As a digital currency, Bitcoin is ideal for online gambling. The first online casino to accept Bitcoins as a deposit method was Bitstarz, which was launched in 2014.
Bitcoin Casinos Vs Fiat Classic Casinos
BitStarz is one on a list of online casinos that accept both Bitcoins and traditional/fiat currencies. However, until the industry fully catches up with technology, there will still be many online casinos that only accept fiat.
In today’s world, there are three categories of online casinos, Bitcoin, Fiat, and Bitcoin Fiat hybrids like BitStarz. The main differences between these types is that casinos that accept digital currency pay out winnings to players much quicker than fiat casinos. For many players, this makes choosing between these types of casinos easy.
No one wants to wait hours, if not days, to receive their winnings. Bitcoins eliminate the waiting period because the vast majority of these withdrawals are processed instantly. Even the ones that aren’t end up in players’ bank accounts much sooner than traditional currency ever could.
It isn’t just speed that makes Bitcoin casinos the preference of many players. It’s also the fact that there aren’t any barriers to using digital currency at an online casino. While fiat casinos often result in players paying expensive fees to withdraw their winnings, Bitcoin casino players never have this problem.
Depending on the country they live in, players may not even be able to use a credit or debit card to fund their casino account. Many banks will block these transactions in areas where online gambling has not been legalized. But Bitcoins can be used anonymously, so no matter where a player is, he or she can use this currency to fund their casino account.
However, there is one major downside to using Bitcoins as opposed to traditional currency. While fiat casino players never have to worry that the value of their money will change, Bitcoin players do. The value of this currency can rise and fall at any time, making using it a gamble in itself.
Are Bitcoin Casinos Transparent?
One of the reasons online casino operators prefer Bitcoin to Fiat, is that Bitcoin casinos are transparent in a way others never could be. Too many things can go wrongs with players and affiliates when fiat currency is used. Bitcoins allow players to move through the process of depositing, playing games and then cashing out winnings as smoothly as possible. For many players, this is their preference when it comes to online gambling.
Are Bitcoin Casinos Anonymous?
In many ways, Bitcoin casinos are anonymous. Players only need to use their digital wallet to fund their casino account. This means they can avoid giving the casino personal financial information that may inadvertently be accessed by an unauthorized third party.
When it comes to opening a BTC casino account, all players need to provide is an email address. In comparison, when join a fiat casino, players must provide information such as their full name and address. Since this can lead to identity theft, many players prefer not to go the fiat casino route anymore.
Most of these casinos also require players to fax or email a copy of their photo ID to a casino before the casino will verify their identity and personal information. Without this verification players are not permitted to open an account. But this can all be avoided by joining a BTC casino instead. A Bitcoin casino anonymous makes it easier than ever before to gamble online.
Bitcoin Casino Deposit And Withdrawal Fees
Like with any other type of currency, online casinos generally set a minimum dollar amount that your deposit must be. Sometimes the minimum is dependent on your preferred method of deposit. Other times, it is the same no matter which type you use.
While there generally aren’t any fees associated with deposits players may or may not encounter fees for withdrawing their winnings. In most cases, only those online casinos that accept traditional currency charge a withdrawal fee. This is another benefit of using Bitcoins over traditional currency.
Even casinos that do charge a fee for Bitcoin transactions generally charge much less than they would when traditional currency is used. The reason for this is that the casino may encounter a small fee for processing a Bitcoin withdrawal. They pass that fee onto the players.
Even if you don’t encounter any fees when using Bitcoins to make a deposit or withdrawal, obtaining the Bitcoins themselves might come with the cost of a fee.
Bitcoins are purchased online from something called a mine. Think of it as a virtual gold mine, but for currency. When players purchase Bitcoins they may not encounter a fee. But once purchased a small withdrawal fee may be charged. There are several different types of digital currency players can purchase for use at an online casino. The withdrawal fee for Bitcoins may be slightly different than the withdrawal fee for similar currencies.
BTC Casinos Safety
In general, players can count on BTC casinos to be safe. They are often the most secure casinos players will ever find online. Casinos take strict measures to ensure that Bitcoin transactions can be completed without any risk to the player.
Every valid online casino is licensed in its jurisdiction. This licensing means they have proven that they take players’ privacy seriously. Thanks to third-party audits any casino found not complying with safety standards is shut down until it does comply.
Each online Bitcoin casino uses very complicated private keys to safely transport players’ deposit and withdrawal details. Where hackers can easily access an online casino from the back end and steal players financial information when traditional currencies are used, this is much less likely to happen at a Bitcoin casino.
Bitcoin transactions are completely safe because players only need to provide the email address associated with their digital wallet to get their money. If a hacker happens to gain access to that email address there is nothing he or she can do with it. As most players know, this is not the case when a credit or debit card is used.
Since every transaction made with Bitcoins is anonymous there is no record of the transaction that anyone would be able to access. This means player can gamble at their favorite online casino without anyone ever knowing about it.
As Bitcoin casinos rely on advanced technology, they are automatically safer than more traditional casinos. The security measures that these casinos take are better than they have ever been before. For players who may have previously been apprehensive about online gambling, this may be enough to ease their fears.
In the future, a growing number of online casinos will likely be developed with Bitcoin transactions in mind. As more players realize how safe using this currency is they are more likely to pursue online gambling as a hobby.
Any reputable BTC casino is one that players can trust. Without the need for a credit or debit card, or even a bank account, players are free to explore the world of online casinos in ways they may never have before.