A Look at the Benefits of Using BitcoinsPublished on May 17th, 2016 3:29 am EST
Some of the biggest online casinos in the world have decided over the past few months to start accepting Bitcoin as a deposit and withdrawal offer.
I'm not going to go over what Bitcoin is in this article - this is for you and Google to figure out, as it is a bit beyond the scope of this article. What I will tell you, however, is that the cryptocurrency has a big place in the online casino landscape, thanks to its ease of use and inexpensiveness.
Processing credit card payments is an expensive endeavor for many online casinos. It is not cheap and the reason why numerous online casinos will charge you a percentage of your withdrawal when you decide to take money out of a site.
Bitcoin, however, changes that, as the deposit and withdrawal process is fluid, simple and does not require a middle man.
Instead of having to change a credit card and then waiting for a bank to release the funds (and change a hefty fee while they are at it), Bitcoins allow for the instantaneous transfer of funds from the customer to the online casino.
In addition, the nature of the cryptocurrency means that there is no worry about fraud or chargebacks or any of that nonsense. A person can't suddenly decide to "charge back" a Bitcoin transfer - once it is transfered, that's it - the transaction is done. With a credit card, however, a disgruntled customer could decide to charge back a deposit, which results in losses for the online casino and increased fees for customers.
On top of all of that, online casinos can process Bitcoin withdrawals immediately and the money will be almost instantaneously in your Bitcoin wallet. There is no waiting for cheques to arrive in the mail - as soon as the online casino processes your request, the Bitcoin will immediately be in your wallet. This is the biggest benefit of Bitcoin.
It's fantastic to see online casinos embracing Bitcoins, as it will lower costs for everyone, from the customer to the online casino themselves. In that regard, everybody wins.