Bitcoin has gained a lot of acceptance over the years and the gambling community has not been left behind. To this end, bitcoin is getting used as a payment method in several non gamstop online casinos with some casinos only offering bitcoin as their payment method.
These bitcoin-based online casinos also give players who want to play at online casinos from certain restricted regions, the chance to play online casino games.
Overview of Bitcoin Casinos
As Bitcoin continues to gain acceptance in the online gambling community, many casinos continue to offer Bitcoin as a payment method. The use of bitcoin can make it easier to request withdrawals or make a deposit than other traditional payment methods.
Bitcoin, unlike most payment methods, does not give online casinos the same verification methods and as such, you can play at online casinos with a degree of anonymity.
With Bitcoin, players can now claim their winnings anonymously without having to provide any personal banking information. Additionally, most online casinos do not charge players any additional transaction fee whether it is to request a withdrawal or make a deposit when using bitcoins.
Furthermore, since transactions are hard to track as bitcoin is decentralised, you can fund your account or cash out your winnings that much easier.
How it Works
Depositing using bitcoin is quite easy. All you need to do is look for any online casino that offers bitcoin as one of their payment methods. Afterward, you choose bitcoin as your payment method. When making the actual deposit, you will need to copy the wallet address provided to you by the casino to make a transfer to that address from your bitcoin wallet.
Once the transfer is done and payment is confirmed by the casino, your account will be credited. This process typically takes less than a minute making it one of the fastest payment methods available for funding your account. Should you want to request a withdrawal, all that is required is your bitcoin wallet address, which is provided to you when you open a bitcoin wallet account.
Security and Special Features
In terms of security, bitcoin is one of the most secure transaction methods. You have nothing to worry about when you are opting in for the bitcoin payment method since unlike most traditional payment methods, you do not have to provide your credit or debit card information. You can also be sure that your wallet is safe since the only information required for payment is your wallet address.
Furthermore, in some online casinos, players tend to receive different kinds of bonuses and promotional offers any time they make use of bitcoin as the payment method. Additionally, some casinos only make use of bitcoin as their payment method. At such casinos, players get to play with little to no restrictions whatsoever therefore, players from any part of the world can get in on the action.
Although making use of bitcoin as a payment method is beneficial to both players and online live casinos (not to mention betting sites without gamstop), few pitfalls come with the use of this method. One of the pitfalls is that players can easily fall to fraudulent online casinos. Therefore, it is not completely easy for players to trust the use of bitcoin as a payment method. Having said that, most online casinos try to be as transparent as possible.
Additionally, the volatility of the currency is another disadvantage of this payment method, and because the price can change at any time, you can not be fully sure what to expect. Nonetheless, bitcoin can still be one of the best payment methods to be adopted by the online gambling community and therefore, it is one that is worth giving a try for your next deposit or withdrawal.
Traditional payment methods, due to the rigid regulations surrounding them, have been able to offer a degree of protection to players.
On the other hand, the use of bitcoin can give room to manipulations and fraud since there is little to no regulation in place due to the very nature of cryptocurrencies. Make sure you do your homework right and only deposit with reputable casinos
Last Updated on May 1, 2020 by editor