Bitcoin (BTC) is the world’s most popular cryptocurrency, which is why it’s no surprise that it’s the most commonly used crypto for deposits and withdrawals at online casinos. If a casino accepts cryptos, it’s almost certain that this deposit method is on its list of available banking options.
It’s been like that for years, as BTC is the oldest crypto in history, having been around since 2009. Over the years, its price has fluctuated a lot, going to nearly $70,000 at one point and sparking a sort of crypto craze.
The result of this is that Bitcoin is the No. 1 crypto by market capitalization, as well as the digital currency with the largest number of users. Knowing this, it’s clear why literally hundreds of online gambling sites have decided to keep BTC as one of their deposit/withdrawal methods.
Bitcoin VS Visa Credit Card for Online Casinos
Bitcoin
- Offers anonymity and privacy with transactions.
- Typically faster processing times compared to traditional banking methods.
- Subject to price volatility which can affect deposit value.
Visa Credit Card
- Widely accepted at most online casinos.
- Regulated and offers consumer protection against unauthorized transactions.
- May involve fees and longer processing times for withdrawals.
Choosing between these two banking options depends on your preferences for privacy, transaction speed, and regulatory compliance in online gambling.
Bitcoin’s availability is just one on a long list of reasons why you might want to consider using this method for payments. Another reason is that BTC payments are more private than transactions made with other methods.
If you’re making a Bitcoin payment to/from your online casino, it’s only you and the casino’s finance staff will know about it. With some other banking options, third parties must be involved – they’re the ones to carry out the transaction. Know that Bitcoin transactions themselves are secure due to blockchain technology. However, the safety of your funds depends on the reputation and security measures of the casino you're using. Always use reputable, licensed Bitcoin casinos to ensure the safety of your deposits.
Another important thing to keep in mind is that this banking option can be used both for deposits and withdrawals. This often isn’t the case with some other methods, like bank cards, for example.
While most gambling sites will let you deposit funds using a credit/debit card, you might not be able to use the same option for withdrawal. Or you might be required to go through a long and thorough verification process, not to mention that withdrawals may come with a commission.
With Bitcoin payments, processing fees aren’t usually charged. Most gambling sites process BTC deposits straight away. When it comes to this deposit method withdrawal times, depend on the casino’s payout policy, but it’s safe to say that they usually take between a few minutes and a few hours to clear.
Here you can find another deposit method that might be more suitable for you like eCheck as a banking option.