- High withdrawal limit
- Cashback program
- Fast payouts
- Both Mobile and Desktop Supportive
- Accepts multiple cryptocurrencies
- Just a few restricted countries
Types of Bitcoin Casino
There are two types of Bitcoin Casinos. The first type is those that operate exclusively in Bitcoin, meaning you can deposit, play and withdraw winnings in this cryptocurrency and play crypto games. In this type of casino, Bitcoins are used as you would use cash deposits where credit is expressed in fractions of one Bitcoin, such as 0.0003 BTC for example.
The second type is what is commonly referred to as a Hybrid casino. Hybrid Bitcoin Casinos are actually a standard casino that accepts deposits and withdrawals in Bitcoin. This type of Bitcoin casino will allow a player to deposit coins, but before you start playing, the Bitcoin is converted into fiat currency. Some, but not all Bitcoin Casinos will also allow a player to withdraw winning in Bitcoin back to an e-wallet.
The Benefits of using Bitcoin:
Anonymity: One of the best aspects of blockchain technology. Uses are kept anonymous, and this means when you carry out transactions with the casino, your personal banking information is kept private. You cannot be traced with the funds you pay either.
It is Safe: Bitcoin Payments compared to credit card payments are more secure. Bitcoin payments are direct payments between player and casino and do not use a third party.
Fewer Fees: Bitcoins can be sent straight from your wallet to that of the Casino. They do not need to charge transaction fees because the casino does not require the assistance of a third party facility for payment.
Disadvantages of using Online Bitcoin Casinos
Its value changes: The value of Bitcoin is currently very volatile. It is possible that the value is higher when you deposit then it is worth when you come to withdraw your winnings when compared to fiat currency. This aspect of cryptocurrency volatility can introduce another element of risk to your casino strategy.
Extra Steps Required: Although some players already have experience in carrying out bitcoin transactions, for many players acquiring bitcoin, to begin with, may seem like a challenge that requires a steep learning curve.
Players Can Still Use Fiat Currency at Crypto Casinos
As we have stated before, some crypto casinos operate as hybrid casinos that allow players to use cryptocurrencies and fiat currencies. We recommend joining them since such casinos tend to be safer compared to exclusive crypto casinos in general. Suppose you join a crypto casino that supports popular currencies like the Euro, Pounds, USD, AUD, or CAD in addition to reputable banking methods like Visa, MasterCard, Skrill, and PayPal. In that case, it basically means there’s nothing to worry about when it comes to payments.