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Depositing Bitcoin in Online Casinos

Depositing Bitcoin in Online Casinos

Tue Jan 12 2021 02:00:00 GMT+0000 (Coordinated Universal Time)

Bitcoin is considered to be the most popular digital currency worldwide since it exploded onto the scene earlier this decade, and the format of cryptocurrencies has already enabled many worldwide uses that many may not have expected when it was first released.

As technologies improve, more and more places are now able to accept bitcoin, from shops to bank transfers, and now bitcoin betting is a possibility.

For those wondering why this is so useful, one of the great things about digital currencies is that they can bypass one of the major problems stemming from traditional fiat currencies, in that there is no commission for transferring between currencies using this approach.

This is why its expansion has seen it introduced more recently alongside blockchain technology, which tracks transfers across a whole supply chain. This means that if the casino you want to use does not accept Yen, or will charge exorbitant fees to do so, you can just avoid this completely.

It becomes even more beneficial when you would have to change currencies that pass through several jurisdictions, which is more common in some areas than others. This means you would have to pay two different sets of fees just to transfer. When you think that the same thing would happen on the reverse, when you try and withdraw your funds, you will end up being hit twice.

This explains why many more casinos are now moving into accepting bitcoins and other digital currencies as part of their regular offering. Casinos are typically known for being innovative when it comes to technology, too, so it makes sense to know that they are keeping up with the game with this one. As always, when a service provider is not able to keep up with the fast moving pace of technological development they tend to lose their place in the market as a shiny new competitor usurps them.

It is therefore in their interests to provide you with the option of bitcoin gambling, but not all of them are equal when it comes to actually offering this service.

For example, as referenced earlier, it can be costly to transfer from one currency to another, but if you are using a more traditional casino that has just added this option, it is always possible they will charge you in one way or another anyway. These are called hybrid casinos, and although this seems frustrating, they also carry the attraction of being well established online casinos with a good reputation that has allowed them to get this far.

There are new players on the market, however, who offer themselves as just a bitcoin casino. This means all of your bets are done in the digital currency, and therefore you will incur no costs when you deposit your funds, and nor will you when you come round to withdrawing them.

Due to the nature of the technology, it is typically quick enough to be able to deposit and get started playing online casino games, but you will still have to wait for the blockchain to clear before the funds are properly released into your account. However, most reports indicate that this never usually takes more than an hour, which is not so bad, especially compared to some international bank transfers and older formats such as cheques, which can take up to three weeks to be cleared.

When it comes to depositing bitcoin for online gambling, it helps that there are a growing number of bitcoin wallets on the market, and not all of them will charge fees that are too high. The technological progress also means that you no longer need to be tied to a desktop with a hard drive that has a large storage capacity.

This is because cloud computing allows for you to store your digital currencies on cloud servers, and now you can even manage your bitcoin through your smartphone device with an app. This introduction has made it a lot easier to facilitate daily habits of your life such as gambling that you prefer to do while on the go, so you can transfer while you are on your commute and not have to do everything with a desktop computer.

Of course, it is well-known that security issues have troubled some bitcoin storage accounts over the last few years, many of which were high-profile and attracted much attention from the media. While you may not want to store all of your bitcoin savings on a cloud-based server, it is easy enough to just store the amount you consider safe and that you plan to play casino bitcoin games with, so there is less need to worry about a hack occurring.

Once you have signed up, you will find most online casinos just create a temporary bitcoin holding wallet to store your currency, which provides the link between your own wallet and theirs. Whenever you win, your funds will be deposited into there. This is good because it means the casino has no direct access to your actual bitcoin wallet, and therefore there is another good security measure in place.

There are considered to be a number of positives when it comes to bitcoin betting. As well as the ones we have discussed before, in drastically reducing transaction costs that some online casinos tend to apply, and making it much easier to be online gambling with a site that requires you to change your currency and cause you to pay another hit on your funds, there are a number of other exciting aspects to gambling with bitcoin.

Blockchain Technology

One interesting development is that you are able to completely protect your identity if you do not want to provide intrusive details about your name and where you live to a site you do not necessarily trust not to share this data elsewhere.

Since bitcoin is decentralised, there is no mandatory requirement to provide these details like you would if you were entering fiat currency. This is partly because your bank has details of you on file, and any online payment you would make is expected to match up to this, in order to prevent fraud. However, if you like to keep your gambling choices out of the eyes of others for whatever reason, it is good to know that you can and do not need to consider other, more difficult solutions in order to get around this. Some reasons for not doing so are completely understandable, too. Even if you are getting good results, and are winning far more than you deposit in, if this figure is seen as high it can impact your credit rating still, so being able to avoid this is good if you are applying for a loan or a mortgage.

The blockchain technology used to make this possible also offers some protection against a casino collapsing and your funds getting stolen. It is worth checking that the casino you have in mind offers this, but in many cases there is the expectation that even if the company you were gambling with were to fold, you could still access your funds because it is easy to see where all the funds are kept thanks to blockchain. This transparent supply chain enables a safety protection measure that ordinary fiat currency transactions would normally not.

It is also possible to have quicker withdrawals thanks to the technologies in place, as they can instantly transfer money using digital currencies and remove many of the longer processes you tend to get from traditional withdrawal methods. This can often be frustrating in a number of ways, not just because you are lacking the funds and cannot use them elsewhere, but also because it feels like there are unnecessary delays involved in the checking process that may well be solvable.

Alongside these positives is the aspect of being able to be a part of the growing technology that appears to be happening with digital currency, and showing no signs of going away. Although you cannot use it yet in every capacity that you may like, such as when you go to buy fruits and vegetables at your local market, it is clear that this is a growing trend. When it is like this, being able to use the latest technologies can be exciting, and can also be a great way to add to your bitcoin portfolio through bitcoin betting, rather than having to invest by transferring your Yen or other fiat currency.

Of course, there are a few downsides to this that are worth considering, but none of them are insurmountable when it comes to preventing you engaging in bitcoin games through online casinos.

One of the biggest ones is that because of the large size of each bitcoin, if you only plan to bet small amounts each time, it could all get a bit confusing and hard to follow. If you are betting something that works out as a thousandth of a fraction of a bitcoin or less, it becomes tricky to know exactly how much that is each time. Certainly, you would prefer not to bet more or less than you intended just because one of your calculations were wrong.

However, if you try not to make it exact as a reference to how you would tend to bet in fiat currency, in multiples of ten or similar, and convert it directly, but follow the same format of standard multiples, it will be easier to measure your results.

Another aspect that is definitely worth considering is the potentially wild and volatile digital currency market at present. It is certainly not alone in that sense, with many worldwide emerging markets seeing a similar pattern, but there is no guarantee that whatever you deposit will be worth the same amount to you when you withdraw it.

Of course, that could work both ways. You could end up richer despite not winning more than you lost and coming out even from the transaction if bitcoins were suddenly worth more a week later, when you went to withdraw some funds. In that sense, there is a definite feel that you cannot completely compare gambling via either bitcoin or traditional currencies, as there are some different measures to attribute them to. 

Other aspects to consider is that because of the nature of the technology, and the clear lack of regulation thus far on digital currencies, many of the bitcoin-only casinos will not be regulated by any financial body and therefore may not be held to the same kinds of stringent financial structures and reporting that big online casinos dealing with fiat currencies are.

Although it would always be hoped that this would not be a problem and there would be no reason to worry, these things do happen, and therefore might be a reason to lean towards a hybrid casino rather than one that only provides bitcoin gambling. It may therefore be useful to make sure you read reviews of these bitcoin betting places, to get a feel for how other users feel the process is for them, and whether they have any inclination that there may be a problem, or have had a bad experience themselves.

Although the bitcoin casinos out there do offer all the same games and betting opportunities you would expect, it is natural that there are still not too many of them for you to choose from, as it is an emerging technology that is still undergoing rapid development around the world. It is fair to expect plenty more to pop up in the next few years, but you may find your search rather more limited than you would when searching for more traditional casino offerings.

With it being such a relatively new introduction as far as online gambling goes, it is not surprising that there may still be things to iron out around this technological progression, but there are certainly many positives for playing with a bitcoin casino that you will not find anywhere else, which is exciting. If you are looking to try bitcoin betting, why not check out these casinos.


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