Bitcoin casinos are becoming more and more popular, not least because cryptocurrencies are on everyone’s lips today and are being used by more and more people. In short, cryptocurrencies like Bitcoin are virtual money, that is, money that exists only in digital form.
Since the Bitcoin exchange rate is constantly changing, it is impossible to say with certainty whether it is more beneficial for you as a player to use Bitcoin as a currency at the online casino or not. Of course, the relative value of all regular currencies changes as well, but the fluctuations are nowhere near as drastic as with Bitcoin.
You can buy Bitcoins or “make” them yourself by doing what is called Bitcoin mining. How this works, you can read on many pages today. The basics can be found clearly described at Wikipedia. Bitcoin casinos are no different from other online casinos, apart from the fact that they accept Bitcoin as a means of payment.
We have taken a closer look at Bitcoin casinos and examined what advantages and disadvantages they have and what you should pay attention to as a player when you sign up at one of these casinos.
Bitcoin’s reputation in the use of online casinos
The first Bitcoin network emerged back in 2009, however, Bitcoin only entered the mainstream market as a new, modern and distinct currency in 2011. This currency differs from other, traditional forms of currency such as the US Dollar, Euro and Sterling in that it is a so-called “cryptocurrency”.
Unlike other currencies, there is no central bank that manages it, and there is no fixed exchange rate. Bitcoin operates solely through a peer-to-peer marketplace. Over the years, Bitcoin has gained widespread popularity and reputation. Since 2014, thousands of online stores have opened up to Bitcoin and offer the currency as a payment option. In the wake of this development, numerous online casinos now offer Bitcoin as well.
Why choose Bitcoin casinos?
Bitcoin casinos offer their users complete anonymity when gambling. Most of the time, the only information that is required from you is your email address. This is necessary if only so that the casino can send its users a new password in case it ever gets lost.
As a modern currency of the digital information age, Bitcoin offers the possibility of having absolute control over your bankroll. Besides that, there are other advantages that other payment methods cannot offer. Basically, the absence of any money obsolescence is one of the biggest advantages – both for the online casinos and for the players who choose Bitcoin casinos.
So, if you use one of the Bitcoin casinos, you don’t have to worry about annoying fees. This, in turn, benefits both sides, because if online casinos make losses or have to incur additional costs, then you change the odds, to the detriment of the users. Nevertheless, we recommend reading the terms and conditions extensively before signing up, as some casinos might still try to impose costs on players. This is especially true for markets in the US, where customers often have to give up to 10% of their winnings to the casino upon withdrawal.
What to look out for when transferring with Bitcoins:
Bitcoin secures your wallet.
Bitcoin is an e-wallet and thus very simple to use. With Bitcoin, it is incredibly easy to make financial transactions. If you perform all transactions correctly, you are on the safe side with Bitcoin. However, you should always remember that you have to follow certain rules to protect your information.
The Bitcoin price fluctuates dramatically
Because Bitcoin is still a relatively new currency, the price tends to go up and down quickly. Therefore, the company itself recommends not investing savings in Bitcoin. Thus, when cashing out profits, one should tend to rather invest them in a “real” currency.
Bitcoin payments cannot be reversed
You should always keep in mind that you cannot reverse or cancel transfers with Bitcoins. Bitcoins can only be returned by the online casinos where you deposited with them. Therefore, you should really only take your money where you can find trustworthy partners.
Bitcoin is almost, but not completely anonymous
To ensure one’s own safety, one should never reveal one’s Bitcoin address in connection with other personal information. This is because all Bitcoin transactions are stored in a public network.
Withdraw funds from Bitcoin casinos
If you’re lucky enough to pick up a big win, then you can now make a withdrawal without any problems. To get the process started, of course, you have to go back to the payment page and fill in the fields with the bitcoin address and with the amount of the withdrawals. The money will then be directed from the selected Bitcoin casino to one’s Bitcoin account.