The mobile gaming world is constantly throwing up novel ways to deposit money at your chosen casino. Over 50% of all Bitcoin transactions are estimated to concern online gambling, which points towards a popularity for people wishing to gamble with a cryptocurrency. Why is Bitcoin chosen over all the other ways to deposit?
One of the many pros of using Bitcoin is how anonymous it can be. There is no guarantee of it, though, because some websites will ‘tumble’ the altcoins in order to scramble the ability to trace them. Keep vigilant as to which sites you trust, since your money could fall into bad sets of hands online with no way of you knowing who that person is. They are anonymous, too.
Another advantage of Bitcoin usage is that you retain your personal information. If you paid with a credit card, you would have your deposits tracked, which makes your details liable to be stolen. You may also receive unwanted marketing material through your letterbox.
No Middleman Required
When you deposit in an online casino with Bitcoin, you avoid the middleman. Since there is no authority like a bank in the new network, all you need is your wallet to send money to the casino’s wallet. Unlike with other wallets online like Paypal, no fee is taken, which is another reason to use Bitcoin.
Since the money does not pass through a third party, it renders the transaction quick and painless, meaning you can get to the virtual gambling tables far more quickly and spend a lot more money! Users may point out that services like Paypal offer buyer protection to take into account when funds go missing from your account. To counteract this, be sure to pick your favorite casino and copy its address with care before you deposit funds.
Bitcoin deposits also grant you full control over how much you choose to bet with; the currency can be exchanged in sums of up to eight decimal places, so you even play with just 0.00000001 bitcoin! Already this is more suitable than gambling over an SMS deposit, where you have to pay a fixed sum.
Other Methods of Payment
When you deposit Bitcoins, there are pros and cons. Signing up, depositing and withdrawing funds can be almost instantaneous, but it can be tough to procure Bitcoins. To that end, there are four other methods by which to pay at an online site.
Credit/ Debit Cards
As you can imagine, it is simple to pay for anything online with credit or debit card details. The only drawbacks concern the casino itself: is it a safe, secure place and therefore can it be trusted with your personal information? Though there is no need to grab any Bitcoins once you pay with a card, it may take longer to withdraw funds.
Using these circumvents the need to pay with a card when you are transferring money to an online casino, but you have that advantage when you use Bitcoin too, which is quicker and easier than using these vouchers.
E-wallets, such as Paypal, are useful because of the buyer protection a user has when transferring money through a reputable third party: Paypal or whichever e-wallet you use will take a small fee when they handle your money, with an accompanying guarantee in case it gets lost in transit. There is no such protection when you use Bitcoin, but then the money goes directly where you send it without going through that third party. And it need not be repeated how quick the transfer is. Given the choice, Bitcoins and e-wallets have much to recommend them both, but Bitcoin is quicker.
This is a very rapid way to transfer money to your online casino account with your phone still in your hand. Often, however, only so much money is allowed to be deposited as a maximum. Bitcoin is useful, therefore, if you want to put down a big deposit. Using your mobile bitcoin wallet is as excellent as paying by phone billing, while you can gamble without limits!
To conclude, Bitcoin gives you a lot of choices when you want to deposit funds at an online casino which you can access through your phone. It is quick and relatively anonymous, unlike unwieldy card payments where you have to hand over your details and personal information. Like Bitcoin, e-wallets offers a similar service: they will charge a fee in exchange for buyer protection, which will come to your assistance if your funds go missing.
Above all, however, in the fast-paced modern world, it may be useful to forgo that fee for a quicker transaction. Rake backs and house edges are sometimes far lower in bitcoin-specific casinos. Though phone deposits are possibly the simplest method if your casino does not provide this feature or you want to gamble with a high amount of bitcoins, why not take the route of cryptocurrency!