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Bitcoin For Online Casinos: The New Payment Innovation?

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You probably have heard of Bitcoin. From an unnoticed digital currency a few decades ago, many no consider Bitcoin to be the gold of the digital age. You can use it anywhere and everywhere–to buy, to sell, to invest, and even to bank on.

Another use of Bitcoin is as a new form of payment method in most bookmakers and betting apps and sites, such as the official Bovada app for Android. More and more bookies and sites are starting to embrace Bitcoin as a preferred payment method, and here are the reasons why.

It is anonymous and private

Like it or not, there will always be people who value their privacy to the next level and take extreme care of their personal information., this is the reason why there are people who are very keen on giving out their personal and banking information online, even though the site they will be providing it to is secured and encrypted. For some of these people, they believe that the internet is always out to steal their precious personal information.

When you sign up for an account in most of the popular e-money wallets right now, part of the verification process is what is called as the KYC or the “know your customer” process. This involves the customer submitting proof of identity to the site such as a valid ID or a sometimes, even a proof of address such as a utility bill.

If you are using Bitcoin, you are never under any obligation to provide personal information. Just sign-up for a wallet and you are good to go–it can be as simple as that.

These are the reasons why the use of cryptocurrencies like Bitcoin is perfect for people who hold high regard for their privacy and keeping their personal information intact and safe. You can use Bitcoin to its fullest extent without the need to divulge your personal info.

It is easy and convenient

Setting up a Bitcoin wallet account is easy and can actually be done in just a few minutes. As long as you have a working email and a phone number (sometimes juts one of these two!), you are good to go. There is usually no long waiting time, no processing time, and no validation period. Sign up, and you are good to start buying using Bitcoin.

Another one that makes Bitcoin a better option for a lot of people is the speed of withdrawal. For other payment methods, withdrawal can take from several hours up to several business days–and if you need the money or if you badly want the money, that is not something that you can afford to wait for. Luckily, transfers of Bitcoin can take instantly to sometimes just a few minutes at the worst.

The catch

Of course, while Bitcoin offers a lot of benefits and improvements as compared to other payment methods, it does come with disadvantages and imperfections, too.

For example, you cannot make a mistake in sending a Bitcoin to another user or receiving one from another. Did you notice that Bitcoin wallet addresses are long and seemingly random letters and numbers? That can be tricky to remember, but you should pay extra attention when typing in the wallet address! If the wallet address is wrong, it can either go to a wrong recipient if there is an existing address like that. If there is no existing address, the Bitcoin sent would just be lost forever and is unrecoverable.

This is where other payment methods have theedge over Bitcoin. If there is a suspicious transaction or a transaction that needs to be reversed or refunded, it is possible to do so. All you need is proper evidence or documentation for the claim. However, for Bitcoin, it is just virtually impossible to recover any amount that was sent to a non-existing wallet. You can consider that to be lost in space already, in a way.

Raj Hirvate
Hi, I'm Raj Hirvate and I am a Tech Blogger from India. I like to post about technology and product reviews to the readers of my blog. Apart from blogging i'm a big Anime fan I Love Watching Naruto, One piece and Death Note.

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