A few years ago, cryptocurrency and Bitcoin, in particular were just vague terms for most people. However, Bitcoin slowly but surely gained popularity and became a widespread form of payment.
The number of online casinos accepting Bitcoin is constantly growing and players are enabled to play more and more games by depositing via Bitcoin.
When you make a deposit, your Bitcoins are converted into a standard currency (USD, for example) and the deposit is processed in a manner similar to depositing via any e-wallet or debit card.
However, some players are still prejudiced against the benefits of using Bitcoin. If you are also among them, you will definitely be interested in finding out more about the advantages and disadvantages of making online casino deposits and withdrawals with Bitcoin.
Advantages of using Bitcoin
The first advantage of using Bitcoin is the privacy it ensures for both casino owners and players. No third party is given access to your personal and financial information. In addition, you will not encounter the chargeback issues associated with the standard credit cards.
Many countries worldwide are yet to legalize online gambling. As a result, some bank institutions do not proceed transactions to and from gambling websites and players are left with no other choice but to look for alternative deposit methods. In this respect, Bitcoin is the best option. The transaction is not processed via a third party (bank). You don’t need to link a credit / debit card in order to make a payment via Bitcoin.
Another advantage you should be aware of is that deposits and withdrawals with Bitcoin are instant. In point of fact, the majority of contemporary payment processors offer instant deposits, but withdrawals take at least 2-3 days. If you use Bitcoin, you will be able to instantly withdraw your funds. When you send money to the Bitcoin address of the casino the desired amount is immediately transferred after confirmation.
No country in the world has recognized Bitcoin as a real-money currency, which can actually be a two-bladed knife. Yet, your Bitcoins are not a subject to taxation, which is a good thing. Using Bitcoin as a main deposit / withdrawal processor is inexpensive, because you owe no fees for bank transactions. In addition, you do not need to reveal your identity. Transactions are anonymous, which is yet another advantage.
As you can see, there is nothing complicated in using Bitcoin. The transactions are fast and secure, but before you switch to depositing via Bitcoin, you should also be aware of the disadvantages.
Disadvantages of Using Bitcoin
Casinos that accept Bitcoin do not need to hold a license issued by a certain jurisdiction. It is a well-known fact that licenses are associated with a lot of application fees, so online casinos can save huge amounts of money they would otherwise spend on applying for a license.
Although Bitcoin’s popularity is increasing, the online casinos that offer Bitcoin as a deposit / withdrawal method are still a few.
Another drawback is that Bitcoin can be a volatile currency. It means that the exchange rate can move extremely quickly. If it moves positively against the dollar, this is in your favor. However, if it moves negatively, it works against you.
Sometimes, withdrawals with Bitcoin can take even more time than withdrawals to credit / debit cards. The reason is that some websites process the Bitcoin withdrawals manually for security purposes.
How to use Bitcoin for making online casino deposits
The first thing you have to do is to set up your wallet and then verify your account. If you are planning to deposit smaller amounts, you can create a wallet within the system of the provider. However, if you are going to wager larger amounts, you are advised to download an encrypted wallet to your computer / mobile device.
The next thing you have to do is to fund your wallet. You can do that via a bank wire or ask someone to transfer Bitcoins from their wallet to yours. Keep in mind that a special key is generated for the purposes of every transaction.
Next, you have to make sure the casino you are planning to play at, accepts Bitcoins. Don't underestimate the importance of checking whether your casino of choice is a reputable one.
When you choose Bitcoin as a deposit option a string will be generated. You have to copy / paste it and determine the amount of Bitcoins you would like to transfer. The transfer is instant. If you have deposited a small amount, you will be enabled to immediately start playing. If you are depositing a bigger amount, it might take some more time as the amount need to be processed through the blockchain a few times.
The Bitcoins will be converted into another currency at the time you make a deposit.
As for the withdrawals, there are some casinos that do not process withdrawals via Bitcoin. If this case, most players opt for a paper check as a withdrawal method.