As cryptocurrencies start to take over the payment systems network of various industries, the gambling sector is one area that has adopted this newest trend. Indeed, casino players and customers now have another payment option when engaging in gambling activities.
What is Bitcoin gambling?
With the increasing penetration of cryptocurrencies in the casino payment network, you will benefit from knowing about this form of payment. As an example, Bitcoin gambling is one of the popular methods. Bitcoin gambling is betting in casinos or other gambling establishments using Bitcoin as your preferred payment method. Today, there are many casinos that accept cryptocurrencies, such as Bitcoin.
What is the difference between Bitcoin gambling vs. ordinary gambling?
There are process distinctions when it comes to various types of wagering. As the name implies, Bitcoin gambling allows players to use Bitcoin or other crypto currencies, while ordinary gambling uses fiat currencies such as Canadian Dollars, US Dollars and Euro.
Another key factor is processing times. While gambling with fiat currency, you may have to wait up to 5 days to receive funds. However, making a withdrawal using Bitcoin is considerably faster.
Is Bitcoin gambling safe?
Cryptocurrencies provide a more secure way of paying. Bitcoin gambling is generally safe as cryptocurrency transactions are heavily encrypted to protect them from cybercriminals. The system also has a secure method of performing several verifications throughout the transaction process. So far, there are no instances of theft involving Bitcoin gambling. Still, customers need to be careful when protecting their accounts online.
Payment and withdrawal method for Bitcoin gambling
Cryptocurrencies follow a different process for depositing or withdrawing from your casino account. Third-party entities such as banks do not need to authorize the payment and withdrawal transactions. You can go to the online casino’s cashier page for Bitcoin gambling transactions, such as depositing to your betting account.
Choose the deposit option for Bitcoin. The page will then show a unique blockchain address for your wagering account. When you input this code into your wallet, you can start a transfer transaction for the amount you want to move to your account.
First, you need to obtain the address found in your Bitcoin wallet for the withdrawal process. Once you have this address, go to the casino’s website and look for the cashier page or a similar location. Choose the withdrawal option and input the amount that you want to withdraw. You also need to input your Bitcoin wallet address. Once done, you can now confirm the transaction. The confirmation process usually takes around 10 minutes, depending on the casino.
Why do you want to use Bitcoin for gambling?
There are many reasons to choose cryptocurrencies as a payment method when playing in casinos. For instance, Bitcoin gambling is becoming the preferred option over traditional gambling. Indeed, it is safer and more secure. You can also quickly transfer Bitcoins to your betting account from your Bitcoin wallet and vice versa. The peer-to-peer transaction is fast and has minimal processing fees.
Benefits of Bitcoin gambling
Cryptocurrencies offer several advantages when you use them in casinos. The sub-section below provides more details on these benefits.
Secure transactions
Bitcoin provides a safer payment environment for its users, as outside parties cannot alter or reverse its ledgers. Your transactions are also encrypted.
Complete control
As it is a decentralized currency, it is not under any regulatory authority, such as central banks. This means that you have complete control and ownership over your cryptocurrency assets.
Better privacy and transparency
Bitcoin gambling provides greater privacy as your data is not linked to your Bitcoin wallet. It is also transparent as general data on balances and addresses are in public ledgers.
Fast transactions
Cryptocurrency transfers from your Bitcoin wallet to your betting account and vice versa are almost instantaneous.
Lower transaction fees
The absence of a middleman in a decentralized network reduces rates compared to traditional currencies. Although you may still have to pay some fees to convert your Bitcoins to regular currency, the fees are lower than non-crypto transactions.
Drawbacks with Bitcoin gambling
Volatility
Due to the short supply of Bitcoins and growing demand for this cryptocurrency, the value of Bitcoin is highly volatile. It fluctuates sharply in short periods. This can prevent you from seeing the actual value of your betting account, whether you are gaining or losing.
Uncommon payment method
Although Bitcoin is already widely present across financial networks, it is still not available as an accepted trading currency in some areas. In fact, some countries still don’t accept Bitcoin.
Summary
Many casinos and bettors alike are now starting to adopt Bitcoin in their gambling transactions. This is due to the various benefits of using this cryptocurrency when gambling. These benefits include lower transaction fees, faster transfers, and a secure payment network. It is also easy to transfer money from Bitcoin wallets to betting accounts and vice versa. These transfers require wallet codes and the casino account codes to facilitate these transfers. However, players need to watch out for drawbacks, such as volatility and payment adoption concerns.