Some years ago, cryptocurrency and Bitcoin were nothing more than new terms for the majority. However, over time, Bitcoin gained a lot of attention from people around the world. Hence, it became immensely popular and a wide-spread form of currencies.
In the Bitcoin gambling industry perspective, numerous online casinos are accepting Bitcoin as a method of payment. The number of Bitcoin casinos is growing exponentially, allowing more players to play their favorite online casino games by depositing Bitcoin.
Right after you make deposits in Bitcoins, they are converted into a standard currency (USD, Euro, Japanese Yen, etc.). Next, these deposits are processed in the same way as when you deposit through debit cards or e-wallets.
Nonetheless, some gamblers yet question the advantages of using Bitcoin in the gambling world. If you, too, find yourself in prejudice against the benefits of the crypto, then this article uncovers the pros and cons of depositing and withdrawing using the famous cryptocurrency, Bitcoin.
Pros of Gambling with Bitcoin
Among numerous pros of using Bitcoin for payments, the first one is the safety and security it brings for both the owners and the gamblers. Your personal and financial information will not be disclosed to third parties at any cost. Also, there are no chargeback issues while using cryptocurrency like those that come along standard credit cards.
Multiple countries are still working on legalizing online casinos. Therefore, some banks do not process cryptocurrency transactions to the online casinos and from them. In such a situation, all the gamblers have are other ways for depositing and withdrawing.
Provided that, Bitcoin is the best pick for all the players because the processing of the transactions is without the involvement of third parties (banks). The gamblers are free to make Bitcoin payments without linking any debit/ credit card with it.
Another benefit that every player must be aware of is that the Bitcoin withdrawals and deposits are processed within seconds. Undoubtedly, numerous modern payment processors offer instant deposits, but the withdrawals take a minimum of two to three days.
So, using Bitcoin, you will able to withdraw instantly as well. Once you put the Bitcoin address of the casino, enter the desired amount, and confirm the transaction. It will be a fascinating fact to see that the amount will be transferred immediately.
Not even a single country has yet recognized the famous crypto coin as a real-money currency yet, which can be a double-edged sword for the cryptocurrencies. Resultantly, the Bitcoins are not subject to the usual taxation policies, which is a fantastic thing.
Moreover, there are no fees for the processing of transactions. Hence, Bitcoin, as the leading deposit/withdrawal processor, is economical. Not just this, your identity and transactions will remain anonymous throughout, which is another excellent benefit of using Bitcoin.
As it is clear from above, that using Bitcoin is simple. All the transactions are safe and robust. So, before you switch to Bitcoin, you must be aware of the few cons that come with numerous pros.
Cons of Bitcoin Gambling
The Bitcoin gambling sites do not require licensing from a specific jurisdiction. As we are all aware that the licenses come with a lot of application fees, so the online casinos can save considerable amounts of their money that they would probably spend to apply for the permit.
Undoubtedly, the Bitcoin is raising exponentially, yet the gambling sites that allow Bitcoin deposits and withdrawals are not much.
Another disadvantage of Bitcoin is that it is highly volatile. Thereby, the chances of varying exchange rates are high. So, if the exchange rate moves positively against the USD, then you are lucky. Conversely, if it goes negatively against the dollar, then it is working against you.
Remember that at times the Bitcoin withdrawals take more time than the withdrawals via credit/debit cards. The reason behind this is that some online casinos process the withdrawals via Bitcoin manually to avoid any security issues.
How to Use Bitcoin for Making Online Gambling Site Deposits?
The first step for making Bitcoin deposits is setting up your e-wallet and verification of your account. If you don’t plan to make massive deposits, then create a wallet within the system of the casino works. However, if you are willing to wager large amounts, it is better to install an encrypted wallet to your desktop or mobile devices.
Secondly, you will top up your wallet through bank wire transfers or by asking someone to transfer Bitcoin from their wallet to yours. Note that there is a unique key for every transaction to ensure security.
Make sure to confirm the casino to wish to gamble at accepts Bitcoin or not. Also, never underestimate the significance of checking if the casino you are choosing is a reputable one.
After you pick Bitcoin as a deposit method, you will get a string. All you have to do is copy/paste the algorithmic series and put the desired amount to be transferred. The transfer is quick. On depositing small amounts, you get to gamble at online casinos instantly. However, in the case of large deposits, the processing of the transaction will take some time.
The Bitcoins will be instantly converted into other currencies the moment you make the deposit. Unfortunately, some gambling sites do not process Bitcoin withdrawals. In such a case, the gamblers choose paper checks for withdrawals.
