How do Bitcoin Bonuses Work?

How do Bitcoin Bonuses Work?

Lots of players are unreasonably frightful of Bitcoin and prefer to use the cold hard cash for gambling, also opting for fiat currency when it comes to gambling online. In this article we’ll explore the topic of Bitcoin casino bonuses and explain what are the pros and cons of using Bitcoin for gambling.

Bitcoin vs fiat

First and foremost, Bitcoin has a big advantage over fiat currencies (dollar, euro, pound etc.) once you set it up, as the transactions are really fast (15 minutes), cost almost nothing, and the transactions themselves are anyonymous to a great degree.

The biggest downside of Bitcoin is that the market of exchanging Bitcoin to fiat and vice versa is scattered with companies that are taking huge exchange and processing fees. It gets worse if you want to buy Bitcoin with a specific payment method, such as PayPal or Skrill, and that’s when the exchange rates become even more unfavourable.

This problem can be diminished by proper planning and by always using a bank account to buy and sell Bitcoin. Using other payment methods will draw higher fees and unfavourable exchange rates, and, for example, it’s not even possible to buy Bitcoin with a credit card because the chargeback mechanics would be open to abuse.

Are Bitcoin bonuses better?

But, once you get past all this trouble and find a Bitcoin exchange that is willing to buy and sell Bitcoin to you with a minimal fee and an almost honest exchange rate, you’ll find yourself in wonderland.

There are so many Bitcoin casino bonuses to choose from, and from our experience, they’re always much richer than fiat currency bonuses. It has become something of a standard to offer at least a 1 BTC bonus.

Since the BTC price fluctuates and it was $20,000 at one point, the actual fiat cash value of the BTC bonus also fluctuates over time. Clever investors see this as another opportunity, since you can benefit from the Bitcoin price rise as well as from the bonus and from the casino winnings!

What about the casino conversion to dollars?

Many casinos do something confusing but necessary. When you deposit BTC to your casino player account, it will be instantly converted into USD or another fiat currency. So you’ll be actually playing in dollars, not Bitcoin. But when you request a withdrawal, your USD amount will be converted to BTC and sent to your Bitcoin address.

This is all but necessary since most slot games (and other casino games) are set up to use fiat currency. For example, one of the usual bet values per slot game spin is $0.20. It would be very difficult to show this number in BTC, and it would get even harder and more confusing as the BTC value fluctuates. At the time of writing this article, $0.20 is 0.000027 BTC or 2700 Satoshi.

True Bitcoin casinos do exist, but most convert deposits to fiat to circumvent the huge technological change that would be required to make casino games, slots in particular, playable directly with Bitcoin.

What is Bitcoin good for?

The biggest advantage of Bitcoin is that it does go through. Players in USA and Australia certainly know how to appreciate that, since their hands are commonly tied when it comes to using traditional payment methods to make a deposit to an offshore online casino. Americans are particularly hurt by this and Bitcoin is a solution.

Bitcoin is a fast and extremely reliable payment method with minimal fees (though you will need to convert back to fiat for any practical use), and by using it you get access to excellent casino bonuses. When all is said and done, yes, you should be using Bitcoin for gambling. It takes a bit of effort to set it up, but once you do, things will be much easier than they were with fiat.

 

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