With such a wide range of payment methods available at modern casinos, it can be tricky to determine the best option for you. Bitcoin is a growing favourite amongst players and is celebrated for its anonymity, speed and increasing appearance at some of the top casinos. While there is still a way to go, Bitcoin is a currency which shows no sign of slowing down and should be on your radar.
To help you make up your mind, we have put together a list of the ultimate pros and cons of Bitcoin. It may become your new favourite payment method!
Pros of Using Bitcoin
Bitcoin offers a huge range of bonuses, and these include:
No minimum withdrawal
One of the major advantages of using Bitcoin is that there is no minimum withdrawal amount. This is a real plus point for players; you can withdraw your winnings at the most convenient time for you, with no minimum criteria to meet.
Paying via Bitcoin also allows players additional privacy while playing at the casino. The currency is operated through the exchange of digital transactions known as Bitcoin, and each transaction is recorded in a public list, known as the blockchain. All these interactions are totally anonymous, allowing for extra privacy.
Fast Payout times
When it comes to fast payout time, Bitcoin reigns supreme. It offers some of the fastest payout times in the industry, making it appealing for customers who like to play fast and get their hands on their winnings more easily.
Earn Big Bonuses
The relative novelty of Bitcoin means that many casinos will offer lucrative bonuses to players who choose this method. This can help your cash go even further and ensure that you can get your hands on some of the most tempting bonuses in the business.
Cons of Using Bitcoin
As with any payment methods, there are of course downsides which need to be taken into account by players. These include:
Trickier to use
Bitcoin is a little trickier than some other methods, especially for first-time players. Setting up your account can be complicated; you need to set up a range of accounts to buy and trade Bitcoin, as well as a digital wallet in which to store the currency. If you are fairly new to cryptocurrency or online gaming, this could be overwhelming.
One of the main disadvantages of Bitcoin is its volatility. Value can quickly plummet to become almost worthless – this may mean that your deposits end up costing you far more than you initially anticipated. It may also mean that you find that your winnings are worth far less than you may have expected.
Lack of accessibility
As we mentioned, Bitcoin is growing in popularity, and becoming more prevalent in online casinos. Despite this, it can still be a challenge to find a place which accepts the currency. This is a feature which is rapidly changing, however.
How to open an account and play at casinos with Bitcoin
Steps to follow
Open a Bitcoin wallet
Open an online casino account
Make your deposit
📋 Summary of All the Pros and Cons
- No minimum withdrawal required
- Extra privacy for players
- Fast payout times
- Access big bonuses on site
- Can be complicated for newbies
- Bitcoin is a notoriously volatile currency
- Not all casinos currently accept Bitcoin