Bitcoin is becoming an increasingly popular mode of payment at online casinos. Statistics show that about 3.7 million Bitcoin (equivalent to £ 20 million) has been wagered from December 2014 to April 2017.
But why are players choosing Bitcoin over other payment methods? Read on to find out.
This is one of the many reasons why Bitcoin is becoming a preferred payment method among online casino players. Bitcoin transactions are not associated with the user's personal identity and cannot be traced back to the user. In fact, the Bitcoin address and identification key generated for user transactions change with each transaction. This helps to protect players against identity theft. Another reason that makes Bitcoin transactions very secure is that they are irreversible eliminating the threat of fraud and chargebacks.
In addition to this, the cryptocurrency can be backed up and encrypted to ensure the safety of the player's money.
2. Very Low Transaction Fees
Unlike wire transfers and other casino payment options, Bitcoin transactions have no intermediary institutions or government involvement. This helps to keep the costs of transactions very low.
3. Faster Processing Time
Bitcoin transactions are very fast – can be completed within 10 minutes. This is because the transactions do not involve banks and other intermediaries that take days to validate transactions.
4. No Third-Party Interruptions
One of the benefits of this cryptocurrency is that governments and financial institutions cannot interrupt a player's transaction or freeze his/her Bitcoin account. The transaction happens entirely between the player and the casino giving players a greater degree of freedom with their money.
With Bitcoin, players can deposit funds or withdraw their winnings wherever and whenever they want. Players are only required to have an internet connection to make transactions.
Additionally, there is no limit on the amount of Bitcoins a player can deposit or withdraw from his/her account.
These are just some of the benefits of using Bitcoins as an online casino payment method. If you're a player seeking an online casino that accepts Bitcoins, you may consider casinos like Sky Casino, BitStarz, and CasinoMax.