Bitcoin as a payment method in an online casino
The Bitcoin cryptocurrency is a digital currency that is becoming more and more popular each and every year. The purpose of creating most cryptocurrencies, including Bitcoin, is quite simple: to create a fast and secure means of payment that is not regulated by the financial apparatus (banks) or any government agencies.
Since the main intermediaries, banks, are eliminated from any transactions, Bitcoin transfers can be sent directly from the sender to the recipient instantly.
The second important point of Bitcoin is that the data is not stored centrally, as, for example, in a bank. Due to the decentralized data storage on the Bitcoin network, it is impossible to lose money, which makes Bitcoin extremely secure.
Bitcoin is a simple and fast payment method, especially through a mobile application. However, before you can deposit Bitcoin into your casino account, you will need to buy some of this cryptocurrency on bitcoin exchanges.
To do this, you need:
1.Register a Bitcoin virtual wallet of your choice. The most popular Bitcoin wallets are: Bither, Armory, Blockchain, mSIGNA, Bitcoin Wallet, Coinbase, BitGo, Strongcoin, Bitcoin Core and many others.
A Bitcoin wallet is a virtual wallet similar to e-wallets that stores your Bitcoin and other cryptocurrencies. With the wallet, you can buy, sell, transfer and receive cryptocurrencies. The unique address of your wallet allows you to safely carry out transactions online, including online casinos.
2.After you have opened your account in a Bitcoin wallet, the next step is to deposit the regular currency and buy Bitcoin. You can top up your Bitcoin wallet with a debit or credit card, or directly by linking your bank account with a Bitcoin wallet. All of these methods work the same way, so you can choose the one that suits you best. Some Bitcoin wallets also allow you to top up your account via PayPal or other payment methods.
Online casinos accepting Bitcoin
Reviewed and Verified by Kristaps Gauja
Pros and cons of using Bitcoin in an online casino
Pros of Bitcoin
– Security: The blockchain technology that Bitcoin uses ensures the security of payments. Due to the decentralized data storage on the Bitcoin network, it is impossible to lose money, which makes Bitcoin both safe and secure.
– Anonymity: Bitcoins allow you to make deposits and withdrawals anonymously, and therefore you can play at the casino without revealing your identity. There is no need to deal with banks and provide any personal or financial information, just enter the code of your wallet with Latin letters and numbers.
– No Fees: Bitcoin casino sites do not charge additional fees for Bitcoin transactions. This means more money to play for.
– Bitcoin wallets exist in the form of mobile applications, which makes transactions convenient, fast and possible at any time, anywhere.
– Speed: Transactions are completed within a few minutes
Cons of Bitcoin
– It is still relatively new and therefore the currency is offered by a limited number of casinos
– Constant price fluctuations. On some days during the high season, the course can gain and lose three or four-digit amounts.
– Bitcoin can be difficult to understand for those who have never used it before
How to top up your account on casino websites with Bitcoin
As soon as you have replenished your Bitcoin wallet, you will be ready to make a deposit at an online casino. This method of depositing and withdrawing funds is very simple and quite clear. All you have to do is:
- Choose a proven Bitcoin casino from our list
- Register and go through the verification procedure
- Open the casino deposits page in the “Cashier” section, and select the Bitcoin option.
- A unique web address (public key) for your casino account will appear on the screen.
- Log into your Bitcoin wallet and enter this casino account address on the tab to send Bitcoin.
- Enter the desired deposit amount and confirm the transaction.
The funds will be available to use within a few minutes. Now that you have topped up your account, you will be able to start gambling.
Bitcoin Deposit Fee
As a rule, Bitcoin casinos do not charge a commission for transactions. But it does not hurt to make sure of this before making a deposit by studying the terms and conditions of your chosen casino. Any commission fees are usually minimal and significantly lower than in other payment systems.
The undoubted advantage of Bitcoin is that it can be used both for depositing and for withdrawing winnings from the casino. Bitcoin pleases players with its speed and anonymity of transactions.
The payout time usually varies from 30 minutes to 24 hours. In most cases, there are no limits on the withdrawal of cryptocurrencies, or they can reach $100,000, depending on the limits set by the casino.
Special casino bonuses when using Bitcoin
Almost every casino offers various bonuses, and Bitcoin online casinos also try to attract and retain their players with bonuses.
Unlike some other instant payment methods, such as Skrill or Neteller, Bitcoin is rarely excluded from the bonus offer.
Since cryptocurrencies are becoming such a popular method of depositing in the industry, many gambling sites even offer special bonuses for players who use Bitcoin to deposit. Always read the terms of each bonus to make sure that it is really available when depositing with Bitcoin.
Bitcoin Reliability in Online casinos
Bitcoin is one of the safest payment methods which is a huge pull for customers. The advantage of using Bitcoin or any other cryptocurrency is complete anonymity. Since Bitcoin is not regulated by the central bank, it remains anonymous, and customers do not need to enter personal data to make transfers, but only a code from an arbitrary sequence of Latin letters and numbers.
Bitcoin transactions are also very secure: they are encrypted and verified several times at different points of the network to ensure maximum security. From the point of view of confidentiality, it is almost impossible to trace transactions to their source.
Bitcoin Customer Support
If you have a question or problem regarding transactions using Bitcoin, you will need to contact the customer support service of the wallet you are using for help. To do this, simply go to your wallet’s website and look for the answer to your question in the Frequently Asked Questions or contact the agent in one of the suggested ways.
Frequently Asked Questions
What is Bitcoin and how does it work?
Bitcoin is a digital currency that can be used online to pay for goods and services in the same way as real money. Most people buy bitcoins on certain exchanges or receive them as payment from other participants. Bitcoins can be obtained as a result of a process called mining.
How fast are Bitcoin transactions in online casinos?
Transactions with Bitcoin occur almost instantly. Unlike some traditional banking methods, such as credit cards or e-wallets, it does not take time to process transactions by an external bank.
Will there be any fees charged for Bitcoin transactions?
Bitcoins can be bought and sent over the Internet, without commission. However, depending on the online casino accepting them, some commission fees may be charged, but they are usually minimal.
Is it possible to use Bitcoin in an online casino?
Since 2014, more and more global corporations such as Expedia and Microsoft have been accepting Bitcoin payments, and more and more online casinos are following their example.