5 Reasons You Should Not Use Bitcoin for Online Casino Deposits
We’ve told you the reasons why you should use Bitcoin to deposit at Australian online casinos. Today, we are going in a different direction. There are times where it is not a wise decision to deposit using Bitcoin or other cryptocurrencies.
Today, we will give you the top 5 reasons you should not use Bitcoin to make online casino deposits. We are not posting this to discourage Bitcoin players, but rather to educate the general public.
You Are Not Tech Savvy
There are many of us that play online casino games but are not incredibly tech-savvy. We may be able to use Chrome to navigate the internet, but some of us couldn’t tell you the difference between a private key and the percent key on the keyboard.
While you don’t need to be a hardcore computer geek to use Bitcoin, it does help to have some level of computer literacy. If you are something that has difficulty learning new computer software or has to get your kids to help you install new apps on your phone, then Bitcoin deposits are not going to be a wise move for you.
Your Bitcoin Computer is Not Secure
We can’t tell you the number of times we’ve talked to people who have a serious lack of security on their computers. They use passwords that are easily decipherable or they are using programs with serious security holes in them. Some of these people are particularly susceptible to hacking or identity theft.
If your security game could use some work, then Bitcoin may not be for you. You need to have a secure computer and use strong passwords to keep your wallets safe. If your kids can figure out your password or you are using weak passwords, you are going to get hacked and likely lose your crypto at some point.
Accuracy is a Problem
Bitcoin transactions require precision. Take a look at the average Bitcoin address to see what we mean. Bitcoin addresses are long and you must enter them as they appear for transactions to process successfully. What’s worse is that there’s no room for error. If you enter an address wrong by one digit, the transaction will get lost on the blockchain or go to the wrong person.
When this happens, you’re out of luck. There’s no recovering it as it would be for fiat deposits. Copy and paste will help with accuracy, but you have to make sure you don’t double paste or paste extra characters when trying to send a transaction. If you’re someone that has trouble with accuracy, then Bitcoin is not for you.
Fiat Deposits and Withdrawals Are Not a Problem
Many Bitcoin users have adopted cryptocurrency for online gambling out of necessity. For example, many online casinos in Australia offer limited banking options. Some players are forced to use Bitcoin because they cannot deposit or cash out in any other form.
But there are some countries that are not as restrictive and fiat deposits are not a problem. A good litmus test is whether you can deposit using Skrill and NETELLER. If those options are available, most any banking option imaginable will be as well. Bitcoin is not a necessity at this point.
Bitcoin is Illegal in Your Country
There is an increasing number of countries that are making it illegal or at least problematic to use BTC for online gambling. For example, many online casinos no longer accept Bitcoin deposits from US players because of changing laws regarding cryptocurrency.
Before you deposit at an online casino using crypto, check to see if they take deposits from your locality. If you deposit and they do not accept players from your region, you could lose your deposit.
Is Online Gambling Spending Going Down During the Pandemic?
How has your online life changed since the beginning of the coronavirus pandemic? Do you now work at home? Are you chatting with friends and...