Online Casinos that Take Bitcoin
When players are considering playing at an online casino for real money payouts, they will have to make use of the methods that are offered for payment. With recent technology and the increase of players who are gambling online, there are some new ways to conduct transactions and benefit from action packed casino games right from the comfort of home. Online casinos that take Bitcoin have become very popular choices, especially for players who have restrictions on online gambling and may not have too many payment methods that can be used to fund casino account.
Bitcoin is an online payment option and is a digital currency. It is sometimes referred to as cryptocurrency and a virtual currency. This currency works through a software wallet service that is stored on the computer and will enable players to pay for goods and services around the globe, including funding online casino accounts. Bitcoins can be exchanged for real currency, which makes this one of the most fluid payment systems available. Like using other ewallet services, Bitcoins can be spent through the account and can allow gamblers to access many online casinos and play the supported games. However, since this is a new form of online payment, not many online casinos are accepting the method of banking at this time. There are quite a few that can be selected, but players will find limited choices as compared to using other banking methods.
Benefits of Bitcoin Online Casinos
There are some great benefits to using Bitcoin when gambling online. One is the level of anonymity that is offered. Bitcoins will allow players to move money all over the internet without ever having to reveal identities. This means that players can remain anonymous when gambling online, which is an attractive option for many, especially when playing from a country that has strict gambling laws in place.
Another benefit is the level of security that is offered when playing at a Bitcoin online casino. This is one of the most secure payment systems available and it takes great security measures. Each online casino will also offer protection to all players who have real money accounts, so this is a true benefit to using Bitcoins to gamble at any supporting casino site.
A final benefit is the low fees that are associated with the Bitcoin account and usage. The transaction fees for Bitcoin are virtually non-existent. In fact, they are voluntary. Paying fees will allow for transactions to be processed faster, but for those that don’t mind the short wait to complete a deposit or withdrawal, there are no fees at all. Many of the other payment methods that are commonly supported at online casinos will have fees, even if they are minimal, the do add up and increase the cost of gambling online.
Bitcoin Casino Drawbacks
The major drawback to using Bitcoins to gamble online is the selection of online casinos. The largest issue is the fact that there are simply not enough casino sites that are willing to accept this form of payment. Since there are restricted choices, some players may prefer to make use of other banking methods so they can have more casino selections offered. It is possible to find great sites taking Bitcoin, but players may not be able to enjoy the specific games they would at other online casinos.
Bitcoin may sound simple, but it is a complex payment method and players will have to install the software to their computer or mobile device to create and manage a Bitcoin wallet. Buying Bitcoins is done by visiting exchanges online where Bitcoins can be added to the wallet. This will all take time and is a necessary process before any Bitcoins can be used for purchases online.
One of the other issues is that Bitcoin is not regulated by any government. While this is also an advantage by allowing low fees and the ability to remain anonymous, it is also a drawback. Should an online casino shut down and take the existing account balance with it, there are very few ways for players to address the problem and get their Bitcoins back. Bitcoin payments are not reversible once they are completed, so this is a main concern for many players, especially those who are new to online gambling.
Alternatives to Bitcoin
While Bitcoin is an attractive option for players who do not have credit cards or bank accounts, it can be complex and may deter a number of players. For this reason, online casinos always support other payment methods that can be used for deposits and withdrawals. Instead of using Bitcoin, players can choose to use prepaid cards or another eWallet solution. The best online casinos will have a complete list of accepted banking methods, ensuring that all players have a way to manage their casino accounts so they can play for real money online.
Finding a Bitcoin Casino
As mentioned, Bitcoin casinos are not as popular as sites that accept the traditional forms of banking. This is not to say that there are no great choices. In fact, there are some amazing casino sites that have superb reputations in the industry that will gladly accept Bitcoin as a payment. As more and more sites use this method, it will become more accepted. Since it is relatively new to the industry, players will at first find a limited selection of online casinos. However, those that are available will offer a great selection of leading games, all offing the chance to win real money. When playing online, the payouts from the games will be offered in Bitcoins and players will then have to convert these to their own currencies if they wish. Otherwise, the will remain as Bitcoins in the account and can be used to make other purchase or additional deposits at selected online casino sites.
Online casinos that take Bitcoin provide a great way for players to safely enjoy casino games and not worry about their personal or financial information ever being compromised, making this a preferred choice for many players.