With over 3 million users, Bitcoin is by far the largest cryptocurrency today and there are online casinos dedicated solely to this currency.
Before joining an online Bitcoin casino, it is very important to check and verify the licenses, as crypto currencies are unfortunately still widely attracted to illegal casinos.
Benefits of gambling with Bitcoins
It is also important to ensure that the outcomes of the games are randomly generated with a Random Number Generator and to make sure that secure SSL encryption is used. If your casino meets all three of these requirements, then there are a number of attractive benefits to both casino users and casino owners from using Bitcoins.
The biggest advantages of gambling with Bitcoins
Fast payments and withdrawals
Fast payments and withdrawals
One of the major disadvantages of paying with a credit card or bank account is that the transactions are often not completed immediately. Sometimes days pass before the money arrives at your online casino and you can start using it. The reverse is also true. If you’ve won money and would like to be paid out, you often have to wait a long time for this to happen.
However, if you pay with Bitcoins, the money will be added to your credit balance practically instantly, so you can immediately start wagering on your favorite casino game. And payouts arrive much faster, too. The reason for this is that there is no third party involved, such as a bank or a government, that can delay the transaction.
You are your own bank, which means that delays due to business hours, vacations or weekends simply do not happen anymore.
The other major drawback, especially of paying by credit card, is that it has been shown to be far from secure. There are too many examples to mention of stolen data and credit card fraud.
The technology behind Bitcoin and other cryptocurrencies is based on complete anonymity of the user. Thus, when making payments, you do not have to enter any sensitive information that can later be used by a hacker to spend your Bitcoins. This, together with the principle of the Blockchain, ensures that hackers actually never get the opportunity to use someone else’s Bitcoins.
If an online casino has been paid by a hacker and fraudulent money has been used, they usually have to refund the amount themselves. Many credit card companies charge large sums of money for this and so the casino must pay this. What you do need to keep in mind is that if you have transferred Bitcoins incorrectly, you will not get them back. Thus, the casino saves money by trading with crypto currencies.
The player also saves money by paying with Bitcoins because there are often very low or no transaction fees involved. This again has to do with the fact that the third party is absent and the money is transferred directly from owner to recipient. In the case of casinos the transactions are often free of charge, partly because it is then made more interesting to play with smaller amounts. This makes online casinos more accessible to a larger group of users. Also, payouts are faster through the use of Bitcoin.
The increased security is partly due to the fact that Bitcoin users remain completely anonymous. On the Blockchain, which is basically a digital ledger, all transactions are recorded live. This ledger is public and can be viewed by anyone. However, the information given never tells you anything about the users of the Bitcoins. Since each Bitcoin user owns a copy of this ledger, a hacker would have to update his transaction in each of these copies, which of course is impossible.
Another consequence of anonymity is that no one can see that an online player is transferring his money to an online casino. And since gambling at online casinos is still illegal in most countries, this anonymity is welcomed with open arms by online players.
Better bonuses and promotions
By offering Bitcoins, an online casino can save considerable money on the costs it would otherwise have incurred for payouts and refunds. As a result, at Bitcoin casinos you often see bigger bonuses for new players, attractive promotions for everyone who stays and all players are regularly surprised with fun promotions. However, don’t be blinded by this and make sure first of all that the casino is legal and that it offers fair games.
A great welcome bonus is of no use if the winning percentage is lower or if the games are rigged. Once you find a Bitcoin casino that can prove to be safe, legal and fair, you can enjoy the many benefits mentioned above that come with using Bitcoins.
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The top 5 best Bitcoin casinos
Is gambling at Bitcoin casinos safe?
Since the introduction of the Bitcoin, the digital currency has had an erratic price curve. In the meantime, the price seems to have calmed down a bit. It is clear that you can go to more and more places with your Bitcoins. If you are in possession of Bitcoins you can therefore also go to the online casinos. The online casinos we tested are safe when it comes to depositing and cashing out. Take a look and judge for yourself.
The Bitcoin is now an accepted means of payment, even in the online casino world!