The modern method of making payments has moved forward more and more over the last few years. With payments taking on a more digital outlook it was only a matter of time before someone developed a truly digital only method of making payments. This is perfect for the world where online casinos allow players the opportunity to play 24 hours a day. With the development of digital only currencies it means that a whole new world has opened up to players in terms of speed, safety and flexibility.
The most common digital currency that’s available to players is Bitcoin. It was the first cryptocurrency that was created and it is still the most popular. With values that are shooting up, Bitcoin is becoming the easiest way for players to make deposits and withdrawals in a world that is becoming more and more digital oriented.
What does Bitcoin offer?
Bitcoin offers players the ability to make both deposits and withdrawals instantly. Using blockchain technology it allows payments to be sent without any processing times like with more traditional methods. It means that fees are made smaller and time restrictions are lowered as well.
Another offering from Bitcoin is that it allows players increased levels of security. Because the blockchain is basically a p2p network when making payments, it means that unless both sides of the transaction confirm it has been sent, it won’t be sent. This means that payments can’t be hijacked, like with traditional payments. On top of this it’s also fully anonymous, which means that data fraud and identity theft is much less common when using Bitcoin to make payments. It’s extremely versatile and very flexible.
Signing up with Bitcoin
The very first step that you need to take when making a Bitcoin payment is to ensure that the online casino allows Bitcoin as a payment method. Because it’s still a new technology to the mainstream, it does mean that not all online casinos offer Bitcoin payments. However, this is changing at a fast rate especially as Bitcoin becomes more popular with players.
If an online casino has a know your casino policy in place then it does mean you might need to prove your identity when using the site. This does remove the anonymity that Bitcoin offers and might be a negative to you. However, it’s important to remember that this is on the part of the online casino and has nothing to do with Bitcoin as a payment method.
Once you have carried out every aspect of this you will be able to start using Bitcoin as a payment method.
There are lots of different positives to using Bitcoin as a payment method. Possibly the main one is that it allows players to make payments with complete anonymity. With financial and identity fraud a big problem in the modern world, the ability to keep your personal information hidden when using Bitcoin is a huge positive to a vast number of players.
Another huge positive is that it allows players to get access to instant withdrawals. With most other payment methods offering some form of delay between withdrawals this does ensure that players get access to their winnings at a much faster rate. It’s something that only e-wallets can really compete with, as bank transfers take much longer to process withdrawals.
Bitcoin is also potentially an investment for players. With the price of Bitcoin rising at a fast rate it does mean that players could potentially win even more if their Bitcoin winnings increase in value over time. This means that using Bitcoin to play at online casinos could offer players the opportunity to increase the value of their money significantly faster than using regular currency.
In terms of negatives, one of the positives is actually also a positive. Because the price of Bitcoin can be volatile, it means that as well as going up it can also go down. So, while you could make a profit on your Bitcoin winnings, you could also make a loss. This is something that you should be aware of before you put all of your money into Bitcoin.
How safe is your information?
Your information is very well looked after when using Bitcoin. The reason behind this is that it offers full anonymity. So, even if your Bitcoin account is hacked, your information isn’t there to be stolen. So identity theft and data fraud isn’t something that you have to worry about when using Bitcoin. You data is more secure with Bitcoin than with any other payment method.
Should you use Bitcoin?
This all depends on a number of factors. Firstly, does the casino you want to play at accept Bitcoin? If it’s not accepted then you won’t be able to use Bitcoin so it’s a non starter. On top of this you should also avoid Bitcoin if you’re a technophobe. While it’s not that difficult to use Bitcoin, it can offer some issues to people that struggle with using technology. If you want to have access to traditional cash then you should also steer clear of Bitcoin. However, if you want fast, safe and easy payments then Bitcoin is definitely the method for you.
1. Do I need to open a Bitcoin account to use it?
You don’t need a Bitcoin account per se, but you do need a Bitcoin wallet. Once you have one of these then you will be able to make payments and receive payments instantly.
2. Can I withdraw more than I deposited when using Bitcoin?
If you have made a profit at your online casino then yes you can withdraw more than you deposited. However, if there is less in your account then no you can’t.
3. Can I use AUD with Bitcoin?
You can use AUD to purchase Bitcoin, but just like any other currency once you have the Bitcoin then that is what you are using. While Bitcoin can be used as a payment method, it’s also a currency in its own right.