Five Advantages to Using Bitcoin at Online Casinos
Bitcoin has been making headlines over the last year due to its volatility but it has been a staple of the online casino industry for years now. Players all over the world are using bitcoin to make deposits as online casinos and for some, it is the preferred method for deposit.
Bitcoin transactions are an excellent alternative to standard payment processors and as more online casinos begin to adopt cryptocurrencies, the number of bitcoin casino players will continue to rise. Today, we will look at five reasons you should make your next online casino deposit with bitcoin.
Bitcoin is Decentralized and Unregulated
One problem that online gamblers regularly face are banking restrictions on gambling. Players in the United States are uniquely familiar with this as the UIGEA prohibits banks from processing online gambling transactions.
When you use bitcoin, you won’t have these restrictions. Bitcoin is a decentralized currency that works like cash. You send your bitcoin from your bitcoin wallet and the online casino converts it into the current USD equivalent. You act as your own bank and the only restrictions are those you place on yourself.
No Deposit or Withdrawal Fees
When you deposit using a credit card, and some other e-Wallets, you can incur a fee ranging from 2.5% to 5% per deposit. The same types of fees can also apply to withdrawals. If you want to avoid these fees, bitcoin is the way to go.
Most online casinos waive fees when you use bitcoin. The only fee you pay is the miner fee that bitcoin charges when you send a transaction over the blockchain. This is standard for all bitcoin transactions and not controlled by the casino.
Get Your Money in Minutes
Have you ever went to cash out from your online casino account only to find out you will have to wait days to get your money. If you cash out using a check, you can expect to wait up to two weeks to get your money.
When you make a withdrawal using bitcoin, you avoid these long waits. On average, you will get your money in about 15 minutes as opposed to 48 to 72 hours. Note that in some cases your casino may only offer manual bitcoin payouts, meaning you will have to wait for someone to initiate the transfer. This can take up to 24 hours. Still, this is faster than most other casinos
Exclusive Bonuses For Bitcoin Players
One of the biggest advantages of playing at online casinos using bitcoin is that you will generally receive larger online casino bonuses. Online casinos will encourage bitcoin players to make a deposit by offering bonuses that are at least double the standard deposit bonus.
For example, a standard Welcome Bonus may offer a $100 match up to $600. For bitcoin, you may get a 200% or even a 300% bonus up to $2,000. Better still, some casinos will allow you to reuse these bonuses.
Note that these bonuses are not always advertised on the casino’s website, so sign up for your casino’s email promotions. You can also speak with customer service to see if there are any unadvertised bitcoin bonuses.
Your Deposit Will Not Lose Value
If you’re worried about your online casino deposit losing value, stop worrying! When you make a deposit at online casinos that accept bitcoin, your bitcoin is converted into USD or the main currency of the casino. If you deposit .1 bitcoin worth $500 USD, then you will have $500 to play with.
Should the value of bitcoin go down, that’s the casino’s problem, not yours. When you’re ready to cash out, your cash will be converted back into bitcoin. Note that conversions are based on the price of bitcoin at the moment you make your deposit or cash out.
Now that you know a little more about why you should play at online casinos using bitcoin, why not make a deposit. Sites such as Slots.LV accept bitcoin deposits, so not put your bitcoin to work and try to spin it up at online casinos.