With the online casino industry constantly evolving, internet casino players are always on the lookout for new, faster, and more convenient banking methods. It is only natural that there are concerns about data security and efficiency. There are also several player wishes to keep in mind. Casino operators are expected to offer a wide list of proven, diverse payment methods to their customers. Bitcoin is one of the new-generation payment methods which focus on anonymity, security and quick transactions.
As a Bitcoin user, you can be sure that your personal information will not be linked to the transactions you make at your chosen online casino. The payouts are executed swiftly and applied cryptographic protocols make the transactions extremely secure, almost untraceable. The number of Bitcoin casinos online is limited, but it is increasing. To attract more customers, casino sites will often offer Bitcoin-exclusive bonuses. That’s another good reason to seriously consider this banking method.
Bitcoin may be a bit harder to master for players who are not as tech-savvy as younger generations. Still, we can safely assume that online casino players know their way around software and online banking enough to maintain a Bitcoin wallet and make virtual transactions without hesitation.
In some gambling communities, Bitcoin is still a controversial payment method. Since it started the trend of digital money and managing money outside the regular banking systems. The BTC system functions based on peer-to-peer activity. This process is called “mining” and it represents the creation of cryptocurrency. Since digital currency is not controlled by the bank, its value fluctuates and its price is determined by demand and supply.
How to Deposit via Bitcoin?
If you have never owned BTC before, you need to set up a Bitcoin wallet first. Then you obtain Bitcoins before you start playing at a live casino. There are a few different types of Bitcoin wallets – you can have an online wallet (like Blockchain, Xapo, or Coinbase), a hardware wallet (external or flash drives), a software wallet (Armory, Bitcoin Core or Multibit) and a paper wallet. The wallet doesn’t store your Bitcoins. Instead, it stores all the info you need to be able to pay with BTC. BTC keys which are your proof of ownership and digitally sign your payments. Now, find a Bitcoin Exchange and purchase the number of Bitcoins you want for fiat money.
With Bitcoins in hand, go to the cashier of a cryptocurrency casino and choose BTC as the preferred payment option. You will then copy the recipient address, the operator’s crypto address, which you’ll paste into your digital wallet. Choose the amount you want to transfer and hit “Send Bitcoin”. By doing this, you will confirm the transaction and send Bitcoins to your gaming balance.
How to Withdraw with Bitcoin?
Cashing out in BTC is possible, be do be aware that not all online casinos that accept deposits with Bitcoins will allow withdrawals with the same method. In some casinos, cryptocurrencies are only a deposit option. Those operators that permit BTC withdrawals will enable you to quickly withdraw your winning through a similar process. You should go to the cashier’s page, select Bitcoin as your preferred withdrawal method, provide your wallet address, and enter the amount you want to cash out. You will probably also be given the option to change your winnings back to fiat currency, but you will need to pay a visit to the Bitcoin Exchange again for that.
Transfer Times, Fees, and Security
Bank Transfers and bank cards are considered by some to be antiquated payment methods. This is mainly because these transactions last a while longer than purely virtual transfers. Deposits are super-fast, they take barely a few minutes. The speed of blockchain confirmations allows this, and for the same reasons withdrawals also take from a few minutes to a half an hour.
Furthermore, Bitcoin transactions are almost always processed for free. The system itself does not charge the user with any additional costs and casino operators also very rarely do this. On the contrary, they will offer special bonuses to entice Bitcoin players to join. Your personal information is completely safe when you use Bitcoin at online casinos. You will never disclose your credit card info or any other delicate information. Your wallet address and keys are all encrypted, safe, and out of reach for unwanted third parties.