Online casinos employ Bitcoin and PayPal the most. Players enjoy both, yet they differ tremendously, making it hard to select.
After the UK Gambling Commission announced that credit cards will no longer be accepted for gambling in the United Kingdom, PayPal-accepting online casinos have become the most popular in the sector. Nowadays, the two most used payment methods at online casinos are Bitcoin and PayPal. Although both are preferred by the players, they differ greatly, making it difficult to choose which is best.
We first examine both payment methods to see which is ideal for you, and then we contrast Bitcoin vs. PayPal based on its compatibility, accessibility, cost, adaptability, ease of use, transaction speed, and support. We want UK players to be able to make educated selections based on information that clearly outlines the benefits and drawbacks of both payment options, therefore we seek to correctly identify the two common options, compile the pertinent information, and present all the facts.
Bitcoin, which has been around since 2009, was the first cryptocurrency to allow for mining; trade only became possible after it was given a monetary value. The first transaction occurs in 2010 when 10,000 is exchanged for two pizzas; in today’s money, such exchange would be worth more than £100 million.
When other cryptocurrencies begin to compete with Bitcoin in 2011, its value has reached £1,000 by 2013. The largest Bitcoin exchange shuts down in 2014, leaving Mt. Gox’s owners of over 850,000 coins—worth at the time £450 million—without anything.
Bitcoin’s worth reached £10,000 by 2017 and reached £40,000 by 2021. Just 21 million were produced, and it is expected that as the demand grows, it will eventually reach its utmost limit.
In 2002, the 1998-founded PayPal introduces a platform for money transfers and expands its global presence through eBay. As a payment industry giant, PayPal adds ten new currencies in 2006, and by 2007, when it receives its EU banking license, users in Europe, including those in the UK, reach 35 million.
The payment processor finished the year with revenue of £1.8 billion and began acquiring rivals. Mobile payments reached £4 billion by 2011 and nearly doubled to £27 billion by 2013, leaving eBay in 2015 but continuing to be a payment option for eBay users until 2023. Growth continues through 2018.
Accessibility and Compatibility
The trend when playing at UK online casinos is clearly moving away from Bitcoin and toward PayPal. Nonetheless, most online casinos are turning to cryptocurrencies, especially those that wish to rank higher by offering the fastest payouts, which the UK Gambling Commission has not yet banned. Despite the regulator’s strict KYC standards, which require online casinos to prove players’ identities, Bitcoin is legal and encouraged.
Debit cards linked to a person’s name, residence, and age make it simple. As Bitcoin doesn’t provide this connection, it is undoubtedly the preferred alternative for illegal gaming. More online casinos accept PayPal than Bitcoin, providing UK players access to more games and fantastic bonuses with UKGC-compliant terms and conditions. PayPal may be the safest and fairest option due to the Gambling Commission’s strict player security laws.
Price and Flexibility
Online casinos must have a PayPal account and pay merchant fees in order to feature the payment option. For funds received, a very modest commission calculated as a percentage is paid. A fee for transfers to their accounts and/or currency conversions is included in the price for players.
Bitcoin wallet owners can ignore the strict T&C, making it a more flexible payment option. Making it one of the easiest choices for real-money online poker and casino slot players. Bitcoin payments are safe for online casinos.
Usefulness and speed of transactions
Since using the payment option is still relatively new, both PayPal and Bitcoin may seem a little confusing at first. New users of PayPal must register, set up an account, add a bank account, and go through a verification process. Once finished, gamers won’t need to log in again until they want to send money.
New users of Bitcoin must download an online wallet, register with an exchange, and buy coins. Frankly, utilizing Bitcoin may be easier for gamers who have accounts with both platforms, but it depends on experience.
Both Bitcoin and PayPal are quick payout choices when it comes to transactions. Both Bitcoin and PayPal handle simple withdrawals and deposits almost instantly once they are initiated. Online casinos’ waiting times for the two categories may effect how quickly your profits reflect in your bank account. Although both times it ought to be just as rapid.
Due to the nature of Bitcoin, support is not available, whereas PayPal provides knowledgeable, helpful support, making it a desirable choice if you want a payment method that has a phone number and email address you can use.
In the end
Financial technology is always evolving, and no one can foresee what the future will hold. The optimal payment method depends on the player’s preferences and demands because both choices have advantages.