Bitcoin as an Online Casino Payment Method: Pros & Cons

Bitcoin is the most popular crypto online casino payment method nowadays, taking up over 76.2% of the crypto market, according to a 2024 crypto gaming trends report by SOFTSWISS. As a result of this trend in the last decade, more online casinos have started to accept Bitcoin, and the number of operators is steadily increasing.

However, Bitcoin transactions are a unique way of making casino payments, and therefore, BTC might not be for everyone. In this guide, we will go over the advantages and disadvantages of using BTC at casino sites and underline which types of casino players can benefit most from using it.

Pros of Using Bitcoin for Online Casino Payments

Anonymity

To open a bank account, you need to provide all sorts of personal information – ID number, home address, etc. When you start depositing and withdrawing at an online casino, you also share your bank account alongside your private info.

Although BTC transactions are public on the blockchain, your personal info is not tied to your BTC address. BTC online casinos usually don’t require you to link your personal information to your account.

Digital breadcrumbs are also minimised when using Bitcoin as opposed to other payment methods. Because Bitcoin works on a decentralised network and isn’t controlled by any authority, it is considerably harder to track your activity back to you. Neither casinos nor regulatory bodies can have an overview of it as long as you use proper safety and security measures and good-quality crypto wallets.

Security

Talking of security, although not 100% foolproof, BTC is considerably safer than traditional casino banking methods. Hackers are virtually incapable of manipulating the transactions on the blockchain due to the high levels of protection and decentralisation. Another aspect that strengthens this is complete control over your wallet, as you only have private keys and can access the account.

It only requires you to take care of your keys and your wallet and the chances of them being compromised are minimal. Traditional payment methods also sometimes have chargebacks, which are often associated with scams. Once a transaction with BTC is confirmed, it cannot be reversed, making this a highlighted pro of this banking method.

Fees

Most traditional payment methods have deposit and withdrawal fees, which can be substantial, especially for budget and casual players. In addition to this, credit cards, bank transfers, and e-wallets have third-party involvement (an intermediary), and the intermediary even charges fees. When added up, the fees can be quite substantial.

Contrary to that, BTC, as we mentioned above, works on a decentralised network, and there is no intermediary involved; thus, there are no intermediary fees. Although there might be some transaction fees, they are varied and depend on the current network demand.

On average, the fees are significantly lower than those of traditional financial institutions. In most cases, you won’t even notice these costs. However, the most significant advantage of BTC withdrawals at casinos is that casino operators don’t add any fees. Some casinos tend to have high withdrawal fees, which isn’t the case for BTC, as many crypto online casinos have no withdrawal fees.

Lastly, we should talk about exchange. When you live in a certain country and play at an international casino, you will need to exchange to the casino’s currency (GBP, EUR, NZD, USD, AUD, etc). However, Bitcoin is an international currency and depositing or withdrawing will not be subject to exchange fees.

Transaction Speed

When discussing exchange, we should also mention that exchanging currencies can also take some time (a few hours or 1-2 business days), adding to the process of withdrawals. With BTC not needing any currency exchange, these casino transactions are smooth and speedy.

In fact, Bitcoin deposits and withdrawals are often instant or near-instant at most crypto online casinos. Traditional banking methods for online casino withdrawals can take up to 48 hours for e-wallets and up to 7 or more business days for bank wire transfers.

Global Availability

BTC is an international currency used throughout the world. As such, everyone in the casino uses the same financial language. This makes it more convenient for many players as they aren’t affected by the need to do mental math and do currency conversions for claiming bonuses and calculating their winnings in their own currency. In addition, many countries worldwide don’t have access to some of the traditional banking methods such as PayPal, Skrill, etc. Conversely, players who use Bitcoin needn’t worry about such payment restrictions.

Cons of Using Bitcoin for Online Casino Payments

Volatility

BTC’s value depends on the market, and its value might change. In other words, Bitcoin is a highly volatile currency. If you’ve deposited a lot of BTC in a casino, you might find yourself in a situation where you are winning online, but you are actually losing the value of your money. However, the value might also increase, allowing you to make a profit even if you are on a bad luck streak.

Irreversibility

While this is a pro in terms of the lack of an option for a chargeback, it can also be a downside because there is no way to undo a wrongly sent deposit or payment. As long as you are careful when sending BTC and double-check everything before you do so, you should be safe from this. We recommend you use QR codes whenever possible to avoid the risks of making a mistake. Remember – if you miss one letter or number in the address, the money is gone for god.

Casino Options

Although the number is increasing, not many casinos offer crypto payments. For example, the number of casinos with traditional banking methods is much higher than that of crypto-friendly operators. However, we don’t take this as a serious drawback. The more significant number of casinos with traditional banking options can be a double-edged sword as it can lead to an inability to choose a site. We offer a list of reputable BTC online casinos, so selecting any one of those is a sure bet for safe and diverse gameplay.

Who is BTC Casino Banking For?

Bitcoin online casinos are taking over the gambling world slowly but surely. We think that anyone who prefers a higher level of security and anonymity should have these sites as a top choice. BTC casinos online are proven safe, and many have a good-standing reputation for more than 5 years. With proper precautions, all drawbacks are minuscule, and the advantages outweigh the disadvantages.