Not so long ago, most of us weren’t 100% sure what Bitcoin was, what its purpose was and how we could use it. In recent years, it’s popularity is spiking and causing hysteria amongst 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 heading into 2018, it’ll become a more common form of payment.
The standard practice is, once you deposit your bitcoin, it’ll be converted into a currency such as £/$/€.
When utilising Bitcoin as a form of payment, the number of advantages and disadvantages are similar. However, certain elements will suit players, while others won’t. Ultimately, it’ll boil down to preference as to whether 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. There’s no third party involved who’ll see your financial information. You’ll also avoid the charges that are issued with the likes of credit card transactions.
A huge positive for online casino users is the immediate deposits and withdrawals. Nowadays, the majority of processors are instant, but typically you’re left waiting for 2-3 days to make a withdrawal.
Bitcoin is not recognised as a currency in any country and is a decentralised form of currency, which 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 do 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’ll be required to set up a wallet and verify the account. If you plan on depositing large quantities of Bitcoin, it’s recommended you download an encrypted wallet to your computer or mobile device.
Once you’re set up, you must deposit into the wallet. This can be done via bank wire or transferal of Bitcoin from one wallet to another. Then you need to source a casino that accepts Bitcoin.
A string is created when you choose to deposit using Bitcoin, which you must copy and paste to determine the cash equivalent you’ll be receiving. This is automatically deposited into your account, which means you can 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.