Bitcoin has proven to be one of the most trusted and widely accepted payment options for avid bitcoin users, especially for those that value their anonymity, privacy, and security of financial transactions. Regardless of all the hype surrounding the volatility of bitcoins and other cryptocurrencies, several service providers now accept bitcoin payments for rendering their services and products for both their online and offline customers.
The gambling industry is one of the early adopters of the virtual digital cryptocurrency as a valid funding/withdrawal method, which has allowed gamblers to use different cryptocurrencies for online betting. Here are some top facts about gambling at bitcoin casinos, and what you should expect or consider while transferring your BTC to an online casino.
A Large Number of Casinos Now supports Bitcoin Payments
Bitcoin has transformed into a globally accepted form of payment at a majority of online casinos. Most mainstream companies have a dedicated bitcoin payment interface, where users can transfer bitcoins anonymously and through secure channels. Topratedcasinosites.co.uk is a great resource to find the best casino sites in the UK that not only accepts bitcoin payments but also offers a highly regulated platform for safe and reliable online gambling. The growing popularity of mobile web-based gambling has indeed resulted in a rising number of online casinos that support cryptocurrency payments as an exclusive option and here is a detailed research about this phenomena if you want to learn more about bitcoin casinos. For a reliable and enjoyable casino experience, you may want to check out companies that offer all the different varieties of payment options ranging from cryptocurrencies to the more mainstream e-wallets and credit/debit card payments, so that you can keep your funding options open. You can also check out BingoFind to see what bingo sites support bitcoin and crypto payments.
Secure, Anonymous, Fast, & Cost-Effective Fund Transfer
Bitcoin payments ensure security and anonymity by remaining decentralised and independent of any single economy or exchange. The blockchain technology ensures that cryptocurrency transfers only occur between two sides so that a third-party will be unable to decipher the transfer. Therefore, the speed of the transaction and the accompanying privacy is a great added incentive for adopting cryptocurrencies for casino payments. However, there is indeed a cost factor, as bitcoins are known to incur heavy transactional fees. Nevertheless, most casino providers reimburse the fee for transfer while making a deposit, which means that players don’t lose any significant amount of bitcoins or its value in other currencies while making a deposit or a withdrawal.
Bitcoin is Volatile
The massive volatility in the cryptocurrency market means that the underlying value of bitcoin changes almost every second. At its peak, one BTC was worth around $20,000, while it started its journey from just over $100. The value of BTC has more or less consolidated around 1/3rd of its peak value, but the financial product still generates massive swings that can take the value up or down by a couple of thousands of US Dollars in a single instant. Therefore, if you are using bitcoins to fund your online casino account, you may face fluctuations in the actual Dollar amount that corresponds to your casino wallet. Some casinos protect your wallet balance from such variations by converting your BTC to USD or any other preferred currencies at the time of deposit, while others may still allow you to gamble in units of BTC. Regardless, the unknown risk of the value of BTC can indeed contribute to an exciting journey, which can be a gamble in itself.
Bypassing Local Gambling Laws
Several nations have imposed pretty stringent anti-gambling laws that prevent their residents from indulging in any betting or gambling activities. Therefore, making a payment through the regular channels to any casino-related site can be easily flagged by the authorities, which makes it impossible to gamble online. E-wallets have made online casinos more accessible for such players, but e-wallet transactions are not entirely anonymous. On the other hand, bitcoin casino payments are entirely anonymous, as there will be no indicators or trails of the payment made to a casino website. Hence, players can use bitcoins to access any of their favourite online gambling establishments and bypass any restrictions that are set by the Government or the authorities.
The Regulation of Bitcoin Providers
Although bypassing local laws is not an entirely good idea from a legal perspective, there is also the risk of losing your money to fraudulent casino operators. The anonymity aspect of bitcoin transfers enables scam operators to trick users by either running away with their money or withholding payments citing any bogus reasons. BTC is a decentralised cryptocurrency and not a payment system such as an e-wallet, which prevents users from raising any complaints or reversing the transaction. Once a transaction is generated in the blockchain, it cannot be altered or modified. Therefore, it is imperative to choose a regulated and licensed bitcoin casino, preferably one that is audited and certified by independent agencies. All the casinos that are listed at topratedcasinosites.co.uk are some of the best online casinos in the UK, which ensures that your money is safe and can be withdrawn in an instant.
Bitcoin Bonuses & Free Gaming Credits
Companies often promote their bitcoin payment option through remarkable bonuses and extensive promotional campaigns, which provide users with unusually high bonuses and free betting credits. These bonuses are great for increasing your bankroll without taking any additional risk at the tables, as you can play more with less. However, casinos may set some minimum turnover volumes for its bonus users, which require players to complete a minimum volume of wagers to unlock their wallet for withdrawal. Almost all top casino sites in the UK offer an excellent bonus program for bitcoin users and are regulated by the gambling commissioner of the UK, as well as the other gaming licensing agencies in EU and around the world.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com