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360 MAGAZINE gaming illustration by Ivory Rowen.

Bitcoin And Online Casinos

Is Bitcoin a viable payment method for online casinos?

There are many payment methods that can be used at online casinos. Bitcoin is being accepted by a growing number of online gambling sites. Bitcoin never seems to be out of the papers these days, so is it a viable payment method for use at an online casino?

The mere fact that online casinos are accepting Bitcoin as a payment method speaks volumes. It is not going to be helpful to anyone if a payment method employed by them is going to cause big problems.

These online casinos will have put a great deal of thought into whether to allow the use of Bitcoin or not. It’s not an overnight decision. A great deal of thought has been put into their decision, and the fact they allow Bitcoin’s use should be seen as a huge vote of confidence in the cryptocurrency.

One site that supports this cryptocurrency is Bitcoin Games online casino. It’s important to do some research before joining any site. Taking a good look at a Bitcoin Games review is helpful. This review gives you plenty of information about the site.

Safety is so important when it comes to online payments. There is still a fair amount of financial fraud that takes place, and of which no one wants to become a victim. Bitcoin can help in this area because of the way it operates as a currency.

Unlike with a credit or debit card, there is no central bank in play with Bitcoin. It is the person who makes the financial transaction that owns the Bitcoin being used. The amount of personal information being made available to possible fraudsters is always a worry with banks, but that’s not the case if you are using Bitcoin. The fraudsters will be upset when realizing they can’t get their hands on your currency. The customer and the online casino itself will be impressed with this situation.

Another worry is that your bank account might be frozen. If you are using a debit or credit card for your financial transactions, it will cause you major problems. However, Bitcoin avoids these issues due to that lack of a central bank.

It’s not just a central bank that is absent. Furthermore, there’s no government to deal with this currency, though the Chinese government are doing their best to warn people off its use. Online sites will be happy that there’s no government to deal with, another reason they like using Bitcoin. There’s no taxation either and transactions cannot be reversed.

There are some disadvantages with Bitcoin, but that can be said of any payment method. How many times do you hear people moaning about their bank or PayPal? The main problem with Bitcoin is how its value can be volatile. That’s common with any relatively new currency and will hopefully settle down in the future. However, that’s more of a worry for those investing with Bitcoin. Just using Bitcoin to gamble online is a much better and safer way of using it.