While the popularity of Bitcoin as a payment method on the Internet has exploded in the past couple of years, for many people it remains associated with the way a few kids have become multi-millionaires by speculating with Bitcoin. But the crypto is more than just a new version of the penny stock, and for players at the online casinos – it is the best way to bank. If you are not using Bitcoin to fund your account, you are missing on a whole bunch of benefits, some of which we are about to point out.
Fast Deposit and Withdrawal
If you want to go back to the olden days of online gambling, most importantly the speed with which deposits were processed by the casinos, there is not better form of banking than Bitcoin. The nature of the most popular crypto is such that it only takes minutes for your deposit to be confirmed and for the casino to deposit the funds into your player’s account. Using Bitcoin the play at the online casinos also removes the credit card verification documents requirement most casinos have implemented these days, another plus for using Bitcoin rather than one of the more traditional payment methods.
And possibly the biggest benefit to the financial side of the casino account is the speed of the withdrawals! Speed of deposits is great, but what really helps sell Bitcoin at the online casinos is the instant withdrawals; after all, we are not virtual cows going to the casino just to get milked – our goal is to win and cash out some serious coin. And if you don’t use Bitcoin, getting your winnings could take as long as a week, depending on the other options for withdrawal, which are usually limited to checks and bank wires. Both of those options are slow simply by their nature – they require intermediaries (post office, couriers, banks) who introduce plenty of latency in the payout process. And while were are still on the deposit/withdrawal topic, here is yet another benefit:
100% Funding Success
Back in the days, credit card deposits at all betting websites were instantaneous and a breeze to complete. But high number of charge-backs from customers who lost playing the games was the main driving factor behind banks beginning to decline all charges made at online gambling sites. Today, although not impossible, it is has become quite the hustle to fund your casino account using a credit card. Not so with Bitcoin. Since the transaction (whether to the casino or from the casino) is not really controlled by anyone, there is no way for anyone to get in the middle and forbid you from spending your money as you see fit. Sure, the money in the bank may be yours, but if the bank arbitrarily decides that “no, you can’t spend your money there”, then you are SOL. When using Bitcoin – you can send it to any other Bitcoin address you wish. Thusly, all your deposits and withdrawals have a 100% guaranteed success.
Huge Bitcoin Bonuses
Now that is a benefit no one would ever say no to! Of course, the online casinos offer bonuses and promotions all the time, from the welcome bonus for new customers to reloads, special occasions, rewards points, the list goes on and on. But if you want to get the biggest possible amounts – Bitcoin is how you do it. Because of the noted ease of banking with the crypto, the online casinos themselves want you to use it. And what better and easier way to assure that as many people have Bitcoin as their preferred payment method, than to simply offer the biggest bonuses when the customer uses it?
Bitcoin is so much easier for the casinos to work with, they would go as far as offering 5-10 times larger bonuses to those who use it, as compared to those players who don’t. It makes no sense to leave so much free money at the table by choosing not to make Bitcoin your favorite way to both take money out of the casino and buy chips with. Many people don’t realize that when using credit cards, for example, behind the scenes the casinos are being charged quite the fees to get that deposit. Thus offering a bigger bonus to those using Bitcoin is a really good idea, benefiting both the online casino and the player alike.
Low Minimums and High Maximums
Using the world’s most popular crypto is beneficial to frugal players and high rollers alike. Since there are little to no fees involved, on the deposit side, some online casinos will let you deposit as little as $5, although most set their minimum at about $20. And if you are a high limit player, some casinos don’t even list a maximum amount you could deposit with Bitcoin! But even if they do, often it would be in the six-figure range. This is simply because the deposits are 100% guaranteed for the casinos, once they get the number of confirmations required. So there is virtually no risk to the casino that your deposit won’t clear.
And it is exactly the same way with payouts. Oftentimes when players hit it big, it may take a number of withdrawals to get all their winnings, since the casinos have a weekly limit on how much a customer can cashout with the traditional methods. But those limits are gone (or increased dramatically), when bitcoins are involved. You can withdraw very little (think $20) or a lot (think 5-figures and up).
And speaking of fees, there are none charged by the casino when you use Bitcoin at the cashier. Of course, the casinos never really charged fees on customer deposits (that would be ridiculous), but they have always charged fees on payouts. With Bitcoin, those fees are gone. And while casino players do have to pay a minuscule fee when sending Bitcoin (the fee goes to the Bitcoin miners who confirm your transaction), the amount is very often only a few cents, maybe a quarter, if you choose the fast-confirmation option.
And last, but not least, safety is a huge benefit to using Bitcoin. Since the way Bitcoin transactions work requires no personal information being exchanged, it greatly improves your overall online security goals. Sending money or receiving money from the online casinos would usually involve sharing some sensitive private data over the Internet. But because doing it with Bitcoin is much like sending an email to someone, none of the personal info needs to make it online. When paying (or getting paid) with Bitcoin, all you need is a Bitcoin address to send to and an address to send from, that’s it. No names, addresses, credit card information, all that is completely unnecessary. So one can see how using bitcoins to play at the online casinos is as safe as an online transaction could ever become.
So when you ask yourself, “Why should I use Bitcoin to play at the online casinos?”, all you have to do is read the above benefits. There is no downside to playing with Bitcoin, but the benefits are enormous. Certainly some people feel a bit apprehensive towards the initial setup process: getting a Bitcoin wallet, then buying/selling bitcoins, but in reality, the process isn’t really complicated at all. And with the ever-increasing popularity, many bitcoin-related companies, exchanges, for example, have made it extremely easy to dip your toe into the crypto water. If you are willing to break through that initial reluctance to join the Bitcoin revolution – the payouts are amazing!