Bitcoin. Cryptocurrency. Money of the future. There are several definitions that can be used to describe this virtual money. If you are a gambler, then you already came across most of them, if not all. And maybe you’ve even used bitcoin as a payment method in online casinos. But how much do you really know about it? What are the pros and cons of using bitcoin? Which online casinos deserve to enter the list of 10 best online casinos that accept bitcoin? Let’s find answers to these questions.
Pros of Using Bitcoin
Privacy. The first reason why bitcoin is so popular among both players and online casinos is the fact that no third party can get insight into your personal and financial information. Bitcoin is decentralized digital cash, and as such it doesn’t require any additional transaction fees as standard credit cards do.
Many countries are waiting to legalize online gambling. As a consequence, certain banks don’t support transactions to and from gambling websites that operate in those countries. That leaves players an option to solve the problem by using bitcoin.
You don’t need a bank to do the transaction and you are also not required to link a credit card to send or receive bitcoin money. Another advantage is the speed of transaction. It’s instant. All deposits and withdrawals happen right away. And players love that.
It is true though that no country in the world has recognized bitcoin as a real-money currency, which still doesn’t influence its popularity. On the other hand, bitcoins are not a subject to taxation, and that’s another advantage players adore.
Cons of Using Bitcoin
Are there any? Of course there are, because nothing in life is perfect. So, let’s start with online casinos. Those who accept bitcoin are not required to hold a license issued by an appropriate regulatory organization.
That means that casinos can avoid paying fees for the licenses which saves them money and time. Still, there’s a matter of no license which could bring the question of casino’s reliability to the table.
Yes, bitcoin has become very popular. However, casinos that offer this digital cash as a payment or withdrawal method are far from being huge.
Finally, the biggest disadvantage of bitcoin is that it can be a volatile currency, meaning it can be unstable. Sometimes it moves positively, which players naturally prefer, however it can also move negatively and that is when people start to panic.
In addition, there have been cases where bitcoin withdrawals have been slower compared to other payment methods. The reason behind this is that some websites process the bitcoin withdrawals manually, mainly for security purposes.
The List of 10 Bitcoin Online Casinos
Even though there are more than 10 online casinos that accept bitcoin as a payment method, these 10 could be considered the most popular ones.
- Ignition Casino
- Bovada Casino
- Linkoln Casino
- Slotocash Casino
- LuckLand Casino
- TonyBet Casino
- Bitstarz Casino
- Bob Casino
As mentioned, no charge backs, extremely low fees and super fast transactions are the reasons why so many people went crazy about bitcoin.
Also, transparency, clarity and security are there to increase the number of advantages for using bitcoin in online casinos. With so few disadvantages, the list of casinos accepting bitcoin should only become longer as time goes by.