Pros of Bitcoin Casinos
Bitcoins are completely anonymous. No one needs to know how much you are gambling or even if you are gambling at all. And that includes the government.
You can’t get much more secure than Bitcoins, which make use of advanced blockchain technology to ensure everything is safe, secure and untraceable. It’s also out of reach of the banks because it’s not a centralised currency.
Sick of paying $10 to $40 per bank transfer and up to 3% for credit cards and web wallet transfers? With Bitcoin you won’t need to worry about fees because there are none.
Because Bitcoin online casinos are relatively new and the operators are trying to convince players to join, the bonuses are huge.
Cons of Bitcoin Casinos
You Can’t Cancel Payments
If you send a bank transfer to the wrong place there is a good chance you can cancel it and get your money back. Not with Bitcoin. You can’t cancel and there is very little room for error.
The Value Changes
The value of every global currency is always changing. With fiat money like the US Dollar and British Pound, those changes are slight, almost infinitesimal really. With Bitcoins, however, they can be significant. You could have $1,000 worth of coins one minute and $500 the next.
Bitcoin Casinos FAQ
Is Bitcoin Gambling Legal?
If you reside in a state or country where online gambling is legal then Bitcoin is legal as well. It is as simple as that. If you live in a country where online gambling is not legal then you may face issues, such as an inability to find sites that will let you join.
Will my Bitcoins be Hacked?
Your Bitcoin wallet will be stored on your hard-drive. This makes it susceptible to harm if you are someone who uses questionable websites and downloads unsafe programs. You should store it on a cloud instead. You can also buy an external hard drive.
Are Bitcoin Casinos Licensed and Regulated?
The legitimate ones are because they operate just like any other online casino. Just look for the badge of the regulator at the bottom of the main page and make sure it checks out.
Are There Deposit/Withdrawal Limits?
There will be limits but they are usually very high. These limits are imposed by the online casino though and not by Bitcoin, so it changes from casino to casino.
Do I Have to Use an Exchange to Buy Bitcoins?
It is the easiest and most common way, but you don’t have to. If you know someone who has some Bitcoins then you can buy from them. You can also try to mine some yourself, but you need expensive software in order to make this happen.
Is it Anonymous?
Completely. This is one of the main reasons why Bitcoin was created in the first place and it’s why it has become so popular with underground users on the back market. That doesn’t make it a suspicious or criminal coin in anyway, but like other legitimate payment programs such as Western Union, it has become associated with such activities.
Do Bitcoin Casinos Have Bonuses?
Yes! In fact, they have some of the best online casino bonuses you will find. They are desperate to lure players away from traditional online casinos and they do this by throwing free spins, matched deposit bonuses and more at them.
These super high and super generous bonuses are why so many gamblers are making the switch to Bitcoin.
Can I Use my Mobile on Bitcoin Casinos?
In some cases yes, but it will all depend on the online casino. This is the age of the smartphone and the tablet though and Bitcoin casinos are brand new, so we would be very surprised if you encountered many online casinos that didn’t let you play on your device.
It should be noted, however, that they will rarely appear as apps in the app store and if you use the Google Play Store they will never appear due to its restrictions on online gambling programs. You will either have to use your mobile browser or you will have to download an app directly from the Bitcoin casino homepage.