5 Things to Know Before Depositing at Bitcoin Casinos
Bitcoin online gambling is all the rage, and some of you are already using crypto to deposit at online casinos. Depositing and playing with Bitcoin seems like a complicated process, but it is quite simple once you know what to do.
However, before you make your first deposit, there are some things you should know about playing at Bitcoin online casinos. Here are the top 5 things you need to know before making your first Bitcoin deposit.
You May Still Have to Play Using Fiat
The term Bitcoin online casino is thrown around rather liberally today. The reality is that many online casinos are “Bitcoin-friendly,” meaning that they only allow you to deposit using Bitcoin or Altcoin. Once you deposit, your money will be converted into the fiat currency for the website.
For example, if you deposit at Slotto Cash using Bitcoin, it will be converted to USD. Casinos in other regions will default to the primary currency of the site. Generally, it will be either USD or EUR. The conversion will occur at the current rate at the time your deposit is made.
There Are ALWAYS Fees – But Not Always From the Casino
If you have never used Bitcoin or crypto, you’ve probably never heard of miner fees. They are fees that are deducted every time you make a transaction using crypto. Many times, these fees are inconsequential, but in some cases, they can be substantial.
For example, during the Bitcoin Boom of a couple of years ago, miner fees for BTC were extremely high. In some cases, players were paying more in fees than they were depositing online. Fees are no longer that insane, but they exist.
Even if your casino says they don’t charge fees for deposits, you will pay miner fees. They are unavoidable. The best way to manage them is to deposit using a crypto with lower fees, such as Litecoin.
Games Are Better Than They Used to Be
If you tried to play at Bitcoin casinos from 2013 to 2016, chances are that you have a low opinion of Bitcoin gambling. That’s understandable as there were many substandard games out there and many scam websites.
Over the years, many top online casino software providers have started developing BTC games. Microgaming is one of the premier providers now offering BTC version of their popular online slots and online casino games.
SoftSwiss is a popular online casino aggregator used by some casinos. They offer an authentic Bitcoin gambling experience, and any site using SoftSwiss is generally a quality casino.
You Will Not Benefit From Bitcoin Gains
One thing to keep in mind when playing at some Bitcoin casinos is that you will not benefit from any gains should the price of Bitcoin rise. That’s because your currency is converted to fiat before you start playing. However, you also won’t be hurt by any significant drops in Bitcoin’s price. Any gains you make on your money will have to be done via online casino games.
Note that this doesn’t apply to casinos that allow you to deposit and play using BTC. In those casinos, the value of your BTC will be impacted by market changes. If there’s an argument for converting BTC to Fiat, this is it.
There Are Few “Anonymous” Online Casinos Remaining
One of the biggest advantages of playing at BTC casinos in the early days of crypto was anonymity. You could deposit and play anonymously. However, the evolution of Bitcoin casinos has resulted in many casinos using Know Your Customer (KYC) verification for players.
As such, you may be able to sign up for an account anonymously and maybe even deposit anonymously. However, you must provide personal data before you can cash out. Much of this is because Bitcoin casinos are being licensed and partnering with major providers like BetSoft.
The downside is that you lost the ability to play anonymously. However, you gain other player protections that were not available in the early days of crypto gambling.