People often ask us–why use Bitcoin for casino payments when Visa and MasterCard work just fine? What’s so unique about crypto? Most people who love crypto know its benefits.
But if you’ve never used digital currency, you might think it’s an overhyped Internet bubble. In truth, Bitcoin, Ethereum, and other coins have many benefits for online slot players. Below are some of them:
Borderless payments
Bitcoin operates through a decentralized ledger of records not controlled by governments or any organization. This means it’s accessible to everyone in the world regardless of where they live.
In a world where not every payment company supports iGaming, Bitcoin is a game changer. It allows millions of people to deposit funds and play online slots stress-free.
In some countries, Bitcoin is the only ideal way to send money to gambling sites. Local banks may not support casino payments. And the casino’s supported payment providers may not work where you live.
As mentioned, Bitcoin is a decentralized entity. It processes payments through its ledger, called the blockchain. It does not use an intermediary to approve payments, which is why you can use it from any part of the world.
Bitcoin slots
The blockchain isn’t just a ledger of records. It also helps developers create decentralized apps. Ethereum has the most popular ecosystem for creating apps and games.
Think of OpenSea—the popular website where people buy and sell Non-Fungible Tokens (NFTs). It was created on Ethereum. Then there’s MetaMask, a popular crypto wallet, and Axie Infinity—an NFT-based game.
Some developers also use Ethereum to create blockchain-based slot machines. These games are provably fair, meaning you can verify whether you won fairly by checking the game’s algorithm.
Now, not every casino offers Bitcoin slots. Only top-rated crypto casinos have a library of blockchain-based slots and table games. The best-rated sites also give you bonuses to boost your bankroll.
Fast transactions
When it comes to casino deposits and withdrawals, few payment companies come close to Bitcoin’s speeds. This is especially true for cash outs. Withdrawals made through bank transfer usually take 2-5 days.
Credit/debit cards process money faster than banks. But you may need to wait for 1-3 days before you get your money. Digital wallets like PayPal and Skrill provide faster payouts—one to two days.
With crypto, you can withdraw your money and receive it within an hour. It doesn’t matter how much you’re withdrawing. Crypto doesn’t really have limits: there’s a record of someone sending $1 billion worth of Bitcoins from the US to Australia in a minute.
To be clear, most online casinos have payment limits. It’s a legal requirement. This limit is usually higher for crypto compared to digital wallets or cards. PayPal, Visa, and MasterCard cap daily payments at $10,000.
Low fees
We all wish every payment provider had zero transaction fees. But this isn’t the case. Sure, the best e-wallets have zero deposit fees when sending money to casino sites. But they usually charge you a fee during withdrawals.
Technically speaking, Bitcoin is free of cost. If the blockchain didn’t require verification for every transaction, no one would ever pay fees while sending Bitcoin or Ethereum.
Verification is crucial in ensuring that every Bitcoin transaction is genuine. The people who confirm transactions before adding them to the ledger use sophisticated computers. As a result, they’re often rewarded for their work.
That’s why crypto users pay a fee for every payment. The transaction is often small. But it depends on the amount of money you’re sending and the number of pending transactions at the time of your transaction.
Bitcoin’s security
Bitcoin is the only currency that gives you full control of your money. Think about this. You can’t withdraw a large sum of money from your bank without calling first. Likewise, there are limits to the money you can cash out from your credit card per day.
Crypto has none of these restrictions. When you buy bitcoins, you receive a unique private key. You need this key to withdraw your funds. If you lose it, you lose your funds.
With that said, your coins stay safe in the blockchain. No one can steal your money from the blockchain because it’s decentralized. Also, the system uses cryptography to keep hackers at bay.
Another reason people like Bitcoin is that it’s incredibly private. It’s pseudo-anonymous, meaning you can hide your identity while gambling online. At some casinos, you can play online slots without revealing your name, address, or any other private information.
Transparency
Perhaps the biggest benefit of Bitcoin is that it uses a transparent ledger to store transactions. You can check every transaction’s data, from when it was sent to the address that received the money.
Every transaction recorded on the blockchain is stored permanently. This helps eliminate fraud—you can always check the blockchain to prove you sent money to a casino.
With conventional payment methods, transparency is minimal. You could deposit money through an e-Wallet, and the casino might claim it never received your money. Sure, you may have the evidence. But the fraudulent site may end up scamming you.
Unfortunately, Bitcoin’s transparency doesn’t always shield you from fraud. Crypto does not support reversals. So, if you send money to the wrong casino, you could lose it forever.
Huge bonuses and promotions
The best Bitcoin casinos shower you with generous bonuses. Most of them match your first deposit 100% for a maximum of 1BTC, 2BTC, or 5BTC. To be clear, 1BTC costs $28,000 at the time of writing.
If you’re lucky to get five Bitcoins as a bonus, you will have more than $100,000 to spend. Now, you probably don’t plan to spend a lot of money on slots. But even if you receive 0.5 BTC, it’s more than most casinos can give you.
When you deposit money through PayPal or Visa, casinos match your money 100% for a maximum of $100 or $200. It’s a decent reward, but it pales in comparison with BTC bonuses. And that’s just the welcome bonus. Top-rated sites also give you reload bonuses, cashback deals, and VIP rewards.
