A revolutionary payment system is doing rounds in the digital payment sector- one that requires no signup, no PIN, no card swipe, no banks to conduct transactions and one that allows easy and fast transfer of funds. Yes, the much-touted Bitcoin is gaining in popularity and appears to be an attractive payment option even in the gambling sector.
Bitcoin and online casinos
Although this cryptocurrency is currently largely unregulated, it hasn’t deterred online gamers and operators from using it to make money transfers. As a result, there are quite a few Bitcoin casinos operating online, making it easy, especially for gamers that are against using traditional methods to deposit or withdraw money. Bitcoins can be exchanged for common currency or can be used to make payment to others using their mobile wallets.
There are a few reputed online gaming casinos in the UK that use secure Bitcoin casino software and offer a superior gaming experience with mobile support. To cater to the British gaming audience, many casino operators have been giving their online casino gaming platforms a new avatar. Bitcoin’s a useful virtual currency to use when gamers want to try out a new service or wish to make deposits against the bonus offers from online casinos.
Why bitcoins are preferred by online gamblers
- Anonymity- transactions cannot be traced back to the gamer’s bank account, debit or credit card. Players can play casino games without revealing their identity, thus minimising the risk of online payments to a great extent.
- Security is a significant concern, and as Bitcoin is considered as a ‘highly secure payment system in its own’, it’s a safe way to receive and make deposits in an online casino. This security is in addition to the safety that the online site already has in place.
- Transaction fees are often the bane of payment systems, but with Bitcoin, gamers and online casinos hardly incur any. This makes it a favourable mode of payment for both. Moreover, Bank transfers can take 5-7 days to complete while international shipments can bring more to clear. Bitcoin payments are made in minutes.
- Cost-effectiveness as both the gambler and the casino owners get to keep more of their winnings as they save money on credit card fees when customers choose to transact using bitcoin.
Cons of using Bitcoins in online casinos
- All online casinos that use Bitcoin don’t make available all the games, so sometimes gamers will find that their favourite games are just not played in a Bitcoin-friendly casino. This does reduce their playing options to a large extent. After all, the most significant reason as to why casinos are attractive is the wide variety of games they offer.
- Bitcoin payments cannot be reversed once the transaction is completed, so for some reason if the casino chooses to ‘shut shop’, your Bitcoins go along with it. So, you would need to do a little homework, checking out online casinos and look at the kind of track record they have as far as paying customers to go.
- Getting Bitcoins for your Bitcoin wallet is also tricky- in the sense that you would have to obtain them from the exchange before you use them in the online casino.
However, in this digital age, bitcoins appear to have been created for online users and online casinos who don’t want the hassles of credit card and bank payments but want privacy, security and ease of use.