Online payment has become an integral part of our consumer society nowadays and in recent years a new way of payment has made its appearance: bitcoin. Bitcoin is a cryptocurrency that has been around since 2009. It is used for online payment of goods or services where it is not necessary for third parties to intervene. In the online casino, it is now increasingly possible to pay with bitcoin. Is that ideal, or are there snags online gambling with bitcoins?
Bitcoins in the online casino: the benefits
Many people see bitcoins as one of the most secure online payment methods. You can therefore pay very easily and quickly while remaining anonymous at the same time. No copies of your ID are required and it is not visible who pays for a good or service. Ideal for many online gamblers. Moreover, with bitcoins you never have to wait long for your payout, because that is immediately. Transaction costs? Nothing to do with bitcoins. As a result, online casinos have much lower costs than usual and you will eventually see that in the house advantage: that will become smaller and smaller. A pleasant side effect.
Playing with bitcoins in an online casino: the disadvantages
However, there are also a number of disadvantages to be noted when playing with bitcoins. Most online casinos where you can pay with bitcoins are also specially designed for that way of gambling. This means that they don’t have nearly as much experience as other online casinos and they often lack important licenses. So it’s risky to start gambling! In the Netherlands, there are no bitcoin casinos anyway. The Dutch Gambling Act states that every casino must try to check that no black money is being laundered; otherwise they will not be licensed. Is the Netherlands too strict about this or are the other countries too flexible?
Opt for a detour
Do you still want to gamble with bitcoins at an online casino? Then first exchange the value of your bitcoins for euros via a special service where you can buy and sell bitcoins via iDEAL and then choose a reliable online casino to play. It is also possible to cash out converted bitcoins directly into your Neteller or Skrill account. With that you pay at the online casino of your choice.
Gambling with bitcoins: in our opinion it is still a bit of an uncertain option. In any case, handle it wisely so that you do not fall prey to shady practices.