An Introduction to Bitcoin Casinos
2020 has not been a good year for anything. Almost every nation’s economy is in a chaotic state, and even the foremost financial institutions of the world are reeling under fiscal pressure. Amid the pandemic, the favorable rise in the price of Bitcoin has been the solitary ray of hope. The cryptocurrency, Bitcoin, has risen above the chaotic pandemic and is now one of the most profitable investment assets.
There have been sharp peaks and drops in the price of Bitcoin, but overall, it has proven itself to be a stable and secure financial asset throughout the pandemic. One of the factors that boosted the tradability of Bitcoin is the use of Bitcoin at Bitcoin casinos. Bitcoin casinos offer players the opportunity to participate in gambling and sports betting by making payments through Bitcoin. Bitcoin gambling is one of the most popular forms of entertainment today. If you are interested in Bitcoin gambling and betting, read on to gain in-depth payment-related information about the same.
Payment Speed in Online Bitcoin Casinos
Bitcoin casinos are equipped with a fast transaction processing system as Bitcoin is decentralized and powered by the advanced Blockchain technology. Most Bitcoin casinos are subject to the regulations of the Curacao eGaming Commission that do not require KYC compliance. The casinos do not ask for identity proof documents from the customers either and therefore process withdrawals quickly. The transaction processing system is highly secure, and every transaction is recorded in a public distributed ledger. The security and high speed of payment make Bitcoin casinos popular among one and all.
Payment System in Traditional Casinos
Casinos that operate with traditional payment methods are not quick and secure when making payments for gambling and betting online. The two reasons behind the delay include compulsory KYC document submission for every transaction and withholding of withdrawal amounts in a move to compel the players to cancel the transaction. Overall, the transaction processing system of traditional casinos is neither transparent nor fast. Even though KYC rules help prevent money laundering and fraud yet, it reduces the payment speed to a great extent.
What makes online Bitcoin casinos even more popular is the nominal rate of the transaction fee, maintenance of anonymity of the players, minimal risks of fraudulence and money laundering scams, and the overall convenience of use. Most traditional casinos impose an exorbitant transaction fee for converting one fiat currency to another and for the withdrawal of amounts in different banking modes. Generally, the Bitcoin casinos charge a transaction fee of at least 1% and at most 2-3% for every transaction, which is low and affordable for everyone.
How Long does it Take?
Bitcoin casinos take only a few minutes to process the transaction and credit the withdrawn amount to the registered player’s account. The transaction processing systems of the Bitcoin casinos process the Bitcoin deposits and withdrawals almost in an instant. Gamblers and bettors love to make the most of the high payout speed while playing at the casino.
Some Bitcoin casinos set a withdrawal limit at 10 BTC or 2 BTC to prevent money laundering and fraud. Despite the withdrawal limit, the payout speed is still pretty high and almost instant too. After the withdrawal process initiation, the amount gets credited to the wallet of the registered player within a few hours or so.
Are Bitcoin Casinos Available Everywhere?
Unfortunately, Bitcoin casinos are not accessible everywhere across the world. Even in developed nations like the UK and the US, Bitcoin casinos are yet to be made accessible online. The casino regulators of most of the countries of Europe have not enacted any laws yet for the regulation of online Bitcoin casinos. The regulators are not worried about the security of Bitcoin as a currency but are concerned with the effective implementation of KYC protocol in Bitcoin casinos.
The gambling authority of Curacao is very lenient when it comes to the implementation of regulations for online Bitcoin Casinos. The authority does away with the need for KYC regulations, thereby helping the player maintain complete anonymity while gambling at the Bitcoin casinos. Most of the online Bitcoin casinos are in Scandinavia, Australia, New Zealand, and Canada. However, over time, new laws shall be made, and regulated online Bitcoin casinos will be made accessible in every country.
With the traditional transaction processing system getting replaced by fast Bitcoin payment systems, it is no longer a hassle to gamble and withdraw. The players no longer have to wait for weeks to receive the withdrawal amount as Bitcoin payments are processed instantly and at most within 24 hours.
The high speed of payout makes Bitcoin casinos rise in popularity among all. Players love nothing better than to keep gambling and bet on the go with quick deposits and fast withdrawals through Bitcoin. Even gambling at online Bitcoin casinos has a few drawbacks, the optimal security and swiftness of transactions make Bitcoin casinos popular among gamblers. Therefore, go through the best bitcoin casino list to choose one among them, so that you will not face any issues while playing.