Bitcoin has been deemed illegal by many countries. The rise of this cryptocurrency has led to grave fears about the way it is used. In bypassing traditional banking laws, Bitcoin is designed to prevent digital footprints from being left, and grant anonymity.
However, here are a few reasons why Bitcoins are inherently unsafe and why you should seriously give consideration before using this cryptocurrency at an online casino.
Disadvantages of Depositing with Bitcoin
While Bitcoins may seem like a godsend, for some people, they aren’t necessarily what they are cracked up to be. Below are a few reasons why you should treat Bitcoin with caution:
Lack of Anonymity
While Bitcoin tries to disguise your identity, it doesn’t prevent your crypto wallet from being exposed. Governments therefore can subpoena information, and as ledgers are public, it is easy to find out how much money you spent, and where you spent it. This is far from ideal if you enjoy lengthy playing sessions at an online casino.
Bitcoin can be a highly volatile currency, so you should always keep an eye on the exchange rate as it can move very quickly. As there is no regulatory body, and as it is a 24/7 market, Bitcoin can soar and plunge.
Therefore, if you are playing at an online casino, you are using it at your peril, so you shouldn’t deposit huge amounts into your playing account.
More Security Checks
As Bitcoins pose a significantly greater threat, security checks are more likely to take much longer than traditional payment methods. Online casinos are more likely to approve deposits and withdrawals much quicker for credit and debit cards, while Bitcoins are more suspicious, and therefore they are subject to more scrutiny.
Not Widely Accepted
There is a grave level of danger with using Bitcoin, and unsurprisingly, few online casinos accept it. Indeed, many prefer for players to use debit or credit cards or even bank transfers, as it is easier to trace payments using these methods.
More worryingly, Bitcoin users can be suspect of phishing attacks online, and their personal data can be compromised.
Do Casinos Accept Bitcoin?
Few casinos accept Bitcoin. However, those that do accept it will have to be able to prove that they are fully licensed and regulated, and pass a stringent set of security measures. Online casinos must protect their players, and so they will have to be thorough in checking out the details of their customers.
Bitcoin Casinos – A Summary
While online casinos have diversified and provided more payment options for players, Bitcoin should still be treated with scepticism.
If you want to use casino payment methods, then you should check out the options mentioned, although be wary that deposit fees may be incurred. However, using the above payment methods are tried and tested, and you will be given peace of mind that your financial data won’t be compromised or shared with third parties.