If you do fancy playing casino games online, then you may be considering using Bitcoin as your chosen payment method. If you have not yet started using that digital currency you could be tempted to do so due to the huge bonuses that are available at most Bitcoin accepting casinos.
However, there are many different pros and cons of doing so, and as such today I shall take a look at each of them, so you can judge for yourself whether Bitcoin is a suitable alternative deposit and withdrawal payment method.
You are first going to have to get a digital currency wallet as that is how you will be storing your Bitcoin, but that is a simple and hassle free process and you won’t have to pay anything to get one.
Next comes the difficult part, you will need to find a digital currency exchange at which to buy any unit of Bitcoin, the price of Bitcoin however is very, very volatile at the moment so you may need some deep pockets to get some!
You will also need to factor into the spot price you pay for Bitcoin the additional fees and charges all digital currency exchanges will impose on you, and those fees and charges could be very high depending on which exchange you use, the method of payment you use to pay or your order and just how much Bitcoin you decide to purchase.
Many people are currently buying Bitcoin as an investment, and not actually for its intended use, that being as an alternative currency that you can use to buy goods and pay for services quickly and easily, often completely anonymously.
Once you have a Bitcoin wallet and funded it with Bitcoin then you will need to choose just what type of casino site you wish to play at.
Some will allow you to deposit and then play using Bitcoin, and some will have their own exchange rate for their casino credits when you deposit set unit of Bitcoin.
The majority of casinos however will let you use a fiat currency as the one you have your casino account set to, but you can then make deposits in that fiat currency but by using Bitcoin as your chosen deposit method, and the banking interface will do the currency conversion for you.
Bonuses as mentioned will be available to you when you deposit using Bitcoin, and you will also be earning comp points at most casino sites too, so you will always be getting rewarded for your real money action.
The best aspect about using Bitcoin though as your chosen banking potion is that you are going to benefit from instant payouts at some casino sites, so as soon as you request a payout back to your Bitcoin wallet some casinos can and will process them instantly.
So please do weigh up the pros and cons of using Bitcoin as your chosen payment option, and keep in mind you could also benefit from any holdings you have of that digital currency if the price sky rockets, which it has done every now and then!