Advantages and Disadvantages of Bitcoin Casinos

Advantages and Disadvantages of Bitcoin Casinos

Making deposits at Bitcoin casinos

Those considering Bitcoin as a payment option may be a bit confused at first about how the currency is used and how to make a deposit. To put your mind at ease, it’s quite simple! Once you set up your Bitcoin account and choose the type of e-wallet you want to use through the official site, you can buy some Bitcoins.

Once one has chosen a Bitcoin casino, one goes to the deposits section here and enters one’s personal information.

Usually, you only have to fill in two fields: the one that asks for the amount of deposits and, of course, the one where you enter your own Bitcoin address. One doesn’t have to provide any other data otherwise, as Bitcoin doesn’t work like credit or debit cards.

Instead, financial funds from the Bitcoin account are transferred between users through Bitcoin addresses. These are characterized as series of numbers and digits; they have between 27 and 38 digits.

Thus, those who decide to use Bitcoin must know at least their own address, but also the address of the online casino where they want to deposit (or from which they want to withdraw).

Advantages of Bitcoin Casinos

  • Since Bitcoins are a virtual currency, you have a lot of freedoms.
  • Those who use Bitcoin do not legally perform any financial transactions.
  • Casino owners and players enjoy a very high level of privacy.
  • Because the currency is untraceable, others cannot see where the payment comes from.
  • Third parties cannot obtain personal or financial information.
  • Since most Bitcoin casinos don’t even ask for name or address, this is unnecessary.
  • Transaction times are much shorter with Bitcoins, both for deposits and withdrawals.

Disadvantages of Bitcoin Casinos

  • If only Bitcoin payments are accepted at a casino, licenses can be circumvented.
  • Since Bitcoin does not require institutions, theoretically anyone can open an online casino.
  • Bitcoin-only casinos are unregulated and perhaps unsafe.
  • Moreover, the value of the currency fluctuates from day to day.
  • This is also not necessarily an advantage when you want to collect your winnings.
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