Everything you Need to Know About Gambling with Bitcoin

We’ve written before about the incredible, expanding nature of the casino industry.

Whether you play online or in the usual land-based casinos, there are always a variety of options for depositing your betting money and collecting wins. Lately, players have been taking a look into using cryptocurrencies as their deposit mode.

But are there perks to using bitcoin over more traditional banking methods?

We receive a ton of questions in our forums, chat, and messages about using Bitcoin. Players want to know if Bitcoin (also known as BTC) is a truly viable option. Are the parlors that use BTC safe? Can you use BTC for cash bets during your gaming sessions? And most importantly, what’s the ease of use like? Not everyone’s a tech wizard and frankly, not everyone wants to be a tech wizard. Do you have to be one to play with BTC?

The short answer is no.

There are a ton of apps that will help even the least tech-savvy users develop their ewallets and buy or exchange crypto. As we move further and further into the digital age, gambling with BTC has perks that no player should ignore:

Secure Banking and Transactions

The first gigantic perk that we have to touch on is data security and safety.

One of the main advantages to using Bitcoin is that you know that your money is safe. Bitcoin is a unique banking method because it’s powered by the users, for the users. There’s no middleman or central governing authority. Because of the use of blockchain technology, every transaction is totally transparent: a user’s able to track the path of their money all the way, from start to finish.

Another advantage, also due to the nature of blockchain, is that a transaction made with BTC can’t be reversed.

This sometimes happens if you’ve made the mistake of playing with a casino that has warnings, or has been blacklisted. We know - sometimes the thrill is too good to pass up, or they’ve offered a deal that was just too good to be true.

With BTC, a less-than-reputable company can’t send you money (if you choose to make a withdrawal) and then immediately issue a refund to take it back. In this case, an entirely new transaction has to be initiated. This makes everyone a little extra careful when they send: also a good thing.

A third aspect to consider is anonymity. While everything’s transparent in that the transaction blocks are trackable, the players’ personal data is always locked.

Finally, because BTC isn’t controlled by a central governing authority, like a bank, the transactions can’t be suspended, changed, or blocked in the way that transfers from banks can. In countries like Canada, some banks block payments to and from online casinos despite the fact that online gambling is totally legal in that country. This most generally happens with local banks and small credit unions, but is still a huge inconvenience for the affected players.

The Need for Speed

The vast majority of gambling enthusiasts, whether online or on land, LOVE speedy transactions. It’s one of the biggest reasons we love cryptocurrency, and Bitcoin in particular: the transaction times are miniscule compared to traditional banking methods. While your land-based bank might take up to three or even five business days to complete a transaction, Bitcoin is often instant or at max, several hours. In the past couple of years, Bitcoin casinos have popped up to make banking with Bitcoin faster and easier than ever!

One of the most irritating tricks pulled by casinos is to make withdrawal times super slow, to encourage players to not withdraw as often. Bitcoin technology simply doesn’t allow that - you’ll have your money in the click of a button.

Does Gambling with Bitcoin Offer Flexibility?

Are you looking for a super flexible way to deposit and play? YES - Bitcoin meets and even exceeds our expectations when it comes to flexibility.

First, users have a lot of freedom when it comes to storage. You don’t have to only store your coins online; you can also take advantage of cold storages. Cold storages are physical stores that are able to be connected to a PC, loaded with your desired funds, and then kept offline to prevent hacking.

This is so convenient and secure that it’s even how the casinos themselves keep the funds.

Using BTC is also flexible in that there are a ton of different options when you’re looking for the e-wallet that bests suits your needs. You don’t even need to stick with one service - you can try out a bunch or keep separate wallets for budgeting purposes. You can choose to deposit tiny amounts up to giant piles of cash. It’s totally up to you - the BTC blockchain has extremely flexible limits for transactions.

In keeping with this (and staying ahead of the times), approved, trusted casinos often offer more flexible limits for withdrawals and min/max deposits if you choose to use Bitcoin.

Casino Incentives for Using Bitcoin

Last but certainly not least, we’d be remiss if we didn’t touch on one of the most immediate reasons to use Bitcoin while gambling: Casino perks.

BTC use is in everyone’s best interest: it’s safe, secure, fast, and flexible. Players and casinos both benefit from this. Naturally, casinos want to make it attractive to use BTC whenever you can: hence, bitcoin-specific bonuses, including but not limited to match bonuses and free spins.

It doesn’t stop there though. Bitcoin users often have better options for bets, cashbacks, and bonuses, as well as entrance into VIP and Loyalty programs.

With all these advantages, why wouldn’t you try using Bitcoin in your next gaming session?