A brief history of Bitcoin
Bitcoin (BTC) is a cryptocurrency based on blockchain technology, created by Satoshi Nakamoto in 2008. However, it was in 2009 that the first Bitcoin block was mined and the first Bitcoin transaction was made. Its attracted much attention since its creation, with many people investing in the highly volatile cryptocurrency. As a completely secure payment method, Bitcoin is becoming an increasingly popular payment method for online transactions in all industries, including online gambling. While there isn’t yet a wide selection of Bitcoin gambling sites, more and more brands are beginning to dip their toes into the realm of cryptocurrency transactions.
Advantages to using Bitcoin at online casinos
Let’s take a look at some of the perks of using Bitcoin to make deposits at online casinos:
You won’t need to enter any personal or financial information when you’re making a deposit with Bitcoin, you’ll simply log in to your wallet to authorise your transactions. Unlike other online payment methods, Bitcoin payments will have no link to your personal banking history. Your Bitcoin address will be linked to your payments, but this will not reveal your personal identity.
You don’t have to worry about losing money with currency conversion when you pay with bitcoins. Bitcoin is a universal currency, meaning it holds the same value, even when you’re making international payments.
Pay and play on mobile
Players can enjoy mobile casino games at the top Bitcoin casinos, thanks to mobile-friendly websites and native mobile apps for Android and iPhone.The good news is that you can make Bitcoin deposits and request Bitcoin withdrawals when you’re playing on your mobile.
Not widely available
As a relatively new banking option, Bitcoin isn’t yet available at a wide range of online casinos. This means your casino choice will be more limited than if you were making deposits with a debit card, for example.
Bitcoin isn’t a regulated currency, which means it can fluctuate massively. The value of Bitcoin hit an all-time high at $20,000 in December 2017, but has since experienced serious fluctuations. This means that, while your Bitcoin casino deposit might be worth thousands when you make the payment, it could decrease in value by the time you withdraw any casino winnings.
Lack of customer support
Licensed casinos are required to offer a certain level of customer support to players, but they can only do so much when you have a query about a recent Bitcoin payment. Unlike when you use a debit card, bank transfer or e-wallet, there are no third parties involved when you make Bitcoin deposits and withdrawals. This means there’s very little in the way of customer support when it comes to monitoring your payments. Of course, you can contact your cryptocurrency wallet for support, but levels of support will vary depending on which you choose.