Prepaid Card vs Bitcoin Online Mines Games Tips Gambling
If you’re from the US, you may have trouble depositing at online gambling sites. America features restrictive laws (i.e. UIGEA) that make it difficult to complete deposits.
The US isn’t the only country that’s turned internet gambling into a grey (not illegal) area. Other nations also have ambiguous laws that make payment processors leery about serving gambling sites.
Assuming you have difficulty using bank transfers, credit cards, or e-wallets to deposit, then you may turn to Bitcoin and/or prepaid cards.
Both options let you make deposits without third-party interference (i.e. banks canceling transactions). But what’s the difference between the two?
I’m going to discuss more on how Bitcoin and prepaid cards are used in the gambling world along with which option you should lean on.
How Do You Deposit at Gambling Sites With Prepaid Cards?
A prepaid card stores a monetary value through binary-coded data. No personal information or funds are physically stored on the card.
These cards look similar to a debit or credit card. However, they don’t represent a bank account or credit line.
You determine how much money is on the card at the time of purchase. If you go into a bank and put $50 of the card, for example, then you’ll be able to spend up to $50 with it.
The card issuer stores data related to your prepaid card and others. Again, though, they don’t keep track of your personal info.
This aspect is a big departure from debit and credit cards. Regarding the latter, the issuing bank has all your information on file.
The first step to using one of these cards at an online gambling site is to obtain one. You can find them at banks, credit unions, and convenience stores.
Next, you need to load the card with funds. Some cards are for one-time use only while others let you keep reloading them again and again.
Here are some different ways to fund your card:
Pay cash at a convenience store.
Direct deposit to your card.
Transfer money from a bank account to the card.
When your prepaid card is funded, you can visit the desired online gambling site’s banking section. Here, you need to choose the deposit option for your given card.
The casino will present a field where you can enter the PIN number. Once you submit your deposit, the funds should be available instantly.
Pros of Prepaid Card Gambling
Prepaid cards offer many of the same advantages as credit cards only with more anonymity.
First off, your gambling deposits go through instantly just like credit cards. This aspect allows you to begin gambling right away rather than waiting on funds to arrive.
Another benefit is that you don’t have to give any personal details to the casino. Instead, you only enter your card’s PIN on the site.
Assuming you have difficulty with using credit too much, prepaid cards help out in this category too. You’re only able to spend what you have on the card.
Some online casinos also offer you special bonuses for using a specific prepaid card. They encourage you to use these products, because they don’t have to cover heavy processing fees like with credit cards.
Cons of Prepaid Card Gambling
Prepaid cards aren’t free to use. Instead, they hit you with small fees on your gambling transactions and other purchases.
You may enjoy some perks in the beginning such as waved withdrawal fees within the first month. However, you’ll be expected to cover fees at some point down the line.
Another drawback is that these cards are more-inconvenient to use than debit or credit cards. You must reload them every time that the funds run out.
Assuming you direct deposit or transfer money onto the card, then this aspect isn’t so bad. But you’ll grow tired of visiting convenience stores if you fund the card in person.
How Do You Deposit at Gambling Sites With Bitcoin?
Bitcoin is a decentralized cryptocurrency that’s free of third-party control. It allows you to deposit at any online casino where BTC is accepted.
You can buy Bitcoin at various exchanges, including Coinbase, Gemini, and Kraken. Once you have BTC, you can either keep it on the exchange or send it to a wallet.
Regarding the letter, you need to create your wallet. You’ll find plenty of tutorials on how to do so sprinkled across the internet.
The Next Steps:
Once you have BTC, the next step is to send it an Internet gambling site that takes BTC deposits. When you arrive at the site’s banking section, you need to select “deposit” under the Bitcoin option.
This action will generate a wallet address that functions as the recipient. You can then send funds to this address via your exchange or wallet (if you have one).
The amount of time that it takes for Bitcoin to reach your casino account varies. However, you can generally expect your funds within 30 minutes.
Pros of Bitcoin Gambling
Bitcoin is much like prepaid cards in that it allows you to deposit at gambling sites anonymously. Therefore, you never have to worry about credit-card statements showing up at your house with gambling deposits listed on them.
Bitcoin is also completely free of bank and government control. You don’t have to worry about BTC gambling deposits being rejected as long as a site accepts them.
BTC can also feature smaller fees than prepaid cards and other payment methods. However, the fees largely depend upon current network usage.
You’ll find Bitcoin relatively easy to use once you get the hang of it. As long as your wallet is funded, you simply need to use wallet addresses to move funds.
Cons of Bitcoin Gambling
The biggest problem with Bitcoin is its volatility. You never know how much this cryptocurrency will be worth from day to day based on market fluctuations.
Another drawback is the varying fees and transaction speed. Assuming the network is under heavy use, then you’ll need to pay higher fees and wait longer on gambling transactions.
One more downside is that BTC isn’t as widely accepted as prepaid cards across the world. While Bitcoin adoption is slowly rising, it still has quite a ways to go before it’s available for many uses beyond internet gambling.
What Should You Gamble Online With: Bitcoin or Prepaid Cards?
Both prepaid cards and Bitcoin are fine options for online gambling purposes. They’re great for situations where you have trouble depositing with traditional banking options like credit cards and e-wallets.
That said, you can’t go wrong with one or the other. But you might prefer a certain option after weighing the pros and cons.
The main edge that prepaid cards have over BTC is speed. Your deposits process instantly when you fund your account with one of these cards.
However, prepaid cards can also be inconvenient to use. They require you to reload them often before use. Some cards are only available for one-time use and become worthless afterward.
Bitcoin can feature smaller fees than prepaid cards. It’s also more convenience after you get past the initial wallets/exchange setup.
The problem with BTC, though, is that it’s so inconsistent in terms of transaction speed and fees. Furthermore, you never know how much your gambling bankroll will be worth the next day due to fluctuating prices.
Neither banking option is completely perfect. But you can see the merits of using either prepaid cards or Bitcoin at gaming sites.
Conclusion
The legal situation regarding real money online casino gambling is murky in some countries. Therefore, you may see your gambling credit-card deposits rejected and not be able to fund your account with e-wallets.
Luckily, BTC and prepaid cards give you two alternatives for funding your account. Both offer a high degree of anonymity and are widely accepted at gaming sites.
They mainly differ from each other in terms of use. Prepaid cards require that you load them with funds before usage. You must enter your PIN at gambling sites to complete a deposit.
You can purchase BTC at exchanges and either keep it on the exchange or send it to a wallet. Once you have Bitcoin, you merely transfer it to the given casino wallet address.
If you’re still stumped on which option to use, then you should thoroughly consider the advantages and drawbacks to each.
Prepaid cards are faster and offer instant transactions. Bitcoin is more convenient and usually has lower fees. It’s up to you to decide which option best suits your tastes.