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Bitcoin & Other Cryptocurrencies In The Online Gambling Industry

Why USA Players Like Using Bitcoin

Online betting is becoming ever more popular in the USA, but many players feel wary about entering banking/credit card details online. A leading alternative is to use cryptocurrency, as we explain below.

Rising Availability of Cryptocurrencies at Online Casinos

Bitcoin has not always been widely accepted, though. A few years ago Bitcoin casinos were unusual and other cryptocurrencies were only rarely supported. So, why has the situation changed? The answer is twofold.

The USA has traditionally been much less interested in engaging with online betting than other countries, but this has started to change, with betting both in the real and online worlds opening up gradually, state by state. While there are still some hold-outs, most notably Utah and Hawaii, these are the exception rather than the rule. More online betting has fostered more interest in US-friendly banking methods, such as Bitcoin.

The other aspect of cryptocurrency is that it is proving increasingly popular in everyday life, to such an extent that it may even sit comfortably alongside fiat currency. This naturally increases the user base of Bitcoin, Litecoin, and other forms of cryptocurrency and make it more worthwhile for online casinos to support, increasing the accessibility at such betting establishments.

Advantages of Bitcoin and Other Cryptocurrencies

Bitcoin and similar systems are also well-liked by players because they have a significant number of practical advantages over alternative methods of personal finance. First and foremost, they can be used to both deposit and withdraw money from online casinos, whereas some methods are either deposit only or withdrawal only. This means you only need a single method to handle your online cash affairs rather than requiring multiple ways to transfer money.

And if Bitcoin is up your street then be sure to check out this recently updated list of USA no deposit casino sites which offer the best chance to enjoy a great start to a new site. No deposit bonus promos entail no risk (because there is no deposit) but still present a chance to win real cash, making them a smart way to bet as well as an ideal method for testing out a new casino and seeing if you like it.

Another great selling point is that deposits and withdrawals are more rapid with cryptocurrency than with any other system (a few might be as quick, but nothing is faster) with both transfers capable of being completed more or less instantly, subject to casino processing. Many other methods come with a couple of days of waiting for withdrawals to show up, and the slowest (bank wires and checks) can take weeks to come in.

Geographical Restrictions

It’s important for online casinos to have a whole host of means to both deposit and withdraw cash because there are often geographical limitations on where any method can be used (these might be due to national laws or the policies of the method itself, such as Interac being Canadian only).

US online casinos tend not to be able to support e-wallets such as PayPal, which removes a significant slice of popular banking options from the majority of betting sites that take on online casino players from the USA. Bitcoin, and other cryptocurrencies such as Dogecoin and Litecoin, avoid this problem and are one of the most frequently available banking methods for players from the USA, behind only Visa and Mastercard. As such, players who are into cryptocurrencies are very likely, especially with the leading light of Bitcoin, to be able to use it at their preferred casino.

Comparison With Credit/Debit Cards

Another widely available US-friendly option for casino banking is credit and debit cards, but in pretty much every area cryptocurrency is superior.

Security is one more big pro of Bitcoin and other cryptocurrencies, as neither banking nor credit card details need to be entered, and it’s among the most secure depositing/withdrawal methods available today.

On top of that, casino fees vary from one establishment to another but cryptocurrency is far less likely to incur them than other methods, including the likes of Visa and Mastercard. Withdrawals from debit and credit cards tend to take around 3-5 working days, which is one more area in which Bitcoin is better.

Bitcoin-Specific Casinos

Some casinos even go so far as to be Bitcoin-specific and focus entirely on this cryptocurrency (due to the lower associated processing fees for the casino when it comes to handling online transactions). These casinos often come with particularly significant welcome bonuses to encourage players to sign up.

More common is Bitcoin-specific match deposit bonuses which can be available at ordinary online casinos. It’s not uncommon for sites to subtly encourage players to avoid debit and credit cards by making match deposit promotions only apply to certain banking methods, with cryptocurrency being one such example.

Drawbacks

While Bitcoin is generally a great online casino banking method, nothing is perfect and there are always some associated drawbacks. For cryptocurrency, this would be that it’s still not quite as widely supported as either debit and credit cards or, internationally, e-wallets or pre-paid option Paysafecard.

If environmental concerns are close to your heart then it may be a concern to know that mining Bitcoin comes with a pretty hefty carbon footprint attached. As always with such things, one person changing behavior makes little difference, but if lots of individuals make a change, that can amount to more.

In addition, while Bitcoin is capable of shifting money both into and out of online casinos there are some sites that only accept it for deposits. And one major difference with every other type of banking system (which operate using fiat currencies like USD) is that cryptocurrency is inherently more volatile. This does usually involve an upward trend but the exchange rate can go down as well as up.

Cryptocurrencies, chiefly Bitcoin, and increasingly the go-to means of personal finance for players from the USA. Between increasing accessibility and numerous advantages, it’s not hard to see why Bitcoin is booming in the online betting world.

 

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