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Pros and Cons with Bitcoin at Online Casinos

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Posted on , Updated on by Mila
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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.

Complete privacy

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.

Faster payouts

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.

Stronger security

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.

Volatility

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

About
About 10 minutes
Do you want to test drive Bitstarz for only $/€1. Bitstarz Allows you to deposit just $/€1 using Bitcoin or any other Cryptocurrency, so we have put together a step by step guide on how to make this deposit possible.

Necessary Items:

Steps to follow

Set up your wallet

Register a Bitcoin wallet with a Reputable Bitcoin wallet(such as Coin Base and Blochain.info). All you need to do is go the coinbase or blockchain.com websites and click on sign up button and filling in your email and providing a strong password.

Add Bitcoin to the wallet

Most wallet providers have Bitcoin exchanges built in all you have to do is click on the buy and sell buttons in order to buy Bitcoin, select the country you are in and then go and purchase your bitcoin and it will be added to your wallet.

Send and receive Bitcoin

Choose an online casino that accepts Bitcoin. Copy the casino’s public Bitcoin address and open your wallet. Navigate to “Send” and paste the address in the relevant field.
State how much you want to deposit into your casino account and confirm that the amount and address are correct. Send the money. If you’re depositing a small amount, the transaction is usually instant, and you can start playing right away.
Some casinos don’t yet process withdrawals through Bitcoin, so you might have to choose a different payment method for withdrawing your winnings.

📋 Summary of All the Pros and cons

Bitcoin Pro’s and Con’s

Pros

  • No minimum withdrawal
  • Anonymity
  • Faster payouts
  • Exclusive bonuses
  • Tighter security

Cons

  • Tricky to set up
  • Volatile
  • Not yet widely accepted
Look at some Alternative Casino Choices to see what some other fantastic choices are.

Frequently Asked Questions

‍🙋‍♀️ How do I Start Playing in Bitcoin?

Register a new account at the casino and verify it, if required. Set up your Bitcoin wallet, fund it and copy the online casino’s Bitcoin address. Paste the address in the relevant field along with how much you want to deposit into your new player account. Start playing!

💳 Which Casinos Accept Bitcoin as a Payment Method?

More and more online casinos accept Bitcoin. Take a look at our reviews to find the right one for you.

❓ Does Depositing in Bitcoin Limit the Bonuses I Can Receive?

No, at all. Remember to check a bonus’s terms and conditions to find out how much you need to deposit to trigger the offer.

🔒 Is Playing in Bitcoin Safe/Legal?

Yes. Bitcoin is arguably one of the safest online payment methods. Not only does it provide complete anonymity, but it also doesn’t involve any third parties or passing on of your information.

💲 Is there a Minimum Withdrawal Amount For Playing in Bitcoin?

Typically, no. But it does depend on the casino and can differ from one to the next.
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