Bitcoin is a new type of currency that is getting popular in today’s world. Its involvement in the iGaming industry is not an exception. There are many Bitcoin casinos having been born. A Bitcoin casino is simply a casino accepting deposits and withdrawals by Bitcoin and other cryptocurrencies. Bitcoin wallets work like any other e-wallet such as Neteller or Trustly, just except your funds are not processed by USD or British Pound, but using a cryptocurrency.
Let’s discuss the differences between Crypto casinos and other types of online casinos. There are two bullet points to make the difference clear:
- Bitcoin casinos will allow you to fund your bankroll by Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), etc.
- Games at these casinos are also presented the amount in cryptocurrency.
However, It’s hard to find a pure bitcoin casino that solely uses Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) as their currency. Instead, you can find those which are hybrid crypto casinos that allow you to fund your play account in many options either it’s a cryptocurrency or fiat currencies, and also convert them to a regular currency like British Pound as you wish.
The Benefits of Cryptocurrencies for Online Casino
With the rise in popularity of cryptocurrencies, many online casinos have been working hard to prove that Bitcoin and other cryptocurrencies have value and real-world use by accommodating this new type of payment and gambling methods.
Sifting through countless bitcoin casinos to find ones that are safe, trustworthy, and reputable, you’ll know how much of effort that you have to make. There are some casinos that give you a full and flawless gambling experience with cryptocurrencies.
There are some certain reasons why you should pick a good bitcoin casino sites to play. There are a few key points we should make first, though.
- First, we can not ignore the straightforwardness of using cryptocurrencies to fund your account. The process is as easy as other currencies.
- Second, you won’t have to worry about the speed of withdrawal and deposit your winning because they are typically quicker than the alternatives ( instant or within 24 hours)
- Do you worry about the leak of your personal information when you have to use your card to fund your play account? If you do, then cryptocurrencies are the best for you because they don’t reveal any personal information. Your transaction will be recorded by Blockchain but only shows an amount transferred between two addresses that are represented by numbers and letters. For countries that have complex regulations on gambling such as America will benefit from using cryptocurrency as their main funding source. Because using other alternatives will be very troublesome as the engagement of the bank. What is more interesting when you use 1 BTC in England and they so have the same value in the USA. So, matter where you are in the world, the value of 1 BTC is the same!
Those are the benefits of using cryptocurrency for your online gambling. There are still more that are not yet discovered. We will let you know if we find more!
Above are some good words of bitcoin casinos, then what about the disadvantages of Cryptocurrency Casinos
I just got a message from an app for trading, the price of Bitcoin and other cryptocurrencies just rise. Well, it is their nature. You can expect the fluctuation of cryptocurrency’s values in a matter of minutes! Imagine if you just bought 1 BTC for $10000 then just a day, you haven’t used the amount to play at any games, the value decreases to $9500. The feeling is painful and none can do anything to improves the situation.
No Reversals / Chargebacks - Do you like the service of Paypal and how they work? Paypal does have chargebacks service where you can submit your complaints to get your money back. This does not work with Bitcoin, there is no way to reverse or chargeback like a credit card. Therefore, play at those trusted casinos will save your money and your life!