Online casinos are becoming more popular today. They are convenient to play and offer more games than land-based casinos. This variety attracts many casino goers. Most players top up their digital wallets using credit cards or e-pay apps like PayPal. However, some use a different currency called bitcoins. What are bitcoins? And how are they used in Japanese online casinos? Let’s explore bitcoins and their role in Japanese bitcoin casinos.

What are Bitcoins?

In simple terms, bitcoins are digital money, which means that it only has value within computers and on the internet. There are no physical representations of bitcoins, but you can purchase these bitcoins using money in the real world.

As its name suggests, a bitcoin can appear in the form of a coin that is shown on a computer or phone screen, so it is quite similar to the coins or money that you would usually see in video games. However, while video-game money can only be used within that game, bitcoins can be utilized to purchase almost any item online, like grocery items, toys, poker chips, and online slot coins. There are several Japanese online casinos and some of the top ranking online casino sites that allow the use of bitcoins, so international players can actually play in those casinos without converting their money to Japanese yen.

Advantages of Using Bitcoins in Online Casinos

There are several reasons why bitcoins are becoming more prominent in the online casino scene, and these reasons would usually pertain to the convenience that bitcoin provides for players in online casinos. Here are some of the pros or benefits of using bitcoins in Japanese online casinos.

Safer to Use

Using bitcoins is safer for playing in online casinos. You don’t need to share your credit card details. Instead, just top up your digital wallet with bitcoins. These bitcoins are held by Blockchain or other trusted crypto companies.

Instant Deposit and Withdrawals

While many payment options provide instant deposits, withdrawals could actually take longer for most of them. With bitcoins, not only will you be able to get instant deposits, but you will also have the ability to withdraw your coins in an instant. This is specifically advantageous if you need your bitcoins on the online casino for emergency purposes, as you will be able to get those coins without the need to wait for hours or days.

Almost No Taxes

Bitcoin is not recognized as real money by most countries. Because of this, it is usually not subject to taxes. However, some countries have recently introduced laws for cryptocurrency. If you use bitcoins in online casinos, you likely won’t have to pay fees or taxes. Besides being tax-free, bitcoin is a universal digital currency. This means you don’t need to exchange it for local currencies, like Japanese yen. Many online casinos accept bitcoins directly.

Exclusive Bonuses and Rewards

Some Japanese online casinos give out exclusive bonuses and rewards whenever you use bitcoins to purchase chips or online slot coins on their website. These bonuses can be a no deposit bonus that adds more money to your digital wallet, reload bonus that automatically gives you free coins when you top up, and extra bonuses that give you free spins or games by using bitcoins. Most of these bonuses can be given to you even if you use real money through your credit card, but there are a few online casinos that provide bigger bonuses when you use bitcoins.

Disadvantages of Using Bitcoins in Online Casinos

Of course, there would still be some disadvantages of using bitcoins in online casinos, with some of these cons relating to the accessibility and legality of cryptocurrency in specific countries. Here are some of the disadvantages of using bitcoins in online casinos.

Cannot be Accepted in Some Casinos

Several online casinos don’t allow bitcoins. This is mainly because their country of origin prohibits exchanging bitcoins for casino chips or coins. Also, online casinos based in countries that permit bitcoins (like Japan) must apply for a license. This license allows them to exchange casino currency with bitcoins. However, the license can be expensive. For this reason, some casinos choose not to apply and save money.

Can be a Volatile Currency

Bitcoin is a volatile currency, which means that its value would change quickly. Today, your bitcoins may have a high value, but the next day their value may be lower. It is important that you are knowledgeable in the fluctuations of the bitcoin’s value so that you will know when to spend it. If you spend these bitcoins on days where their value is lower than average, you may actually lose more money in playing online casinos.

Those are a few of the advantages and disadvantages of bitcoins if ever you use them to play in Japanese online casinos. The pros of bitcoins in online casinos outweigh its cons, depending on your preferences. So, if you want a hassle-free transaction in some of the best casino websites online, you can get bitcoins in trusted crypto companies and exchange them for casino chips and coins.