Is It Worth Using Bitcoin for Playing at Online Casinos?

However, they suffer from a lack of anonymity, slower transaction times, and high fees. In response, players are turning their attention to Bitcoin online casinos. Gambling sites that accept Bitcoin are popular due to decentralisation and blockchain technology. But are they worth it? Discover the answer in this article.

How Bitcoin Gambling Works

Bitcoin gambling sites operate similarly to traditional online casinos. However, the exception is that they accept cryptocurrencies as their primary payment method. This includes Bitcoin, altcoins, and stablecoins. Examples of altcoins are Ethereum, Litecoin, and Tether. Like Bitcoin, altcoins are also highly volatile.

On the other hand, stablecoins like USDT are pegged against a currency, such as the dollar or euro. As a result, Tether is not affected by volatility. Explore popular cryptocurrencies Bitcoin casinos accept in the table below.

Benefits of Using Bitcoin for Online Casinos

Bitcoin gambling sites support fast deposits, charge lower fees, and allow people to gamble privately. Explore the pros in detail below.

Fast Deposits and Withdrawals

BTC transactions are almost instant. Players receive their deposits or withdrawals within a few minutes. This is significantly faster than bank transfers, which may take up to three working days. Most BTC casinos don’t require verification. As a result, the casino’s processing time is short, making Bitcoin perfect for gamblers who want same-day access to their money.

Lower Fees

Another benefit of Bitcoin gambling is reduced transaction fees. E-wallets like Paypal charge 2.5%, while banks deduct up to 5% when you withdraw money. In contrast, most Bitcoin transactions don’t attract any fees. The ones that do are minimal, often around 0.001 Euro. With this, players keep more of their winnings.

Generous Bonus and Promotions

Bitcoin casinos grant generous promotions to new and existing players. The promotions include welcome, deposit, and reload bonuses. You can play real money slots for no deposit using 100% free cash or spin and win real money. Sites with VIP clubs also offer perks with favourable wagering conditions.

Enhanced Privacy and Anonymity

Bitcoin offers a high degree of anonymity. It operates on a decentralised network. In other words, no one controls what goes on. Hence, unlike traditional banking methods, you don’t need to submit personal or financial details. All you need is a wallet address to complete the transaction. This makes BTC suitable for players who want to keep their activities private or for individuals from regions with restrictive financial laws.

Drawbacks of Using Bitcoin for Online Casinos

But by no means should Bitcoin online casinos be considered absolutely perfect. These platforms have some drawbacks, and the most prominent ones are:

Price Volatility

Bitcoin’s value fluctuates within a short period. A deposit you make today may be worth more or less tomorrow. Likewise, winnings withheld could increase or lose value before withdrawal. Hence, you lose money when the volatility works against you.

Limited Regulations and Security Concerns

Bitcoin regulation is a grey area. Legit BTC casinos hold licenses from reputable gambling jurisdictions. However, the decentralised nature makes it difficult to resolve disputes. Plus, the potential risk of hacking or scams is present.

Irreversible Transactions

You cannot reverse Bitcoin transactions. Credit cards and e-wallets allow chargebacks in cases of disputes. For Bitcoin, any transaction confirmed on the blockchain is set in stone, even if you send it to the wrong address.

How to Choose a Trustworthy Bitcoin Casino

Now that you know the benefits and drawbacks of a Bitcoin casino, here is how to choose a legit gambling site and avoid rogue operators.

• Read reviews: The first thing is to read about players’ posts about the site. Avoid operators with recurring negative reviews about security, payout, and customer support. Use online gambling forums and independent review sites for an unbiased assessment.

• Check licensing and security measures: Legitimate casinos are licensed by popular gambling jurisdictions like the Malta Gaming Authority. Avoid sites with no licence information. Also, look for additional site security features such as SSL encryption, 2FA, and biometrics security.

• Assess the game library: Choose Bitcoin casinos with a vast selection of games from renowned software providers like Pragmatic Play. The library should feature slots, table games, and live dealers. Likewise, check for an audit certificate from eCOGRA or a similar agency to guarantee fair games.

• Look for bonuses: The more bonuses the casino offers, the better you’ll enjoy your gambling experience. Ensure the site grants welcome, reload, and deposit cash or free spins bonuses.

• Customer support and user-friendliness: Test the customer support and note their responsiveness. The site should provide multiple ways to request help, including live chat, email, and phone. We recommend casinos with dedicated apps or mobile-friendly websites so you can gamble on the go.

Steps to Start Playing With Bitcoin at Online Casinos

Funding a Bitcoin casino account can seem a bit complicated. Unlike cards and other payment options, you must set up a Bitcoin wallet, transfer BTC from an exchange, and deposit cryptocurrency in your casino account. Let us guide you through the process to make it easier.

• Set up a Bitcoin wallet: You need a BTC wallet to store and manage your funds. You can choose between a soft and hard wallet. Soft wallets like Trust Wallet or Coinbase are accessible online with an account, and you can download their apps for personalisation. In contrast, you can use a physical device like Trezor Safe 3 or Ledger Flex to store your BTC.

• Buy and deposit Bitcoin: After setting up your wallet, buy Bitcoin from a trusted cryptocurrency exchange like Binance. Sign up for the exchange and complete ID verification. Next, link a payment method like your credit card and buy Bitcoin. Afterwards, transfer the BTC to your wallet.

• Login to your casino account: Choose an online casino using the criteria above and log into your account. Visit the cashier or banking section and choose Bitcoin from the list of payment options.

• Deposit Bitcoin: Copy and paste the casino’s Bitcoin address into your wallet. Enter the amount to transfer and wait for the money to reflect in your casino account.

• Withdraw Bitcoin: Copy your Bitcoin wallet address. Navigate to the cashier and select Bitcoin as your withdrawal method. Enter your Bitcoin wallet address and fill in the amount to complete the transaction. Remember that payments are irreversible, so confirm the addresses to avoid errors.

Conclusion

Bitcoin transactions are faster than traditional payment methods. Players incur lower fees. They also enjoy anonymity. Meanwhile, the payment option is for deposits and withdrawals. Of course, it has drawbacks. However, if you’re a crypto enthusiast, Bitcoin casinos are perfect for online gambling.