Trending

The Advantages of Using Bitcoin and Other Cryptocurrencies in Online Casinos

Bitcoin has emerged as the latest form of currency that witnessed a huge head start way back in 2009. Today, Bitcoin has already carved its niche as one of the best-known cryptocurrencies. It has been used for buying goods and services online without any sort of intermediaries. Many may disapprove it, but several organizations have confessed that Bitcoin and blockchain may hold relevance to the new age in global finance. Bitcoin and other cryptocurrencies not only present speed and novelty for online casinos but their appeal stretch far beyond. Amid issues like data leak scam, using Bitcoin at online casinos will prevent giving your important banking details.

Given below are some of the advantages of using Bitcoin and other cryptocurrencies in online casinos:

1. Instant Withdrawals:

The major problem that bettors come across in online casinos is that they need to wait for long periods. Only after waiting for a long stretch, the bettors get their profits. The withdrawal speed is directly related to the payment option you choose. However, in many cases, it does take a few business days for the money to reach your account. You are bound to wait for some time when you use credit cards, debit cards, or any other popular money transfer medium.

On the contrary, if you choose to use Bitcoin, you will receive your money within a day or two. In maximum cases, the operators wait for up to 24 hours for approving your request. Additionally, they will take yet another hour or two before sending the Bitcoin to your wallet.

2. Paltry Fees:

The second common issue that gamblers may face is the high fees while playing online casinos. Some online casinos may levy heavy fees for every withdrawal that you may make. And, yet again it is linked to the payment mode that you select. However, chances are high that you may end up losing at least 4 to 5 percent of your money with every withdrawal. No bettors would like this scenario and they might try to avoid it.

When you pick BTC as your preferred option, you will not witness such a situation. Every transaction that you make with cryptocurrencies, it will cost you peanuts. In many cases, online casino websites tend to cover these costs. With BTC, you will be able to keep your personal information secure and transaction fees are quite low. The transaction fee is low because it is not carried out via any banking system.

3. Privacy:

Bitcoin was launched in 2009 with the sole goal to make online transactions super-fast. It has been successful in achieving this goal. Bitcoin was also created to offer the highest amount of privacy to its users. As Bitcoin has emerged as a decentralized unit, it will not be controlled by any bank or government system. It also implies that your vital details will not remain visible anywhere. You will be required to give just the address of your cryptocurrency wallet (the place your BTC is stored). And, you will be good to go. As hacking has emerged a common practice with technological advancement, it is important to keep the details of users safe and private. It will help in preventing your money from being stolen. This is the reason why you must give a strong emphasis on security. There are various physical storage units where you may keep your Bitcoins.

4. Bonus and Promotion:

Another advantage of using Bitcoin with an online casino is the bonuses and several promotions you will be entitled to receive. Many conventional online casinos provide a 50 to 100 percent match bonus up to a few hundred dollars on your first deposit. When you use Bitcoins, it will get changed. The 100 percent match bonus on your first deposit will be certain along with the amount being approximately up to 1BTC. And, there will be many bonuses for your forthcoming deposits. You may frequently witness huge welcome offers and various other special deals that provide plenty of additional cash. In some instances, there will be a lifetime reload bonus. Bitcoin online casinos offer several promotions and you will be awarded with free spins or cashback bonuses. There are chances that you may also get a ticket for some special events or tournaments.

5. No Taxes:

A large number of countries have asked their residents to declare their profits earned from online gambling sites. While others go a step ahead and oblige them to shell out taxes on them that may go to the level of 20 to 30 percent. Such a high amount of taxes may pinch a lot to bettors. In case, you plan to keep your winnings a secret, you may encounter some troublesome situations. However, Bitcoin can eliminate such worries as it offers you an amazing solution to this problem. The coin has not attained the status of currency in many countries.  Therefore, you will not have to pay any taxes on your BTC earnings or winnings.

6. Top Security Level:

Traditional payment methods for online casinos may be safe but they are full of risks. You may find it difficult to achieve the thorough protection of your money with conventional methods. Here Bitcoin has an edge as it can be stored in a large number of methods. When you use Bitcoin, a large number of online casinos will not ask your personal details. They will only ask you for the cryptocurrency wallet address and a username. So you get huge security while using BTC.

Conclusion:

Bitcoin has emerged quite safe and trustworthy. It offers users several benefits and maintains their privacy. It may have some negatives like high volatility and difficult users’ experience. But, overall it has emerged as the preferred option for many. BTC has already attained an important place in the online casino industry.

About the author

Tirupati Gumpula

Hi, I'm a Tech Enthusiastic and founder of Popular technology blogsWay to Hunt. & Elite Tricks. Want to promote your brand? Email: [email protected]

Subscribe to Blog via Email

Join the list of our 16,000+ subscribers who receive our latest articles, tips/tricks & contest details directly to their inbox. For Free.