3 Dec

Ease of Depositing at Crypto Casinos

Why deposits and withdrawals are so much easier at Bitcoin casino sites.

Why Deposits and Withdrawals are So Much Easier at Bitcoin Casino SitesIf you’re reading this now, you probably heard that Bitcoin casinos are way easier to deposit and withdrawal funds from. It’s a well known fact. The open-source technology cuts out the middle-man. No credit card companies to reject your payments. No added fees when transferring your winnings to an eWallet or bank account. And that’s just the tip of the iceberg.

Why Payments are Easier at Bitcoin Casino Sites

If you’ve spent any time playing real money casino games over the internet the old fashioned way – with fiat money – you’ve probably suffered a few headaches along the way. Here’s a list of the most common complaints, and how the transition to crypto payments resolves them.

1. Credit/Debit Card Rejection

Canadian iGamers are often met with rejection when attempting to deposit at an online gambling site with a credit or debit card. It’s not because online casinos are illegal. Canadians have been gambling legally online for years. The problem is that so many card-issuing financial institutions are located in the United States, in jurisdictions where online gambling is still prohibited. To protect themselves, these companies disallow all gambling-related transactions, even those originating from a legal iGaming jurisdiction like Canada.

Solution: Bitcoin deposits don’t go through a third-party.

Your crypto deposits will never be rejected by a third-party, because there is no third-party to reject them. Bitcoins (and other altcoins) are sent directly from one digital wallet to another. There is no need for any intermediary service to monitor, record or secure the transaction. It’s all done via open-source, algorithmically verified, and digitally recorded on a blockchain.

2. Identity Theft / Bank Fraud

At a traditional casino, you’ll need to provide a plethora of information about yourself. In order to conform with jurisdictional regulations, operators have to follow KYC protocol (a.k.a. know your customer). this means you’ll have to provide your full name, physical address, date of birth, banking info, and copies of documents proving every bit of it. An upright casino will be responsible with this information, but there’s only so much they can do to ensure its security. If the servers are hacked or the transmission is intercepted, you are left exposed. If your computer or device is compromised, a malicious keylogger could be stealing every bit of info you type; not just your identity, but your logins and passwords. The next thing you know, someone is charging scuba gear and plane tickets to Costa Rica on your credit card! (I didn’t make that up, btw. It happened to me in 2013.)

Solution: Bitcoin casinos are completely anonymous.

If you don’t put your information out there, what’s to steal? Bitcoin exclusive casinos are completely anonymous. When you join, you won’t be asked for any personal information. No names, no addresses, no identifying marks. Your “account” is nothing more than a private crypto Wallet ID. When you send crypto from your own wallet to this casino wallet, you’re making an untraceable deposit. The blockchain knows coins went from one wallet ID to another – that is all. Simply put, if you don’t put your information out there, no one can steal your identity.

3. Charges and Fees to Withdrawal

Most online casino deposits have always been free. Years ago, cash transfers like Western Union and Money Gram were an option, and they could get pricey, but no one does that anymore. Deposits are free, and almost always instant. The same can’t be said of withdrawals.

In order to get your money out of a traditional online casino, you may have to give up a small portion of it. Transfer money to your bank, and the bank will take a cut. Use an online payment processor like PayPal, and a percentage of your winnings becomes theirs. Some payment methods are free, like a check in the mail, but they take a lot longer.

Solution: Bitcoin casino withdrawals are free and clear.

The cost of transferring Bitcoin is driven by what’s known as “free market forces”. This means the company you’re sending crypto to, or extracting it from, can set the price for doing so. Crypto exchanges are famous for designating some rather exorbitant fees. Bitcoin casinos do not. They rely on the odds of their games to make money, so your deposits and withdrawals are free.

4. It Takes Forever to Get a Cash Out

Fiat money online casinos are notorious for taking their sweet little time about processing withdrawal requests. Most will flat out tell you it takes them “24-48 hours” just to begin processing your payment. Not because they have to, but because they can. Once they finally begin processing the payment, you have to wait some more – however long it takes your chosen cash out method to complete the request. That could be anywhere from 1 hour to as much as 2 weeks!

Solution: Bitcoin cash outs are so much faster.

Bitcoin casinos don’t enforce “pending processing” times. When you tell them you want your crypto winnings, they just do it. The time it takes to get your cash out will depend largely on the type of crypto you’re dealing with. BTC payments average about 10 minutes, while BCH and other altcoins can process a lot faster.

Note that some crypto casinos do enforce a brief hold-up, hoping you’ll agree to pay a nominal fee to get your payout quicker. I’ve seen instances where a payout takes “up to 24 hours”, but is guaranteed in “10 minutes or less” for a small fee. It’s not a bad deal, especially compared to traditional iGaming sites, but something to be aware of.

5. Promotions are Smaller and Less Frequent

Back in the day – late 1990s to early 2000s – online casinos were famous for delivering generous promotions. No deposit bonuses, followed by 400% match bonuses, with additional reload bonuses on every deposit thereafter – that was the norm. But not today. Now, you’re lucky to get a 100% match on your first fiat deposit, with far less thereafter for existing members. 

Solution: Bitcoin casino bonuses are far more generous.

Crypto casinos don’t have to pay third-party payment processing fees like their fiat-money cousins do. Some pocket the extra savings, but most pass it on to their customers by way of generous bonuses and promotions – the same types of promotions online casino gamers of decades past once enjoyed. First-time deposit bonuses matching 200%, 300% and even 400% are common for BTC depositors. The bonuses just keep coming, with at least 100% matches on the second and third deposits, as well. Cashback offers, free spins on slot machines – you’ll definitely want to shop around to see what’s available!

The Best Canadian Bitcoin Casino for 2021

Review of Playamo Bitcoin Casino, Where BTC & Fiat Betting CollidePlayamo is a specialty casino tailored to players wishing to utilize bitcoins and play in a safe and anonymous manner. It caters to Canadians who use cryptocurrencies and also traditional cards like Visa/ Mastercard. Check the Playamo Canadian deposit options page ->here<- to see if your deposit modality of choice is accepted. Highly trusted, secure, and one of the select few Bitcoin enabled casinos that actually has a license, under Curacao.

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