Online casinos that accept Bitcoin are becoming a more common sight nowadays. People can easily find a gambling site that accepts Bitcoin. However, not all Bitcoin casinos allow full Bitcoin access. Some sites only allow for payments to be processed, which can be a bit of a problem for those who want to experience the complete Bitcoin payment system in one Bitcoin gambling site.
Learning about Bitcoin use
There are several online casinos that have taken up the banner of Bitcoin. However, some of them do not want to come fully under the Bitcoin umbrella. This can be seen in allowing Bitcoin deposits to happen, while disallowing Bitcoin withdrawals. This is a form of hedging their bets. Bitcoin deposits are easy to integrate and remove. Bitcoin cashouts are a bit more difficult.
For online casinos, this is an advantageous situation. The near-instant Bitcoin deposits make it easy for players to keep on gambling in a Bitcoin casino. Bitcoin transactions are also notoriously difficult to reverse. This means that operators can be sure that they will receive their money from the depositor. While some Bitcoin deposits may be delayed due to the number of confirmations, players are still ensured that funds transferred to the correct wallet address will be credited to the account.
Bitcoin transactions also have no transaction fees to worry about, which means that the gambling site gets the full amount of the deposit. Also, micro transactions are promoted in Bitcoin gambling.
Retaining fiat currency withdrawals is also good for gambling site operators. This is because using standard methods means that fraud can be avoided. International banking transactions often follow strict rules to keep everything legal. This is why most of such transactions take a lot of time.
Besides keeping everything legal, fiat currency transactions are also easier in terms of rewards. It would not require the operator to maintain a stash of bitcoins for payment or require them to exchange funds for more bitcoins.
Easier Bitcoin transactions
However, Bitcoin cashouts seem to be better for the consumer in the long run, which is why it is recommended that Bitcoin gamblers go for online casinos that can deliver the whole experience. There are several advantages to Bitcoin cashouts.
First, Bitcoin transactions are a lot faster. Normally, payouts take days to a week to process. This can be hard for online gamblers who just want to enjoy their winnings. The process can even be delayed if the bank finds the transaction suspicious.
In Bitcoin, the process is done in as little as a few minutes to a few hours. All that needs to be done is that a sufficient number of confirmations are passed. The more confirmations needed, the longer it takes. However, the more confirmations passed means that the transaction is more legitimate.
Second, Bitcoin cashouts cannot be reversed. Sometimes, unscrupulous operators weasel out of paying a player’s winnings by questioning the payment, and even reversing it. The Bitcoin network does not allow this to happen. Once done, the transaction is final and the winnings are safe.
Finally, Bitcoin transactions operate with none or little transaction fees. This ensures that a player gets his full reward when cashing out. With normal transaction fees set at three to five percent, having to deal with none is a great advantage.
Bitcoin gamblers are better off in casinos that deliver the full Bitcoin experience. This ensures that they get the maximum advantage from using Bitcoin.
Take Americas Cardroom for example. This Bitcoin poker site initially catered to fiat players only, but it soon added Bitcoin deposits. Bitcoin withdrawals followed suit, making this poker room one of the popular names in Bitcoin gambling that offer the complete Bitcoin banking system of both deposits and withdrawals.