The use of cryptocurrency as a payment method has increased over the years. Merchants and new online casinos have put up systems for accepting payment using cryptos. Below are answers to the common questions on BTC payment method, but first – let’s check out a top list for new Bitcoin casinos.
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BTC is a consensus network that makes it possible to transfer digital money. It is a decentralised peer-to-peer system powered by the users, hence no middlemen. With it, you do not have to have to carry cash with you. Though credit and debit cards offer the same advantage, Bitcoin transaction fees are low.
Is Bitcoin Secure?
Yes. The Bitcoin network is designed with security in mind. First, no one can access the network without having BTC. Additionally, BTC is stored in cryptocurrency wallets; you can opt for an online or offline wallet. Offline wallets are portable hardware. All the versions are secured with private keys and PIN codes, often on a printed piece of paper. Consequently, it is difficult for hackers to access the coins in your personal altcoins wallet.
Can Bitcoin Be Used Anonymously on New Casinos?
Yes. Most new casinos are implementing new methods of payment, and BTC is one of the most preferred options. Using crypto payment methods, especially BTC, makes it easy to safeguard the identity of the player.Privacy is inbuilt in the BTC code. The coin is designed to publicly record and retrieve transaction details without revealing the identity of the user. Instead, numerical codes, usernames, and public keys are used. There is also the mixing feature that you can use to swap a Bitcoin with another to avoid retracing the source back to you.However, it is worth remembering that the high privacy offered by the coin does not make criminal investigations on BTC payments impossible.
Is There an Age Limit?
First, there is no legal age limit for buying or using Bitcoin. Like cash, the assumed rule is that anyone who is old enough to appreciate the use of BTC can acquire it. In real life, however, most exchanges will not allow persons under 18 years to even sign up for an account. They achieve this through their Know Your Customer (KYC) requirements. The same restrictions exist when you are going to play at a casino.
Common Reasons Why Bitcoin Payment Is Declined
BTC payments sometimes do not go through. It can be the result of one or more of the following reasons:A wrong address: The destination address is often generated by e-wallets and should be copy-pasted; otherwise, it is easy to get it wrong. If the address does not exist, then the payment will be declined.Unusual transactions: It may include amounts exceeding the maximum amount for a single transaction, or to an account that has been flagged for fraudulent activities.Insufficient funds: Bitcoin payments will not be processed unless your wallet has enough BTC to cater for transaction fees.Low transaction fees: The BTC network allows you to set your fees, which makes zero-fee transactions possible. The catch, however, is that the higher the fees, the faster the transaction is processed. Therefore, setting very low fees might lead to rejecting or a prolonged pending status.
What Is the Difference From E-Wallets?
Bitcoin is an entirely peer-to-peer cryptocurrency network; you can send or receive money to or from anyone on the network without requiring approval from any other authority. As a result, the processing of BTC transactions is fast.
Do They Usually Have Any Fees for Deposits or Withdrawals?
Yes. Exchanges and BTC wallets charge deposit and withdrawal fees, though it is occasional and often very low. Fortunately, Bitcoin users do not pay fees common to fiat currencies such as account maintenance fees and minimum balance fees. If you are depositing money to a merchant or a casino account, then the fees depend on what the merchant or dealer sets.
Main Pros of Bitcoin
It is accessible anytime anywhere: You can make the payment at any time to any recipient all over the world. Geographical borders and holidays do not affect services on the BTC network.Flexible fees: You have the option of choosing your fees when making or receiving BTC payments.Secure personal information: You can make BTC payments without revealing your identity details.
Main Cons of Bitcoin
The main disadvantage of using Bitcoin to make payments is that it is irreversible, which can lead to a considerable loss if you get the destination address wrong. There are also no refunds or chargebacks on BTC payments.
How Do I Get Bitcoin?
It is simple. Sign up to cryptocurrency exchanges such as Coinbase, CEX.io, C Pay or the one available in your country then use fiat currency to buy BTC. Even though exchanges also provide wallets for storing your coins, they are prone to hacking attempts. Therefore, secure your coins by having a personal cryptocurrency wallet such as Trezor, Mycelium, and Electrum, among others.
Below you can see a sneak preview of the next new casino to be launched in the nearest future.
Euteller launch Instant Payments with Siirto Friday, 28 February 2020 15:50 Euteller goes live with their first instant payment method for mobile phones called Siirto. Former Euteller users can now switch to Siirto when needed and use their mobile phone for depositing money into a new online casino for Finnish players. Deposits should not take more than 5 seconds with Siirto, according to New Casinos Online research. The innovative service will include all the big Finnish banks, such as Nordea, Danske Bank, Ålandsbanken, S-Pankki, Handelsbanken, Aktia, Säästöpankki and Pop Pankki. New online casino sites such as QueenPlay and Casoola supports both Euteller and Siirto.