How Safe is it to Pay with Bitcoin When Playing at an Online Casino in 2022?
Banking is the most complicated thing about online casino gaming for new players to grasp. Most new players sign up without bothering to research banking options. It is frustrating to sign up at an online casino and later discover that it does not support your preferred banking method.
Online casinos offer several local and international payment methods. You can approach customer care if you need help figuring out the best payment method for your locality. Online casinos accept deposits through credit and debit cards, bank transfers, checks, prepaid vouchers, and electronic wallets.
Many online casinos now permit players to deposit and withdraw with cryptocurrencies like Bitcoin, Litecoin, Dogecoin, Tether, and Ethereum. Cryptocurrencies double as digital currencies and payment service providers.
Many players are not comfortable using cryptocurrencies because they use new technologies. Simultaneously, some players prefer using cryptocurrencies because of their advantages.
A safe and secure payment method is something many players overlook when searching for their go-to online casino. It’s imperative to understand how such a factor needs to be taken into consideration, especially since we live in an age where everything is digitized – including the exchange of money.
Fortunately, not only are there casinos that accept BTC and altcoin, but there are also no deposit bonuses for anyone who prefers crypto withdrawals and deposits.
Popularity of Cryptocurrencies
Cryptocurrencies are synonymous with safe, secure, and fast transactions. Operators can legally use them in grey jurisdictions because no government or banking institution controls or regulates them.
Players prefer using cryptocurrencies because of their affordability. We have hundreds of crypto online casinos that offer only cryptocurrencies as payment methods. Scandinavians are among the world’s top users of cryptocurrencies like Binance Coin, Ethereum, and Bitcoin. The crypto market is strong in Scandinavia.
According to the Norwegian gambling expert Gilfred Helmonsen, the role of iGaming in boosting crypto popularity in Norway was tremendous. He says that restrictions on traditional payment methods and the rising popularity of online casino gaming are responsible for increasing crypto use.
Instead of complying with laws, people try to work ways around them, and playing with cryptocurrencies at online casinos is one of these ways.
Bitcoin as a Casino Payment Method – How Safe is it?
Paying with Bitcoin at online casinos is safe and secure, and here are two reasons for it.
Anonymous – You do not have to reveal your bank account or credit card information to online casinos and blockchain networks while paying with Bitcoin. Your Bitcoin transaction is anonymous and can never link to your bank account or credit card.
The anonymity of Bitcoin makes it a safe and secure payment method for players residing in countries that have restricted or criminalized online gambling.
No Physical Existence – Bitcoins do not have a physical existence. You cannot see, touch, and store them in bank accounts. Instead, they exist as balances in a public ledger accessible to everybody on the blockchain network.
The transparency of the public ledger makes it safe. Nobody can modify the transaction or delete it without everybody else on the network noticing. In other words, nobody can hack your Bitcoin transactions.
Here are some more advantages of paying with Bitcoin at online casinos:
- No third party is involved in Bitcoin transactions.
- Bitcoin transactions are free, but you can pay an optional nominal fee to speed up the confirmations.
- Deposits and withdrawals are instant.
- You can pay with Bitcoin on the move.
- Bitcoin supports both deposits and withdrawals at online casinos.
Choose Licensed Bitcoin Online Casinos
You have to sign up at a crypto online casino to play online casino games with Bitcoin, Ethereum, Dogecoin, and other cryptocurrencies. Some crypto online casinos do not feel the need to apply for a license because cryptocurrencies are unregulated.
Playing at unlicensed crypto casinos is dangerous. Sign up only at licensed operators, to ensure safe deposits and withdrawals in digital currency are made.