How do you recognise an absolutely convincing online casino? The means of payment factor plays a major role. What seems unspectacular at first glance is immensely important: the number of payment methods increases the size of the group of potential customers. One online means of payment that is becoming increasingly popular is bitcoin. The following guide shows what the crypto currency is and what the customer must pay attention to. We also list the best online bitcoin casinos!
Bitcoins and online casinos - how does it work?
In the previous section it was mentioned that bitcoins require special software on the user's computer as well as acceptance by the other side, the online casino. Because if the bitcoins are not accepted here as means of payment, the user cannot use them either. The payment transaction itself is not significantly different from that with other currencies. Usually, most online casinos rely on traditional payment methods such as digital wallets, credit cards or several forms of bank transfer.
Once the player has found a casino that offers Bitcoin payments, the next steps are very simple. The following list shows what these look like:
Step-by-Step Guide: Payment with Bitcoins in Online Casinos
- Open the customer account and click on the payment area
- Select Bitcoins as payment method
- Request Transaction
- Specify individual bitcoin address
If you follow these steps, you can easily deposit online with the crypto currency. Bitcoin Casinos in German also exists in the meantime, so that not only English-speaking customers get their money's worth here. This was different until a few months ago.
What are the advantages and disadvantages of Bitcoins?
Bitcoins have advantages, but of course also disadvantages. The advantage is that it is a currency that is independent of the economic development of other currencies. Should Euro, Dollar and Co lose value, the Bitcoin remains unaffected.
Bitcoins is also very easy to use. All the user needs is the appropriate software on the computer and a remote station that accepts Bitcoins. A further advantage of Bitcoins is the relatively low fees that the user has to pay.
If you are concerned about legality: Bitcoins is a legal online currency with which the user can pay without banks intervening.
Of course, where there are advantages, there are also some disadvantages. One point has already been raised here: acceptance. Bitcoins are still in their infancy, so there are not too many merchants or online casinos that accept Bitcoins as a valid payment method. Supporters of this currency are sometimes forced to look for suitable traders.
Nevertheless, there is a positive trend here. However, we are still a long way from being able to call Bitcoins an area-wide payment method. Another disadvantage is the sometimes fluctuating share price. Bitcoins can gain or lose value within a short time. There are also exchange rate fluctuations for other currencies, but in most cases these are less significant.
The issue of security could be a disadvantage, but it is not due to Bitcoins as such. The Bitcoins are stored in a digital wallet. The user should therefore ensure that his computer is free of viruses or fraudulent phishing software, otherwise the valuable coins can be stolen. It is therefore advisable to increase the safety of your system.
The advantages of Bitcoins:
- Without the intermediary of banks
- Independent of exchange rate developments of other currencies
- Low fees
The disadvantages of Bitcoins:
- No nationwide offer
- Occasionally strong price fluctuations
- High demands on the security of your own computer
How to recognize Bitcoin Casinos?
This question is easy to answer. Some casinos even advertise quite aggressively with their acceptance of bitcoins, so that the customer should have no problems recognizing them. Acceptance can also be derived from the name of the online casino. For example, there is Bitstarz. But even if there are apparently no clues at first, a look at the payment methods listed in a casino is worthwhile. If bitcoins are accepted, they appear between PayPal, Visa and Co. by name.
Here you can find bitcoin casinos: