Bitcoin gambling is slowly becoming a mainstream thing. In the past, if we spoke about Bitcoin gambling it would refer to buying and selling BTC on the crypto market. These days there’s a new way to bet with Bitcoin: at online casino sites.
You’ll find this option at a tonne of independent online casinos UK players can join and it opens the doors to a new gambling experience. Using Bitcoin to deposit money and place bets has a host of benefits – so here are five to help you see why this is a fun concept.Â
Fast Transactions With No Fees
Online casinos accept a range of transaction methods that typically look like this:
- Credit/debit cards
- E-wallets
- Cash cards
- Bank transfers
Most of the time your deposits will be swift, though withdrawal times can be lengthy. You can wait for up to 5 working days to see your money in a lot of cases – this can amount to 7 days in total over a weekend!
Bitcoin withdrawals are different. There’s no need to contact a bank or deal with a third-party payment operator like PayPal. Instead, money is immediately returned to your Bitcoin wallet and ready for you to use however you like. Deposits are just as fast and you enjoy these swift transactions without paying any payment processing fees!
An Easy Way To Enjoy Foreign Betting Sites
Joining international betting sites is a fun way to explore new online games and pick up some exclusive bonuses. Many foreign casinos open their doors to international players, yet there’s a clear barrier getting in your way: the currency.
Let’s say your bank account is in Euros but you want to join an American casino site that only accepts Dollars. You need to transfer your money, deal with exchange rates and fees, and then do the same if you win and want to withdraw. It’s overly complicated – but Bitcoin provides a simple answer.
Betting with Bitcoin lets you bypass any foreign currency issues. Sites that let you use Bitcoin to place bets will prevent you from having to do any foreign exchange transfers at all. Even if the site still makes you bet in a foreign currency, you can deposit using Bitcoin and the conversions are handled instantly. It’s way more convenient!
More Anonymity For Gamblers
There’s long been a myth that Bitcoin transactions are completely anonymous. This has since been debunked many times, and – as shown in this CNET article – transactions involving Bitcoin can be traced.Â
If you’re interested in betting with Bitcoin for pure anonymity, you won’t get it.
However, you will get more anonymity than traditional payment methods. Bitcoin may be traceable, but it’s still far more private than paying through a debit or credit card. You can keep your personal information more hidden when gambling online, so there’s a reduced risk of identity theft.
Better Security Measures
The point above ties into the fourth benefit of betting with Bitcoin: enhanced security.
By all means, online casinos will have layers of cybersecurity to protect your personal and financial information. This includes both TLS and SSL encryption on all transaction pages. No matter what a site does, it can’t compete with the security offered by Bitcoin, thanks to blockchain technology.
Your payment information can’t be stolen from you and there’s no interference from third-party payment processors. When you’re moving money from bank accounts or e-wallets, adding another party to things provides a new area for security breaches and data theft. This doesn’t exist when you use Bitcoin!
Earn More Money From Your Winnings
A lot of these benefits can be used as general advantages of Bitcoin and cryptocurrency. It’s fast, highly secure and provides better privacy than regular currency transactions. This final point is very much centred around Bitcoin gambling as it shows that you get more value from using this cryptocurrency compared to normal fiat currencies.
Winning money at a Bitcoin casino means you win in two ways:
- You get your initial winnings
- You unlock a chance to make more money from your winnings
The Bitcoin price chart shows many ups and downs over very short periods. Within a day the value of BTC can increase by a few hundred dollars. We’ve seen a jump of over 10k in one month alone, and this is exciting for Bitcoin bettors. You can use your winnings to make more money by selling BTC at the right moment. It could mean hanging onto them for a few days or weeks before you claim a huge profit. The best thing is, it’s money you won from a bet, so there’s no risk of losing it!
Betting with Bitcoin is the future and we think more crypto casinos will launch in the coming years. As well as seeing casinos that function solely on the blockchain network, we expect more traditional gambling sites to warm to the idea of accepting Bitcoin and other crypto payments.
