Bitcoin vs. CASHlib

To play across online casinos, you can’t just choose a game and start playing. No, you need to also choose a payment method that you’ll use to fund your account and cash out any winnings you make. Then, you have to choose whether you’d like to play with cryptocurrencies or fiat currencies, and you need to decide whether you want to involve your bank in your gambling adventure or not. 

Most online casino players, for that matter, prefer payment methods that would not require the disclosure of bank account details and methods that provide them with instant transactions. Such methods that give you these two benefits but are entirely different solutions are Bitcoin and CASHlib. What other benefits can you get for playing with either? Why are Bitcoin and CASHlib good options for online gambling?

Introduction to Bitcoin and CASHlib

As introduced, Bitcoin and CASHlib are totally different payment solutions, even though they can provide you with several shared benefits. So before we get into those benefits, let’s first find out more about the background of these payment options, so that you get a better idea of why they can be trustworthy online casino solutions.

Bitcoin is…

…as you may as well know, the very first digital currency we were introduced to in 2008. When it was first invented, people and financial institutions alike were unsure of whether it will ever catch on. It raised suspicion due to its decentralized nature, and the fact that no one can track the transactions made with it. Moreover, its creator remained anonymous, and we are still not really sure whether Satoshi Nakamoto is a person or a group of people that developed this incredible cryptocurrency that later on not only caught on but became the most popularly-used digital currency. 

It was created…

…in order to give people the freedom to make transactions online without them ever being present on any bank statement. The idea was to make transactions untraceable, not controlled by financial authorities. This is done via the peer-to-peer system, which allows users to send and receive coins from account to another, without any intermediary, via the blockchain. And this is what made Bitcoin a really popular option for alternative banking, giving users the chance to exchange coins internationally without any authority monitoring them, instantly, and anonymously, using specific keys. 

On the other hand… 

…CASHlib is a voucher, essentially, used all across Europe. It is available in several European countries, and it offers anonymity and security just like Bitcoin does but in a different way. Based on a voucher scheme, it was developed in 2015 as a solution that would replace other prepaid cards that were shut down out of many reasons.

CASHlib is available in the Netherlands, Germany, Luxemburg, Greece, the UK, French Guiana, Belgium, Poland, Guadeloupe, Spain and France. This is where users can actually find offline locations, stores where they can get the voucher with real cash to use it for online purchases, and online casino deposits for that matter. You also have the chance to get the voucher online, if you don’t want to go to actual, physical locations, and that’s the major advantage of using it over any other voucher. Most vouchers can only be purchased offline, and that’s why online casino players completely disregard them as potential payment methods to be used across online casinos.

How to Get Started with Bitcoin and CASHlib?

The ways to get started with Bitcoin and CASHlib are completely different, but you must have assumed that already since one is a cryptocurrency and the other one a voucher. So, let’s see the steps you need to take in order to start with either of them. 

To get started with Bitcoin…

…you would first need to find a Bitcoin wallet where you’ll keep your coins. There are, first of all, several types of wallets that you can choose from, the hardware, the paper and the desktop wallet, for instance, but the eWallet is the most secure and most used one. Bitfinex, Bitstamp and Coinbase are some of the best eWallet options you can choose from. 

After you create your eWallet account…

…the next step is getting your coins. While in the past, when Bitcoin first appeared, people were obsessed with mining them, today, you have a simpler solution: you can purchase them with fiat currency equivalents. Mining is a process that requires expensive equipment and a big, fat electricity bill to pay for. That’s why purchasing your coins would be the more cost-effective option. There are several platforms where you can actually buy coins, so if you are into starting this journey, you can look them up on the internet to see your options. 

The last thing you need to know…

…when using Bitcoin is that the public key that you get after you create your account and purchase your coins, is the most important thing you need to remember, write down and put in a safe place where no one but yourself can find it. This is your address, your ID when sending and receiving coins. Whenever you want to make a transaction, you would need to enter this key in order for the transaction to be completed. Speaking of transactions, they are completely free-free, since there are no intermediaries in between to charge any fees.

Getting started with CASHlib…

…is way easier. You can either go to the nearest location where you can purchase the voucher with cash from the staff, or you can do it online. You can go to its official website and in the store locator, you can enter your city and address, and it will automatically suggest the nearest stores you can visit to physically buy your voucher. Being a voucher, it can only carry a certain amount of money at a time, from €10 to €250. You can hold a maximum of 5 cards in your possession; therefore, you can make a deposit with it of up to €1,250. 

To purchase your voucher online, you would have to go to the BeCharge platform, but to use this option, you would have to be a citizen of Luxembourg, Holland, France, Spain, the UK or Belgium. The service is not available for people from other courtiers.

Regardless…

…of the way in which you decide to get your voucher, along with it, you will get a 16-digit code that you would use as your ID to make online transactions. Similarly to Bitcoin, you would have to keep that code to yourself to avoid the risk of someone else finding it and using the money on your voucher instead of you. 

Using the Payment Methods for Deposits and Withdrawals

Depositing and withdrawing across online casinos with the most popular payment methods is usually pretty straightforward and familiar. Depositing with CASHlib is as simple, but with Bitcoin, if you’ve never made a cryptocurrency transaction, you would have to be introduced the process in detail. 

To make a deposit with Bitcoin…

…you would have to, first, find an online casino that accepts it. Luckily, more and more sites have started accepting it as a payment method, so you should not have problems with this step.

After you join a Bitcoin casino, you would need to go to its Banking page. In the Deposit section, find Bitcoin’s icon and click on it. Due to its peer-to-peer nature, you would have to send the coins from your eWallet directly to the casino’s wallet. Add the necessary information, the casino’s public key and the amount of money you want to deposit. Double-check the public key, making sure that you’ve entered the right alphanumerical sequence. Confirm the transaction and voila! The money would be on your online casino account in an instant. 

Be extremely careful with the public key, since one wrong letter or number, and the coins will end up on someone else’s wallet or lost forever. Bitcoin transactions are irreversible, due to its decentralized nature, so keep in mind this as a fair warning. 

On the other hand…

…to make a withdrawal, you would have to be logged in at your online casino, and you would again have to visit the Banking page. Click on Bitcoin’s icon in the Withdrawal section, enter the required information and this time, add your public key. That way you will request from the casino to transfer the amount of coins to your Bitcoin wallet directly. Again, be careful with how you enter your public key if you want your winnings to reach your wallet account.

Depositing with CASHlib…

…is way easier, though. You would, again, need to find an online casino that accepts it as a payment option, create your account and go to its Banking page. Find CASHlib’s logo, and click on it. A new window should open where you’ll need to enter some basic info and then the earlier-mentioned 16-digit PIN code. After you confirm your transaction, you should know that the funds would be transferred to your online casino account in an instant. 

Withdrawals…

…with this voucher, just like with most other vouchers, are not possible. You cannot use CASHlib for withdrawals, so in case you choose to use it as your deposit method, you would have to look for an alternative solution to cash out your winnings from your online casino account. 

Benefits and Drawbacks

As introduced, the two payment methods have some shared benefits. They both provide you with instant transactions, to start with. They both offer anonymity and eliminate the need of involving any bank or other payment method to make a transaction at an online casino. But they both also have their own positive and negative aspects. 

When it comes to Bitcoin…

…it is an international, fee-free solution that enables transactions that are untraceable, not controlled or regulated by any authority whatsoever. Plus, you can make both deposits and withdrawals with it. You won’t need to look for another solution to cash out your winnings. You don’t need to pay fees to intermediaries, and you don’t need to reveal any bank account details to the casino. 

On the downside, though…

…there are two things that may affect your decision on whether to use it or not. One, transactions are irreversible. Should you enter one wrong letter or number when typing the public key, the coins will never reach the intended wallet destination and will be forever lost. You cannot get them back ever since no one monitors the transactions nor can vouch that you were the one that really sent the coins to the respective account. 

And two, the digital currency undergoes continuous fluctuations. You can never know how much the value of your coins can increase or decrease, hence, you can never know the coins’ volatility. This is one of the main issues with digital currencies: they are not stable like fiat currencies. 

CASHlib, on the other hand…

…has one major benefit compared to other vouchers: you can buy it both offline and online. Rarely, if ever, does another voucher offer the possibility to purchase it online. This saves you the trouble of having to stop your online gambling to go out and top your voucher with money. You can do it from the comfort of your home, just by going on the BeCharge platform. 

The fact that you don’t need to share your bank details, but you can still make payments across many online casinos with fiat currencies is another perk you get with this method. 

However…

…one of the major drawbacks of this payment method is its limited availability. It can be used by players who are citizens in the eligible countries, and that’s it. Another disadvantage is that no withdrawals can be made with it. This is something that usually discourages online casino players, but if you’re comfortable using an alternative method, say, an eWallet, where no bank details need to be shared, too, then CASHlib can be a great option for deposits. Finally, the vouchers cannot be reloaded, but the good thing is that at one time, you can buy five vouchers, so you won’t need to go back and forth all the time to purchase new vouchers when you want to make a deposit at an online casino.