After jumping from $12,000 to $40,000 in two months, even people who are uninterested in investment matters took note. Bitcoin is here to stay and the gambling industry found use for it before many other industries did.
Nowadays, there are several casinos where you can do deposits and instant withdrawals at casinos in Bitcoin. For gamblers who were smart enough to load their wallets with a few Bitcoins, it has been a fantastic ride. Here is why you should try out a Bitcoin casino soonest.
How Does a Bitcoin Casinos Work?
A Bitcoin casino is just like any other casino, only that it offers the choice of Bitcoin as a payment method. You have to have a bitcoin wallet, either on your phone or computer. Many bitcoin casinos make it easier by redirecting you to your bitcoin website e.g., BitPay. It is much like you would be redirected to your PayPal page when purchasing an item online. After the deposit is successful, the balance shows in BTC units and USD.
To withdrawal you only need to input your bitcoin wallet receiving address. The money you withdraw reflects in your bitcoin wallet after two or three confirmations.
Faster Deposits and Withdrawals
Bitcoin deposits and withdrawals are faster than other methods, including bank and wire transfers. Many bitcoin casinos require a minimum of three confirmations to complete a transfer. The whole transaction takes less than 5 minutes, compared to the 2-3 days of bank or wire transfer.
Bitcoin Transactions are Cheap
Unlike credit card, bank or wire transfers, Bitcoin transfers do not have a processing third party. The transactions are processed by decentralized bitcoin nodes. The elimination of third-party processors reduces transaction costs significantly.
Massive Bonuses and Promotions
The bonuses on bitcoin casinos are sometimes unbelievable. This is an example of a welcome bonus on a bitcoin casino: First deposit bonus: 157% up to 1.5 BTC + 100 free spins. If you peg the value of a bitcoin at $35,000, you will get a bonus of up to $54,000. Compare that to the typical casino welcome bonuses that run to a maximum of $1500.
Some bitcoin casinos run No Deposit bonuses so that you can test them without spending a penny. You can play and win with the bonus if you are patient enough to meet the playthrough requirements.
Bitcoin Transactions Offer High Security
Bitcoin runs on blockchain technology. This technology relies on recording transactions on a transparent decentralized ledger. It is impossible to hack the blockchain or erase your transactions. You can add a layer of security at the personal level by using 2FA on your web-based wallet. Wallets on your computer or mobile are hack proof if you are careful enough to install a good internet security app.
Bitcoin Transactions Offer High Privacy
The anonymity of bitcoin transactions is helpful if you are fearful of prying eyes. Gambling proceeds are easy targets for many legal and illegal demands; from thieves to eager taxmen. Your wins will not be publicized, and they cannot be traced to you. You get to keep the entire amount.
Bitcoin Deposits Grow in Value
The value of Bitcoin has grown exponentially and is expected to keep growing. If you had deposited 1BTC in August 2020, your deposit would be about $12,000 in value. If you had used 0.5 BTC by December 2020, you could still have original value since bitcoin doubled in value by December. You could opt to deposit BTC and convert whatever units you need and leave the rest to grow in value.
Bitcoin casinos will grow in popularity as more players discover their advantages. If you haven’t tried playing in one, it is time to get on board the most exciting platform in online gambling.