In the past few years, Bitcoin has managed to get the attention of many business owners. Casinos have not been left behind in this revolution as it is proving to be a more reliable way of transferring money for wagering processes as compared to other traditional methods.
Although there are other forms of cryptocurrencies that are available, it is surprising how Bitcoin has taken the lead in this sector. This is probably because it was the first of its kind to be mined. If you have been skeptical about using this platform to gamble, then it is time you reconsider your decision concerning shunning Bitcoin away. Here is how Bitcoin can be useful to you in the casino.
For you to play any game online, you have to make a cash deposit. The money will then be used to place bets and play as many games as you can pay for. Previously, the use of direct bank transactions and other money transfer options like e-wallets, e-checks, debit and credit cards have been the primary method of depositing money into players’ casino accounts. These options are still available, but a new and faster plan has just been introduced.
With Bitcoin, you can deposit cash directly into your account without relying on second parties like banks that act as mediums between the casino and gamers. This means that you can play games instantly. The depositing process is straightforward. As long as you have a Bitcoin wallet, either offline or online, you only need to initiate the process, follow the steps provided and in seconds you will be eligible to play.
Just like depositing money, withdrawing is also as easy. But because the casino has to verify whether you are the one authorizing the transaction you will have to follow a specific procedure as explained below.
- Find the cashier button.
- Select it and key in your BTC wallet address.
- Affirm that you would like to continue with the transaction.
- Press the withdraw button and wait for your money to reflect in a few minutes.
Advantages of Using BTC in Online Casinos
When betting using Bitcoin, you benefit in many ways. This is because more online casinos are embracing the new trend to reduce the amount of money they pay in taxes to their governments and gambling regulatory bodies. Competition is pushing them to reward BTC gamblers more extravagantly than the regular players. Below is an enumeration of some of the significant benefits of using Bitcoin in the casino.
- Zero transaction costs are incurred
This is probably one of the best facets of transacting using Bitcoin. You do not pay any kind of transaction fees to anyone. This is because a Bitcoin wallet in itself is a bank. Now that you own a bank yourself, you cannot be charged any money for using the services. In traditional banks, you pay taxes, and additional transaction charges are imposed on you for using their services at your convenience. With BTC, all this is scrapped off meaning you won’t have to spend money to send money.
- Easy and instant transfer of funds
Another bonus that stands out is the convenience that comes with using this method to do the transaction to and from the casino. Conventionally, you have to move money from your account to an online e-wallet, and then send the money to your casino account for you to play the real money games.This process is lengthy and requires time for the verification process to take place before you can play. This would mean that you may miss out on a game that you wanted to engage in, as you wait for the money to reflect.When you use the BTC option, the process is cut short as you send directly from your wallet to the casino. The approval time is also short considering you are the one who is in control of the process. How quick or slow the transaction will be is entirely dependent on your ability to do things swiftly. Once you make the necessary approvals, the BTC will immediately reflect in your casino account, and you can start playing instantly.
- Assured Security
Transferring money using online platforms has become a matter of concern due to the rising number of cons and hackers. With just a computer and a secure internet connection, anyone can hack through the bank systems and launder money from their online platforms.For you to make transactions to a casino, you are required to provide your bank account details to verify withdrawals made by the casino. As much as this is a security measure, there is a flaw in this kind of operation. If a bank or casino is compromised, so are you. Even if none of those two are affected, you as an individual stand a chance of being hacked and ripped-off your money.This is, however, very difficult when it comes to matters concerning BTC. The reasons are:
- Bitcoins are stored in wallets which are only accessed by the owner.
- There is a two-step verification process that is mandatory when it comes to making transactions. If anything unusual happens, you will know as an alert will be sent to you.
- None of your account details are provided to a casino. This makes it tough for any person with the intention of stealing from you because not even your name is provided.
- Each wallet has a unique address which is only known to the owner.
- Better rewards
Casinos are known to go over the top when rewarding their clients. The most popular awards are the signup bonuses which are given in high quantities to encourage online gamblers to join their sites. This same applies to Bitcoin casinos. In fact, online betting sites are giving out even bigger gifts to BTC players as opposed to those who wager using regular cash.Those using this cryptocurrency to wager receive up to double the number of gifts their cash counterparts receive. The winning margins are even higher. With no obligation to pay any fees to a bank to keep their cash safe, casinos are using that opportunity to lure even more players by rewarding them hugely.
- Your account cannot be frozen
Many gamblers can attest that using conventional banks has a risk. The bank account can be frozen if you exceed the limit that has been provided by that particular financial institution. With the Bitcoin technology, you are the one who is in charge of your finances. You can send and receive as many BTC as you can within a short span of time without worrying that your wallet will be frozen for exceeding your limit.
- No taxes are deducted from the winnings you make using Bitcoin
Another perk of utilizing this form of funds transfer is the zero tax policy. Typically, when you hit the jackpot, you are required to pay a certain percentage of your money to the government. The use of cryptocurrencies erases this deal because no taxes are imposed on any transactions made using Bitcoin. This means that you enjoy your money without having to split it between you and anyone else forcefully.
- You do not need to register with any casino
The privacy that comes with using Bitcoin is unmatched. Whereas in a typical setting you will need to register an account with the casino and give up all relevant details including your bank details, the only thing that you will do when using this alternative method is to deposit funds into the casino, and you start playing immediately.
- Levels the betting grounds
Due to the oppressive taxation policies imposed on gambling sites by their governments, some casinos are opting to exclude members of those countries from engaging in wagering exercises on their websites. However, with Bitcoin, every player can join in the fun. Whether you want to wager with money or play the free games, depositing BTC in a casino account will give you any of these two options.Since neither of the two involved parties will suffer the tax man’s wrath in a majority of the countries, most people around the globe can bet in any casino they desire without the fear of violating any rules. The governments that have not yet banned or approved the use of BTC are not able to make any amendments because they do not legally recognize this currency as it infringes on their ability to squeeze every last penny from anyone using it.
One can have access to thousands of online games in an instant using this betting platform. Some of the sets you can play online include:
- Progressive Slot machines
- Cards games
- Table games
These games are available in a no download version and can be played either for real money or for fun. However, just because they are instantly accessible does not mean they do not have rules regulating them. Online casinos offer gaming rules for players to make it easy for them to understand. For safety purposes, ensure that your casino is accredited with a valid license from any of the internationally recognized institutions like the UK Gambling Commission.
Bitcoin is changing the way online betting sites are operating. Due to the high level of competition that is as a result of mushrooming casinos every day, casinos have to come up with new ways of appreciating their clients to outdo the rest. Those that have already embraced BTC as one of the primary money transfer forums are halfway there because the no tax policy allows them to have extra money that they are now investing in customer reward programs.
As a gambler, this strategy benefits you in the same way. In addition to that, you enjoy high privacy levels, you can control all of your proceedings online, and you enjoy faster and more reliable services.