Bitcoin vs. PayPal

Exploring online casinos to join, you must have noticed so many payment method options which you can use to fund your online casino account and cash out your winnings. That’s because operators want to cater to players from all across the world the best way possible, offering them both global and local solutions, to suit their preferences and needs.

There are so many global solutions you can choose from if not interested in using local ones. And, there are two that stand out from the crowd, as they are not only global but also quite popular across online casino sites, as they provide you with an alternative to standard banking. These two are Bitcoin and PayPal. You must have seen them on virtually any site you’ve explored. So, why are Bitcoin and PayPal so popular solutions across online casino sites?

Bitcoin vs. PayPal - An Introduction

As you would assume, Bitcoin and PayPal are two very different solutions, yet they share the one thing that any online casino player would need: they both provide you with alternative banking. Bitcoin is the world’s most popular cryptocurrency, of decentralized nature, while PayPal is one of the most popular and most preferred eWallets you can use for transacting across online casinos.

Bitcoin was created over a decade ago…

… in 2008 by a group or a man called Satoshi Nakamoto. While its creator(s) remained anonymous to this day, the digital currency reached enormous heights, being recognized by people from all across the globe. It is the solution that allows users to transact online with an invented token, a coin that does not have a physical representation. And with that, it has revolutionized standard banking as we knew it, leading the way for many other cryptocurrencies to appear after it.

Its peer-to-peer system…

… and its innovative blockchain technology allows for users to mine, send, store and receive coins with ease, in a completely private, safe and secure way, through gateways which were created to be impenetrable by third parties. No one but the sender and the receiver can get in between the transaction. This is the quality Bitcoin offers that has been recognized by millions of people across the globe.

Even though its beginnings…

… were harsh and it was considered controversial due to the fluctuations, Bitcoin managed to stay on top and continued expanding its reach. Many industries have embraced it, the first one among them being the online gambling industry. Due to the anonymity, security, decentralized nature and the convenience of instant deposits and withdrawals it offered, it was the perfect mean to transact across online casino sites. There’s no doubt that it has become online casino players’ favourite solution to use to fund their accounts and cash out their winnings, and when you learn how easy it is to get started with and use, you’ll understand why.

PayPal is the eWallet…

… that has also taken the world by a storm. Since its launch way back in 1998 until today, it has managed to expand its reach and become accepted and used in more than 200 countries across the world, thanks to all the customizable features and benefits it offers to users.

Its strongest suit…

… without a doubt, is the security it implements, and its reputation and track record, which make it one of the safest eWallets to use to transact online. Throughout the years, it had no issue blocking countries known for disreputable behaviour, and with that, it protected not only users' funds but also its reputation. It complies with all the regulatory standards in both the financial and the online gambling scene and uses Security Key to ensure your funds are perfectly safe and secure.

Created to simplify…

… online transactions, and make them easier and quicker for players, the eWallet has received more than 20 prestigious awards, strengthening its position as a leading alternative payment solution, and cementing its position in the online gambling market. It is especially important in markets where gambling with credit cards is banned, as the UK, as it provides players in those markets with an alternative yet still convenient online banking.

In addition to the eWallet service…

… throughout the years, PayPal has rolled out several other products, such as PayPal Connect, which is a line of credit, and PayPal MasterCard, in collaboration with MasterCard. And in 2020, it even made a historical move and started accepting Bitcoin and other cryptocurrencies like Bitcoin Cash, Litecoin and Ethereum. These cryptocurrencies, in addition to all the other payment methods for funding the eWallet and all the currencies, have made PayPal stronger than ever and one of the most attractive solutions to use across online casinos.

Getting Started

The myth that to starting your journey with Bitcoin would be difficult and complex is wrong, as you will see here, as, throughout the years, the cryptocurrency has evolved a lot, and many involved platforms have greatly facilitated it. With PayPal, the process is pretty straightforward, so let’s go through the steps.

You would have to create a wallet…

… in order to get started with Bitcoin. You can choose from many wallet types, such as online, desktop, paper and hardware wallet, which would keep your coins safe once they arrive. Visit platforms like Bitstamp, Coinbase and Bitfinex and you can create your account right then and there, and purchase some coins while doing it. When you create the wallet, you’ll get private and public keys that you’ll need to use later on, as they will be like your passwords, your addresses to transact with Bitcoin.

While in the past…

… mining was the way to get to some coins, today, you have many options. The most convenient one is buying Bitcoins with fiat currencies. You can do that on the aforementioned platforms, or you can look for other platforms that buy and sell Bitcoin. Or, you can get coins from friends, if they have any. Nevertheless, the process, as you can see, has been greatly improved and made easier, so that anyone who is interested in holding coins could do it without much effort.

Getting started with PayPal…

… of course, is much easier. You still need to create your eWallet, hence your account with it. You would need to provide personal details, such as a home address, email, and name and surname, naturally. But you would also need to provide verification documents, such as social security number, ID documents, and the alike, which are required for regulatory reasons, for identity verification and tax reporting. After you verify your account, you can continue to fund it.

To fund your account…

… you can use many payment options, such as bank transfer, credit card or other PayPal products. The cheapest option would be funding your account directly from your bank account, as this is the fee-free option. Funding it with credit cards, you would be charged a 3% fee. A currency exchange fee of 2.5% applies, as well, if you want to fund your account with a currency different than yours, different than the one you set up as a default currency when you created your account. After you’ve funded your account, you can start using it right away.

Depositing and Withdrawing

After you set up your accounts with either Bitcoin or PayPal, you can start depositing and withdrawing across online casinos. You should know right away that they are accepted for both deposits and withdrawals, which is another thing they have in common and is greatly appreciated by online casino players. And, you should know that that’s another reason why you will find hundreds of accepting properties for Bitcoin and PayPal in the online gambling industry.

To fund your account with Bitcoin…

… you would need to first join a casino that accepts it. As mentioned, today, most leading online casinos, over hundreds of sites accept it, so you won’t have a problem finding one that would suit you. Then, you would need to follow these easy steps:

1. Go to the casino’s Banking/Cashier page.
2. Find Bitcoin’s logo and click or tap on it.
3. Log in to your Bitcoin wallet.
4. Enter the amount of coins you wish to deposit.
5. Enter the casino’s public key.
6. Double-check the key.
7. Confirm the transaction.
8. Start playing right away!

Remember to double-check the key, as transactions with Bitcoin are irreversible. Therefore, if you send the coins to an address different than the casino’s, you won’t be able to get your coins back.

Withdrawals with it are pretty similar…

… but done the other way around. By that, we mean you need to go to the Cashier section, and after you select Bitcoin, enter the amount you wish to withdraw. Copy the wallet address you’ll see generated on the screen, and enter it to your Bitcoin wallet. Give your Bitcoin wallet address to the casino, and confirm the transaction. As soon as the casino checks that everything is in order, it will instantly transfer the money to your wallet.

Depositing with PayPal…

… as you would assume, is easier. After you’ve found and joined an online casino that accepts it, do the following:

1. Go to the Banking/Cashier page.
2. Find PayPal’s logo and click or tap on it.
3. Enter your eWallet account login details.
4. Go through the authentication procedure.
5. Specify how much you wish to deposit.
6. Confirm the transaction and start playing!

Deposits with PayPal are instant, of course, and once you confirm the transaction you can start playing right away.

Cashing out your winnings with it…

… would be as easy, as you would need to repeat the very same procedure. Instead of the money you wish to deposit, this time specify the amount of money you wish to withdraw, and that’s it. Cashouts with PayPal are extremely popular across online casinos, as this solution provides players with instant withdrawals. If not instant, within a few minutes. That’s something players really appreciate, and that’s why it is considered one of the best withdrawal solutions.

Advantages and Disadvantages

There are no words that could actually emphasize how popular Bitcoin and PayPal are across online casino sites. Sure, they both arrive with some downsides, but it seems like players are not bothered with them, and only focus on the great things that these two solutions can offer them.

When it comes to the benefits…

… both Bitcoin and PayPal are globally used solutions, accepted and used by most countries across the world. They both have a remarkable reputation as alternative payment methods, and millions of people are using them for their everyday payments. Add to that the fact that they both offer perfectly safe, instant and convenient transactions, and you’ve got two of the most used solutions across online casinos.

With Bitcoin…

… you don’t have to pay fees and your casino transactions are never written on your bank statement, so you keep your gambling habits to yourself. You never share any banking details with it and your transactions are, indeed, untraceable.

With PayPal…

… you do share banking details, but they are impenetrable by third-parties. With this eWallet, you get world-class, renowned service. You get to control your budget, as you cannot spend more than you have on your account at a given moment. It is super easy to get started with and convenient to use, as it is not only accepted across hundreds of casino sites but at most online platforms that offer products and services you rely on in your everyday life.

On the negative side, though…

… transactions with Bitcoin are irreversible. Its value continues fluctuating, and you are at constant risk of loss in value. When it comes to PayPal, the only obvious disadvantage is that it comes with fees. But, that's justified considering it provides you with alternative banking services while allowing you to use traditional banking methods to fund your eWallet.

So, weighing in the pros and cons, we can say with certainty that the pros prevail in both methods. You'll be greatly satisfied with choosing either, so make your decision the soonest you can and enjoy a seamless online gambling time.