Over the past few years, Bitcoin (BTC) became one of the most preferred payment methods when playing online casino games. This is because cryptocurrency such as BTC guarantees faster and cheaper transaction fees. The online casino industry is also taking the world by storm because of how accessible they are. In fact, the US online gambling market alone was valued at USD 1,978.57 million in 2020.
If cryptocurrency is new to your ears, it is a decentralized digital currency used in exchange for goods and services online. Since it is decentralized, the government or any central authority has no control over your transactions. The funds are also sent directly to the receiver and cancel out the use of third-party merchants.
When depositing funds and withdrawing your winnings using Bitcoin, all you need to do is to provide your crypto wallet address or simply scan the QR code. You no longer need to wait for 3 to 5 business days for the amount to reflect in your account because crypto transactions take minutes or even seconds to complete. This is why quick withdrawal Bitcoin casino transactions are preferred by most online bettors. Just make sure to provide the correct amount because crypto transactions are irreversible.
Unlike traditional currency wherein the transactions are recorded by the bank, crypto transactions are recorded on a public distributed ledger called a blockchain. It is a system made up of complicated cryptic codes which makes it tamper-proof.
On the other hand, Bitcoin is the largest and most valuable crypto that has a limited supply of 21 million coins. It is also developed by a pseudonymous Satoshi Nakamoto to serve as an alternative to traditional currency and reduce transaction costs.
Aside from being decentralized, here are the other reasons why you should use Bitcoin when playing online casino games:
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Low minimums and high maximums
When using Bitcoin, you can deposit as low as $5 or lower into your account depending on the site’s terms and conditions. You can also withdraw up to six figures without hassle.
Bonuses and promotions
Believe it or not, you might receive special promotional offers when you deposit or withdraw using Bitcoin. It can be free spins bonuses for roulette and slot games or bonus money that you can use to place more bets. But before you claim a casino bonus, make sure that you can meet the wagering requirements to easily claim your reward.
Bitcoin is also recognized as a global currency that you can use to buy anything under the sun. As a matter of fact, Bitcoin and other coins blur the line between countries. Since there is no universal law that restricts the use of BTC, it is widely accepted by most casino sites and can be easily traded with almost any traditional currency.
As mentioned, you just need to scan the QR code or provide your crypto wallet address. There is no need to disclose your personal information unlike when using debit/credit cards. Even though crypto transactions are recorded on the blockchain and are accessible by anyone, your personal information is hidden and encrypted. All you can see are a combination of letters and numbers.
Even though there are a lot of advantages when using Bitcoin, you should still be aware of how volatile it is. This means that the coin’s value changes within minutes or even seconds. So, check BTC’s value in the market before cashing out.
Nevertheless, Bitcoin is still among the most preferred methods, especially for bettors who prefer quick withdrawal Bitcoin casino transactions.