Bitcoin is the world’s leading cryptocurrency. Created in 2009, Bitcoin has been recognized as the world’s first decentralized currency. It doesn’t have a central bank and mainly functions from one Bitcoin holder to another. Over the years, it started to get recognized by a lot of online stores and marketplaces. Currently, it’s gaining fame in the online casino industry since more and more casino players prefer to use Bitcoin for online payment purposes.
Pros and Cons of Bitcoin Payments
Using Bitcoin as your preferred deposit and withdrawal method has its pros and cons. One of its pros is easy account set up. It’s also a highly secure way to transfer funds since no third parties will be involved in the transaction. Using Bitcoin also gives the players an option to play and do transactions anonymously. Bitcoin transactions are usually free of charge but some casinos might charge a small fee for deposits and withdrawals. One of its cons is the players might have to pay taxes on their winnings if they’ll withdraw them using Bitcoin. Transactions made through Bitcoins are also irreversible so players should be careful when doing transactions. Bitcoin’s value fluctuates so the amount in your Bitcoin wallet might increase or decrease depending on Bitcoin’s current value.
How to Create a Bitcoin Wallet
Players need to have a Bitcoin wallet to do payment transactions online using this cryptocurrency. You can register at Bitcoin’s official website. You can choose to open a Web-type Wallet or a Desktop Wallet. To open a Bitcoin wallet, you must first provide your address. Then, you’ll have to set up a strong password for your account. Bitcoin wallet works just like other digital wallets. You’ll then be given your very own Bitcoin address which you’ll provide when doing online transactions using your Bitcoin wallet. After confirming your account, you’ll be asked to purchase a few bitcoins from the official site for your E-wallet’s initial load. You can do this through buying from your own Bitcoin wallet, Bitcoin exchanges, buy Bitcoins over the counter from other users, using Bitcoin ATMs, or earning Bitcoins through mining. Mining Bitcoins requires a special software where they can solve Math problems correctly in exchange of Bitcoins.
Types of Bitcoin Wallet
There are two types of Bitcoin Wallet that a player can choose from. These are the Web-type Wallet and the Desktop Wallet. Web-type wallets are easier to use and set-up. Desktop wallets, however, require you to install a software in order to use it. When it comes to security, Desktop wallets are more secure since they don’t work under a third party software.
How to Use Bitcoin for Online Casino Deposits
To use Bitcoin for online casinos, you must first verify if the casino you’re playing at is accepting Bitcoin deposits or withdrawals. Once you’re sure of it, you can start setting up your Bitcoin wallet for future casino transactions. After successfully creating an account at the online gaming casino of your choice, go to the casino’s payment options or cashier page and choose Bitcoin as your preferred deposit method. When depositing money to your account, you won’t have to provide banking information or payment details. You just need to enter your Bitcoin address. You’ll then be redirected to your Bitcoin wallet page. You just have to click the ‘Send Money’ button and then enter the amount that you want to deposit. You’ll also be asked to provide your address and your Bitcoin wallet’s address. Once transaction’s confirmed, funds used for the deposit will then be deducted from your Bitcoin wallet and immediately appear in your casino account’s balance. The transfer times for casino deposit using Bitcoin range from 10 minutes to 24 hours. The fund transfer usually takes 10-15 minutes to be processed but the actual transaction confirmation arrives within 24 hours.
Withdrawals Using Bitcoin
Bitcoin can also be used to withdraw winnings from your online gaming casino account. To do this, you must first log in to your account and go to the casino’s checkout or payment options page. Then, you have to select ‘Bitcoin’ as your preferred withdrawal method. You’ll then be asked to provide your Bitcoin address and the amount that you want to withdraw. Once you receive a confirmation, your casino earnings will be transferred to your Bitcoin wallet. Just like casino deposits, it usually takes just 10-15 minutes for the fund transfer to be processed but the confirmation might be received within 24 hours.
Bitcoin Security & Customer Support
Bitcoin offers highly secure transactions and protects its users’ information. Any transaction done using Bitcoin is safe and secure since it doesn’t involve any third parties. Users don’t have to provide their personal information when creating an account so there’s zero risk of data breach or identity theft.
Online Casinos Accepting Bitcoin Payments
These are some of the casinos where you can use Bitcoin for deposit and withdrawal purposes: BitStarz Casino, Intertops Casino, WinADay Casino, CasinoMax, Grande Vegas Casino, Jackpot Capital Casino, Lucky Club Casino, Playamo Casino, Slotland Casino, Bob Casino, Split Aces Casino, SlotsMagic Casino, Cozyno Casino, Magik Slots Casino, Miami Club Casino, Red Stag Casino, Casinia Casino, Uptown Aces Casino, Drake Casino, Gossip Slots Casino, Black Diamond Casino, Box24 Casino, Cherry Gold Casino, Sportbet Casino, Spartan SLots Casino Megawins Casino, Cherry Jackpot Casino, Emu Casino, Oshi Casino, Betchan Casino, Joo Casino, Slotastic Casino, Sloto’ Cash Casino, and Das Ist Casino.
Conclusion on Using Bitcoin as a Payment Method
Bitcoin is generally a highly secure and highly advanced way to transfer funds online. It doesn’t ask for too many personal details which lets users keep their anonymity. It doesn’t require a bank account or credit card when doing online payment transactions. It’s like your personal digital wallet. It’s also becoming available to more casinos. Customer support is also very efficient which is a major requirement when money is involved. The only major concern when using Bitcoin is its ever-changing value. Checking your Bitcoin wallet might surprise you everyday–either positively or negatively.