Bitcoin has been all over the news for quite some time now, irrespective of the ups and downs. Cryptocurrency has revolutionized the online gambling industry. With time, more and more companies have started accepting digital currencies. There are some casinos that accept cryptocurrency and they are known as Bitcoin casinos. There are several benefits that you get to enjoy in these casino sites.
Bitcoin has the prospect of guiding the future of the online gambling industry. It is a preferred payment method in the online casino sites. In this article, you will get to know why investing in bitcoin as a payment method is important for online casinos.
It is Private
Gambling is no longer considered to be anything negative in recent times. However, this doesn’t mean people want to tell others what they do. Cryptocurrency is the most private way of trading money. The primary reason is government systems and banks don’t have jurisdiction over it. Thus, when people use it to deposit or withdraw, they do not have to worry about the casino name cropping up on their bank statements. They will be able to play without any fear. Thus, a gambling site offering this payment method will attract more gamblers.
Bitcoin Bonuses for New Users
Gamblers are not the only ones who are going to make a profit from these transactions through Bitcoins. As a matter of fact, the online casino will also benefit from them. Bitcoin makes things much easier for the online casinos. Thus, they often match the deposit you make to play best online slots through bitcoin and pay you a bonus amount. You might get several deposit bonuses or a single one if you choose to make the payment through cryptocurrency. At times punters will also be provided with other bonuses like,
- Reload bonus
- Free spins
- Weekly bonus
Since online wallets and banks are bound by law, it requires you to validate your identity for processing a transaction. This transaction can be a withdrawal or a deposit. When a casino uses bitcoin has a payment method, it increases the security of the players by a great deal. Since it is not regulated by the government or banks, the users don’t have to provide their identity details for transferring the money. Privacy is important when it comes to the cryptocurrency companies, it is important for the gamblers, too. In case you are asked to provide loads of information in spite of choosing a bitcoin casino, it is better to look for some other venue.
Standard currency, when moved from the bank to the gambling site, might take several hours. This is because there are various regulations that have been designed for preventing money laundering and fraud. Since the government backs the credit card providers and the banks, there is no way to go around it. This is not the case with bitcoin. The transactions are fast and only take up to 10 minutes. However, for withdrawal requests, it takes a few hours to authorize the request.
Most casinos now allow punters to use cryptocurrencies along with the standard forms of payment like credit cards and bank transfers.