Bitcoin casinos offer a lot of benefits to new and veteran players alike. Many of these advantages aren’t available when you use fiat to play at your favorite online gambling platforms and sports betting portals. Meanwhile, Internet casino operators and sports gambling sites also gain a lot of benefits from providing bitcoin as deposit and withdrawal options for their users.
And contrary to popular belief, bitcoin can be more of a help for crime fighters than it is at the moment for crooks and criminal syndicates. This is according to Jason Weinstein, former deputy assistant attorney general at the cybercrime and organized crime division of the USA’s Department of Justice.
This is mainly because the blockchain that’s used by bitcoin is transparent and fully accessible to anybody anywhere in the world. An online logbook of sorts that holds all transactions performed with bitcoin, anybody can take a closer look at certain bitcoin sources and recipients to dig much deeper. Even if these records don’t contain personally identifiable information, crime fighters are given more useful data that can improve their strategies and campaigns to fight off money laundering and illegal transactions across particular regions.
So let’s now discuss the primary benefits of playing at bitcoin casinos in more detail. Our objective is to help you make a more informed decision as you begin your search for the best bitcoin casinos out there today.
What are the Benefits of Betting with Bitcoin?
Here are some of the major advantages that bitcoin casinos can offer beginner and seasoned players alike:
1. User Privacy
Your personally identifiable information isn’t shared to third parties without your knowledge and consent when you play with bitcoins at your favorite online casinos and sports betting sites. This is unlike using your bank accounts, e-checks, digital payment platforms, credit and debit cards. Also, your data isn’t stored anywhere that’s susceptible to hacker attacks and other security breaches.
But this doesn’t mean that crooks and criminal syndicates can quickly and easily launder illegally obtained money through these bitcoin casinos. That’s because many countries now have regulatory systems in place for bitcoins that are withdrawn or converted into fiat. Even the USA now has taxation policies for bitcoin earnings. And these government offices work closely with registered and fully accredited bitcoin casinos to prevent these issues, all while avoiding any privacy risk to their players.
2. Faster Withdrawals
Cashing out your winnings at your favorite Internet casinos and sports betting platforms through traditional methods can take a lot of time. For example, it can take around 2 to 3 banking days for you to receive your winnings when you withdraw it from your online accounts at these portals to your local bank accounts. So just imagine what that can do to your bankroll strategy.
Plus, it often takes much longer, say 5 to 7 banking days or more, when your bank accounts are based in a country that’s outside the region where the Internet gambling platform operates. Now bitcoin withdrawals just usually take around half an hour or so to clear in your bitcoin wallet.
Historically speaking, bitcoin withdrawals can take up to several hours during high traffic days. But that’s a far cry from 2 to 7 banking days. Also, you can exchange your bitcoins to cash almost instantaneously in many countries today.
How to Set Up and Withdraw from a Bitcoin Account
It’s quite quick and easy to setup and convert the bitcoins in your account to cash. All you need to do is to download and install an app into your iOS and Android smartphone and mobile device, or into your Windows PCs, Mac OSX and Linux computer.
You have a lot of options. Just choose an app with high ratings, lots of positive reviews and credible sources.
Then, create a bitcoin wallet. Take note of your bitcoin address. Also, don’t forget to store your private keys in a secure place. Next, fill out the withdrawal or cash out details in a form that’s provided by your chosen app. Normally, you’re given a lot of options, such as cashing out your bitcoins to your bank account, credit or debit card, digital payment accounts like PayPal and so on.
At this point, enter your bitcoin address as the withdrawal details of your account at your chosen bitcoin casinos. You might be provided with an option to automatically transfer your winnings once it reaches a certain threshold.
The Future of Bitcoin and Betting
A few other major advantages weren’t described earlier. Some of these are much lower withdrawal transaction fees and the opportunity for your bitcoins to gain value across a brief period.
But Internet casino operators, online gambling platforms and sports betting sites greatly benefit from using bitcoins in their portals. That’s because they practically avoid illegitimate chargeback and refund requests done by those who just don’t want to pay them even after playing. So these are the primary things that make bitcoins really promising for the future of online gambling in general.