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Pros and Cons of Bitcoin Betting

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How much do you know about Bitcoin betting? It is worth finding out everything you can if you are thinking about depositing at an online casino via this virtual currency. There are two types of sites you’ll come across when thinking about using Bitcoin at online casinos. The first is a regular casino that has now added this virtual currency to its existing roster of methods. The second is a crypto casino – one based around Bitcoin and various other virtual currencies. This version won’t accept any ‘regular’ payment methods such as e-wallets or cards. There are pros and cons of tackling Bitcoin betting. We’re going to cover the main ones here.

Not all casinos welcome Bitcoin deposits

This is important to note. Many casinos that were established before Bitcoin came along have since added it as a payment method. Many are glad to do so, as it enables them to tap into another section of the audience. However, others have not yet added the currency, so you’ll need to check their banking or cashier section to get the answer. That said, you’ve also got a series of online casinos that only accept cryptocurrencies instead of going for any other deposit or withdrawal facility. No cards, no e-wallets, no prepaid methods – just cryptocurrencies.

It is sometimes easier to play at Bitcoin casinos

Easier – and safer too. Rather than sharing lots of personal info at a standard online casino, you may well find the signup process is easier. You cannot play anonymously but you can part with way less information to get up and running. The level of information required by a casino when you open an account there depends on which jurisdiction the casino operates under. It is possible to sign up to a Bitcoin casino and share nothing except the address of your Bitcoin wallet. However, some casinos do ask for identification to stay in line with laws and regulations in that region. Always check before you sign up, so you can see where you stand on this.

Low or no fees

Who wouldn’t love this feature of Bitcoin betting? When you make deposits or withdrawals at a regular casino, you might end up incurring fees. Not all methods have fees, and they can vary hugely when there are fees involved. However, the fees for Bitcoin transactions tend to be lowest of all. And you may well find there are zero fees for depositing in this manner.

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Faster withdrawals

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If you look at withdrawal times for regular card or e-wallet methods, you may well find they stretch out to several days – even a week or more. Bitcoin is different. With this virtual currency, you can fund your account in minutes. Withdrawals are fast too, often completing in mere minutes. Quite a difference when you look at how long it can take via other methods. There is plenty to think about when you want to sign up to a Bitcoin casino. Our final – and most important – point is to make sure you can confirm the genuine nature of any casino you come across online. Do some research first, especially with a Bitcoin casino, to make sure it is genuine. You can then enjoy playing there without worrying about whether withdrawals could be an issue.