Pros and Cons of BTC Casinos
Bitcoin, Ether, XRP and Co. are the new trend on the Internet. Crypto currencies have been springing up like mushrooms for years and have already won millions of users and made them rich. As a payment system independent of the banking system and anonymous, Bitcoin is an obvious payment option for gamblers. So far however only few respectable on-line Casinos offer Bitcoin or other crypto currencies as payment method. We have gathered the best Bitcoin casinos, for more information visit luckycoiner.com.
What is Bitcoin?
Bitcoin, translated as “digital coin” for example, is a digital currency and also a decentralized booking system. Decentralized in this case means that bookings are not processed via banks or credit institutions as is usually the case, but in the so-called “peer-to-peer” process, i.e. directly between sender and receiver. Bitcoin is based on the cryptographic protocol of the same name, is an open source currency and is not subject to government supervision.
Today Bitcoins are already used in many online shops, are created by special software called mining, and can be stored digitally in special wallets. From this point of view, the process here hardly differs from other e-wallets such as PayPal (here the list of online casinos that use PayPal) and Co., since there, too, currencies can be sent back and forth between the users, only the central administration office is missing and as a purely digital currency they of course do not exist as paper or coin money.
Although there is now an unmanageably high number of crypto currencies, Bitcoin is the most popular of them with a market share of around 50 percent.
What is a Bitcoin casino?
A Bitcoin casino like https://bitcasino.io or https://www.mbitcasino.com/ is a corresponding online casino that also accepts payments with Bitcoin or another crypto currency. Already today there are some online casinos and the number continues to grow. Some platforms advertise offensively as Bitcoin casinos, are already recognisable as such by their name or even run exclusively via the crypto currency. As a rule, however, as with PayPal, there is a clear indication that Bitcoins are accepted. The payment process via Bitcoin or another crypto currency like ether works in the same way as with other methods, such as normal e-wallets.
You also don’t have to do without your favourite games in Bitcoin online casinos, because the range of games is of course not affected by whether a casino offers payments via Bitcoin.
Bonus offers in Bitcoin casinos
Bonus offers are the salt in the soup at many online casinos. Whether welcome or reload bonus, many platforms like to gild deposits with bonuses or free spins. Bitcoin casinos are no exception, on the contrary. Some even have their own special bonuses when paying with Bitcoins.
The Advantages of a Bitcoin Online Casino
The advantages of Bitcoins are easy to recognize and quickly comprehensible. For example, the crypto currency is not linked to any conversion rates to other currencies such as the euro or dollar and is therefore protected against exchange rate fluctuations. In addition, the transfer of Bitcoins is much faster than with traditional payment methods such as bank transfers or credit cards, since all payments can be processed digitally and without an intermediary credit institution.
- The lack of an intermediate station offers a second advantage: payments are not only processed faster, but are also associated with lower fees or no fees at all in case of doubt. Where credit card institutes and banks normally charge fees for deposits and withdrawals, any transaction fees with Bitcoin are exclusively in the hands of the corresponding online casino. Also at taxes one does not have to waste thoughts when paying in and out by Bitcoin.
- Last but not least, Bitcoin payments are anonymous. This can be particularly interesting if players in online casinos try their luck in a legal grey area. With Bitcoin, your credit balance is protected and secure against access by any authorities.
- And since Bitcoin payments can only be made manually, there is no risk of chargebacks or chargebacks. Once the OnlineCasino has paid out the money, it can no longer reclaim the sum.
The disadvantages of a Bitcoin Online Casino
Of course, the Bitcoin system is not yet perfect, the biggest weakness is probably the lack of widespread use of Bitcoin as a payment method in online casinos. No wonder, since the first concepts of the currency were developed only a few years ago. Although it may only be a matter of time before Bitcoin as a casino currency also asserts itself nationwide as a powerful alternative, today there is still a massive backlog demand.
- The advantage of bypassing credit institutions does not have naturally only advantages, because in such a way also unserious on-line Casinos can boast of admitting Bitcoin as payment method.
- Where otherwise the possibility of transferring money via PayPal can be evaluated as a clear signal of seriousness, this is not (yet) the case with Bitcoins, because no large institute processes the payments and in an emergency can also be asked for help.
- Therefore one should pay attention to further references, which distinguish respectable on-line Casinos, for instance gambling licenses from European Union states.