We’ve all played at online casinos that accept credit card payments, but what about bitcoin casinos? How do they compare to credit card casinos and do they have any extra benefits?
Since its emergence in 2008, Bitcoin has shaken up the financial world and has become a widely used online payment method that is now available at online casinos too.
When it comes to making deposits with virtual money, there are two type of online casinos that have emerged – Bitcoin casinos that accept Bitcoins as the only payment method and online casinos that accept Bitcoin payments alongside other traditional payment methods like real cash payments.
Benefits of Playing at Bitcoin Casinos
Whether it’s a virtual money-only casino or an online casino that accepts Bitcoin deposits alongside real money payment options, here are the benefits of making deposits with Bitcoin:
The privacy element of Bitcoin deposits extends to both players and casinos. For starters, when making deposits via Bitcoin, there’s no third-party processor that gets access to your financial information or that could track your transactions.
This means that technically, even players that are from countries where online gambling is banned could also gamble online.
Along the same lines, there are financial institutions that won’t process credit card transactions to and from gambling websites, so Bitcoin payments are a great way to circumvent these issues.
Instant Payment & Withdrawal
Another advantage of playing at Bitcoin casinos is that both deposits and withdrawals are instant. While deposits at credit card casinos are also instant, the processing of withdrawals can take 2 to 3 days. This is not the case with Bitcoin casinos, which allow instant access to your fund.
However, make sure that online casinos that accept Bitcoin deposits as well also allow withdrawals in Bitcoin, because not all of them do!
No Transaction Fees
There’s no escaping credit card transaction fees, well not unless you decide to make payments with Bitcoin.
As far as we know, tax legislation has yet to cover cryptocurrencies and for now Bitcoins are not subject of taxation. Chances are though that tax law will soon catch up with virtual currencies.
For all its benefits, there are a few disadvantages to Bitcoin casinos, namely:
- Bitcoin-only casinos don’t need a licence to operate unlike credit card casinos;
- Bitcoin is a highly volatile currency, so exchange rates can work in your favour or work against you, which can really make a difference when it comes to a win or loss;
- There are only a few casinos that accept Bitcoins.
So, which type of casino should you play at? It really depends on your personal preference, but there are situations in which Bitcoin casinos are the only way some players can gamble online.
Bitcoins casinos allow players from countries in which online casinos and online gambling are banned (e.g. Australia, USA) to gamble online without governments being able to trace if they gamble or prevent them from gambling.
So, if you’re from a territory where online gambling is banned, Bitcoin casinos can be a great alternative to credit card casinos.