Online casinos accepting Bitcoins
Bitcoin remains by far the most popular cryptocurrency. It basically works via a peer to peer network that allows for complete decentralization – meaning much lower costs for personal and business transactions. Although some online casinos provide provision for Bitcoin (BTC) it remains generally speaking quite rare.
For most casino players it is simply easier to use a more traditional payment/withdrawal method. Yet for those who are savvy with Bitcoin and find a suitable place to game using their crypto funds, it can make for some impressive savings compared to more standard online wallets. Here’s our selection of quality Bitcoin-friendly online casinos to check out!
Compared to PayPal Bitcoin offers far greater value. PayPal generally takes a commission of between 2-4% for their savings, which may not seem much at first but quickly mounts up over frequent and larger transactions. BitPay (the major business hub for BTC) charges a mere 1% processing fee, but it is important to be aware that everything in the crypto finance trade is prone to swift alteration and revision. Bitcoin is renowned (or feared, depending on your point of view) for its volatility. Short term swings of 20%+ are not uncommon!
From a casinos perspective, this makes for a tricky proposition. While they would all like to appeal to the rapidly growing niche of players who primarily use crypto for online transactions (added security, decentralized and more private payments, etc), the problem is that earnings and payouts are difficult to budget for due to the currency’s prone to sudden fluctuations.
There are also murky regulatory issues that vary considerably between countries. While only a handful explicitly outlaws crypto payments – and are also unlikely to facilitate online gambling either – there are associated legal issues, especially the risk of money laundering.
Bitcoin is here to stay and it is very probable that within a few years a majority of online casinos will accept the method alongside other popular cryptocurrencies. For those who understand how BTC works and are looking to significantly reduce their transaction/withdrawal/conversion fees, it can be excellent. Just be sure to keep an eye on market trends!