoin is cost-effective. If you’ve used a credit card or an ewallet like Neteller before and you switched over to the crypto currency you’ll know what I’m talking about. Bitcoin transactions are a fraction of the cost of credit cards, at times players can pay up to $40 for a single wire transfer which is ludicrous. Bitcoin transactions are advantageous to both the web casino and to the player, even if large cash amounts are involved.
Ideal For Online Gaming
Since Bitcoin was expressly designed with the Internet user in mind it’s the perfect payment solution to purchase goods and services and to gamble online. Some governments haven’t regulated online gambling yet, Bitcoin allows the player to bypass current regulation because it’s decentralized. The fact that it’s secure, easy to use and offers a high level of privacy makes it a win-win with players.
Multiple Currencies And Games
Bitcoin casinos like BitStarz offers a robust selection of 500 instant play games, powered by different vendors and it accepts Euros, Australian dollars, Canadian dollars, U.S dollars, British pounds and various other currencies. Bitcoin players from the United States can deposit and play here too.