It’s more than a simple coincidence that the online casino industry has begun embracing Bitcoin. For years, online casino enthusiasts have been looking for a way to enjoy online casino gambling without having to worry about have their personal information exposed. Well, as they say, “if you build it, they will come.”
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A new day is dawning for online gamblers. As more and more online casinos add Bitcoin as a deposit/withdrawal option, the industry as a whole is seeing a new influx of online gamblers. These are the individuals who have always been reluctant to provide their credit card information to online casinos they know very little about. With the advent of block-chain technology, Bitcoin and other crypto-currencies are now able to offer a payment solution that requires very little exposure on behalf of the consumer.
The Advantages of Using Bitcoin for Online Casino Gambling
As a deposit/withdrawal option, Bitcoin provides the online gambler with several important advantages. First, most online casinos will permit its customers to use Bitcoin with nothing more than their Bitcoin address and name. This level of anonymity has never been available for gamblers prior to the advent of cryptocurrencies.
Another key advantage to using Bitcoin is the ability to make both deposits and withdrawals without the delays usually encountered when using credit cards or payment wallets. For the most part, deposits have always been fairly prompt no matter which type of deposit option is being used. The biggest difference found with Bitcoin comes from the withdrawal process. In the past, there always seemed to be issues when it came time for customer to request withdrawals. Even after clearing all the rollover requirements, online casinos always took its sweet time processing withdrawals to the payment wallet or credit card companies. In fact, some credit card companies and payment wallets won’t accept deposits from online casinos. By eliminating the “middle man” with Bitcoin, withdrawals can be processed directly by the customer once they have cleared the aforementioned rollover requirement.
Finally, online gamblers are always complaining about the deposit and withdrawal fees charged by credit card companies. In fact, these fees can be quite high. There are no such fees associated with Bitcoin. The online casino might charge a small fee for facilitating the deposit or withdrawal, but there’s nothing else to be paid. The savings can be quite substantial.
The Disadvantages of Using Bitcoin for Online Casino Gambling
In fact, there are very few disadvantages to using Bitcoin as a banking option for online casino gambling. However, the customer needs to be aware of two things. First, not all online casinos accept Bitcoin. The number currently sits at about 15% of the industry, but it’s growing. The other consideration involves the technology. The block-chain technology is still a new concept. Therefore, it is still subject to possible issues that could crop up in the future.
If you are interested in using Bitcoin for some online gambling, you might want to try this new online casino. With a little luck, you might get the opportunity to watch your Bitcoin account grow from your casino winnings and grow again as Bitcoin expands across the globe.