The Advantages of Bitcoin over Other Casino Payment Methods
Depositing money in a land-based casino is pretty straightforward — you go to the register and pay with cash or a credit card, and you get the chips of equal value. Of course, online casino transactions work differently, and you must be registered to a specific payment service before you can deposit or withdraw money.
Online casinos offer several different payment methods to players. These can be credit and debit cards, e-wallets, prepaid cards, bank wire transfers, or checks. However, in the last couple of years, online operators included another online payment option — cryptocurrency.
Bitcoin casino rooms are appearing all over the web, and they are quite popular among gamblers. But why is that so? What advantages do bitcoin and other cryptocurrencies have over traditional casino payment methods?
When completing a payment in an online casino, you might have to wait several hours or days (especially when withdrawing) for the money to be processed.
Each casino has its pending period system during which they verify the transaction before releasing the funds. However, even after this pending period, you still might have to wait a few business days to see your cash.
This is especially the case with bank transfers and credit cards. Cryptocurrency transactions, on the other hand, are almost instant. Both deposits and withdrawals are faster than with other methods, and you can move the money around in a matter of seconds.
Online casinos can impose different kinds of limits regarding deposits and withdrawals. Maximum withdrawal limits are usually higher for cryptocurrency transactions, which means that instead of cashing out in smaller weekly or monthly increments, you can withdraw the entirety of your winnings right away.
Smaller or No Fees
A great online casino will allow feeless transactions. However, there are those greedier ones that can impose some small fees associated with deposits and withdrawals.
On top of that, the payment service itself might have some fees when you try to cash out. When it comes to online casinos, bitcoin and other cryptocurrencies usually have no fees whatsoever.
Some casinos also have fees when you try to cash out more than once a week or more than several times in a calendar month. Again, this is connected with the higher limits we talked about earlier — the bigger the limit, the higher the chances that you won’t have to encounter additional fees.
Opening an account on a casino website can sometimes be overwhelming. There are all sorts of procedures that you have to go through, the most time-consuming one being verifying your banking details.
You will usually be asked to provide your bank account number and/or a scan of your latest bill. Not many people share such details lightly, especially online.
So, if you want to keep your anonymity, cryptocurrency is the way to go. Since Bitcoin is not connected to any bank, it won’t be necessary for you to provide the casino with such information. Therefore, the registration procedure will be shorter, and you can begin playing your favorite casino games right away.
Casino bonuses can be defined as extra funds that get released to your account once you meet certain criteria (deposit a stated minimum amount, make the first deposit on the website, etc.).
Online casinos have started offering bonuses specifically designed for players who use this payment method to stimulate the use of cryptocurrencies on their websites. You can find all sorts of casino bonuses, many of which are even more rewarding with crypto deposits.
Conclusion on Casino Payment Methods
When choosing a casino site, you need to take several things into account. Of course, the number and the quality of games should be your primary concern, as well as the range of bonuses the operator offers.
However, selecting the right casino site also has to do with picking the best payment method available. As we’ve mentioned above, using cryptocurrencies in online casinos has plenty of advantages. Unfortunately, not all casinos allow crypto transactions on their websites, but the ones that do should definitely be at the top of your list.