Pros and Cons of Playing with Bitcoin at online casinos
It’s safe to say that the activity of gambling has been around for a long time. The only thing new about gambling online is the advanced technology we use. Playing at a casino with Bitcoin is a natural step in the evolution of gambling. In fact, Bitcoin is quickly becoming a popular way to play your favourite pokies and casino games online.
There are plenty of advantages to gambling with Bitcoin and a few drawbacks. The key is to decide whether or not Bitcoin is right for you, your bankroll and your gaming.
Pros of Using Bitcoin
Bitcoin offers numerous advantages for online gamblers, the main ones of which we discuss below.
No minimum withdrawal cap
When you withdraw your winnings with Bitcoin, you can withdraw as little as you like. Since there is no middleman involved in the Bitcoin network, you don’t have to incur caps or transaction fees. When you withdraw with other payment methods, there is usually a minimum deposit amount you have to withdraw.
There are tons of reasons why you might want to keep your online gambling private. Whatever your reasoning, Bitcoin remains in an encrypted wallet that third parties can’t tie to you, providing complete anonymity.
Bitcoin is decentralised. This means everything is done online and there are no physical banks. As a result, third parties don’t need to review your transactions, and deposits and withdrawals, therefore, take a lot quicker to process, often being instant.
Access to exclusive bonuses
Online casinos offer a myriad of different bonuses, with the first deposit welcome bonus being the most common. Casinos that accept Bitcoin, however, tend to offer massive bonuses, from 1TBC up to 5BTC.
When you play online using Bitcoin, your details aren’t shown anywhere. That means nobody can get their hands on your personal information.
Cons of Using Bitcoin
Bitcoin also has its downfalls. Let’s take a look.
Tricky to set up
If you’re new to the world of cryptocurrency, setting up and buying Bitcoin can be a daunting process. There are plenty of guides online, though, to walk you through the process.
Bitcoin values bounce up and down daily. That means you could land up paying a whole lot more and withdrawing a lot less. It all depends on the day.
Not all online casinos accept Bitcoin
Not all online casinos accept cryptocurrency yet. But things are changing. You even find online casinos that only accept Bitcoin these days.
How to open an account and play at casinos with Bitcoin
Steps to follow
Set up your wallet
Add Bitcoin to the wallet
Send and receive Bitcoin
📋 Summary of All the Pros and cons
- No minimum withdrawal
- Faster payouts
- Exclusive bonuses
- Tighter security
- Tricky to set up
- Not yet widely accepted