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Cryptocurrencies have burst into the mainstream in the last year, allowing individuals worldwide to transfer cash in a completely new process. With such an impressive reception, there's no surprise that all industries are adapting to decentralized finance, including online casinos.
That's right. It's now possible to play casino games with crypto alongside other typical banking methods. The iGaming industry is taking yet another step towards cutting-edge financial technologies, and we love it.
Bitcoin is one of the most popular cryptocurrency options at crypto casinos. Though this currency is a decade old, it's by far one of the most popular gambling currencies around. Will you be placing your next bet with Bitcoin?
Whether you've used cryptocurrency before or not, keep reading. We're laying out the top benefits of using Bitcoin and other cryptocurrencies while gambling. Remember these tips next time you play!
Scroll down to learn more.
Top benefits of using Bitcoin at online casinos
Each online casino payment method has pros and cons, so knowing which banking solution is right for you is essential. Explore the top benefits and advantages of Bitcoin casino payments below.
High security
An advantage of Bitcoin casinos, and Bitcoin in general, is the high security of the currency. When you use cryptocurrency, your payment information is nearly impossible to steal. That's because crypto transactions don't submit any personal or banking data, leaving all users protected against identity theft and stealing.
Plus, when you use Bitcoin, there aren't any chargebacks. Once the cryptocurrency is sent, payments are immutable. This means your transactions can't be altered or reversed, leaving fewer risks for both merchants and users.
Decentralized finance
Decentralized finance is a term that gets used a lot these days, but what does De-Fi actually mean?
Cryptocurrency is decentralized, meaning no one can take your currency away from you. Also, no one can 'freeze' your crypto bank account due to the absence of a regulatory authority. Thanks to this, you control 100% of your Bitcoin transactions and cash.
Fast transactions
When you've hit the jackpot, the last thing you want is to wait five to seven business days for your casino withdrawal to be completed. Some banking methods can take this long, leaving players anxiously waiting for the completion of each transaction.
Unlike tedious payment methods, cryptocurrency provides fast transfers for both deposits and withdrawals. Bitcoin can be sent to and from individuals and casinos without any delays. No waiting around here!
No inflation
High inflation rates can be a cause for worry. However, with Bitcoin casino transactions, you won't have to think about this concept.
Only 21 million Bitcoins will ever be issued, leaving Bitcoin volume growth predictable. This means the currency can't be churned out like standard currencies, removing the need for inflation. While this doesn't directly affect online casino use, embracing Bitcoin is an all-around positive.
Winnings aren't always taxed
Your Bitcoin casino winnings might not be taxed, depending on where you're playing from. In some places, tax regulations for digital currencies and assets have progressed. However, in others, Bitcoin still needs to be recognized as a currency.
If you're choosing Bitcoin as your gambling currency, investigate your local tax laws. Knowing whether your Bitcoin profits are taxed or not before you start playing should save you some stress in the long run.
Privacy
Like the increased security, Bitcoin also provides extra privacy. No personal details are attached to your crypto wallet, and there's no way to see who purchased what. If you want to keep yourself protected at all times, this could be a good choice to use as your banking method.
Alternative casino payment methods
With so many casino payment methods available, it's tough to know which is best for you, especially if it's your first time using an online casino.
If you need help deciding which to use, research the pros and cons of each before making a final decision. Having substantial information on the topic helps you make an informed decision, and it also improves the quality of your casino experience.
Curious about alternative casino methods? Consider these options:
- PayPal
- Apple Pay
- Google Wallet
- Bank transfers
- Visa
- MasterCard
- Neteller
- ecoPayz
- Skrill
- Other cryptocurrencies, such as Ethereum
These payment methods are only available at some casinos but are usually available from reputable websites. Always check payment method availability before playing. This information can generally be found on the casino's FAQ pages.
The takeaway
Now that more online casinos accept cryptocurrencies, it's even easier to keep yourself protected while playing. Remember to check the crypto casino's licensing and reviews before you play. Good luck!
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.