You’ve probably heard some hype around Bitcoin, and there’s a lot of information to sift through. But one thing is for sure, the cryptocurrency is quickly becoming a popular payment method at online casinos.
Bitcoin is the very first cryptocurrency. Since it was introduced to us in 2008, it’s gone through plenty of ups and downs, but it does stabilise. Like any sort of currency, the fluctuations are a reminder that using a cryptocurrency means you need an understanding of how it works and how you can make it work for your online gambling experience.
The cryptocurrency is a decentralised peer-to-peer network with no one entity that controls it. Nodes of the system verify your transactions and data is stored in the blockchain.
Besides serving as an excellent payment option for online casino gaming, BTC is also ideal to use at blockchain-only casinos.
Using Bitcoin at Online Casinos
To make online casino deposits with Bitcoin, your first step is to set up a digital wallet. There are plenty of online wallet sites that can help with this process, it’s just a matter of choosing the best one for you. Popular sites like Circle or Coinbase will set up a wallet and help you buy and sell BTC in your preferred currency.
Once you’ve purchased your BTC, you can head over to a casino that accepts Bitcoin payment methods. Plenty of online casinos now accept cryptocurrency and there are even Bitcoin-only online casinos. All you need to do is head over to the virtual cashier at your casino of choice and choose the Bitcoin option.
You’ll then be given a wallet address for the casino. Head back to your digital wallet, paste the address in and authorise the transfer of funds to the casino. It can take a couple of minutes to process, but it’s literally minutes and you’ll then see the amount added to your casino player profile, ready to gamble with.
Different Types of Bitcoin Wallets
There are a few different types of Bitcoin wallets you need to know about. Here are the 4 most popular.
Online wallets are the easiest and fastest types of Bitcoin wallets. They involve any third-party online wallet that you can access from your PC or mobile device. The biggest drawback, though, is that online wallets tend to be susceptible to security breaches and hackers compared to the next 3 wallet types.
Cryptocurrency hardware wallets are stored on USB devices like external or flash drives that you need to plug into your computer when you want to fund or withdraw from your casino account. When the hardware wallet is unplugged, they’re completely protected from computer malware and viruses, and they also act as a wallet back up. Since the hardware is portable, you can literally keep your wallet on you wherever you go.
Software wallets are installed either on your desktop computer or your mobile device. They do take up a lot of disk space and require at least some basic computer knowledge to set up. Software wallets are only as secure as the device they’re installed on.
Bitcoin paper wallets contain both your private and public Bitcoin keys either handwritten or printed on a piece of paper. So, they’re considered extremely secure, considering they are totally off the grid. This means nobody can access your information over the internet and provided you keep your piece of paper safe, it can never be stolen or lost.
The type of Bitcoin wallet you decide on depends on plenty of factors. For example, if you want to use Bitcoin to fund your online casino account every now and then, software or online wallet is best since they’re quick and convenient.
But if you have built up a substantial amount of BTC and want to keep it secure, a software or hardware wallet will be best for you. Alternatively, a paper BTC wallet can eradicate any chances of hacking.
Whatever Bitcoin wallet you decide to go with, as with any type of banking method, the more you secure and protect your information, software, devices and usernames and passwords, the safer your cryptocurrency will be. Remember to never leave your private and public keys lying around.
The Benefits of Bitcoin Payment Methods at Online Casinos
Playing with virtual funds may seem a little strange if you’ve never given it much thought. Yet, there are plenty of advantages to Bitcoin payment methods.
For instance, payments made with the cryptocurrency are anonymous. Of course, it’s possible to connect a wallet address to a person, but individual transactions don’t have a name attached to them. So, it’s impossible to tell that you’re funding your casino account. If anonymity is a concern for you, it’s completely possible to change addresses or take even further steps to protect your identity when playing at online Bitcoin casinos.
Another advantage is that Bitcoin casinos are able to operate freely in many areas where gambling may otherwise be banned. Since the cryptocurrency doesn’t operate through the usual banking systems, it can’t be regulated as easily as tangible currencies. What’s more, no central bank has control over Bitcoin, which means there’s a sense of value in every coin that just can’t be devalued.
Bitcoin at casinos also doesn’t carry any extra transaction costs when processing your casino payments.
Another benefit is that online casino games are proven fair. That means the games make use of cryptographic algorithms that are verified by third parties after a bet to ensure every spin of the reels, roll of the dice or hand of cards is legitimate and the outcomes are random.
Cryptocurrency Payments at Online Casinos
Bitcoin offers plenty of advantages to you and your favourite casino operators. It’s a highly attractive proposition for funding your casino accounts. If you’re used to high transaction fees or even blocks on certain credit card transactions, BTC might just be for you. With Bitcoin, there aren’t any credit card or bank intermediaries taking their cut of any transactions, and Bitcoin deposits and withdrawals both to and from online casinos can’t be blocked by anyone. They’re also usually free of fees.
For casino operators, besides the fact that BTC transactions are the equivalent of cash payments, there’s no chance of a “chargeback.” This tends to happen when a credit card player disputes charges and requests a refund.
Of course, anonymity is the number one benefit when it comes to online casino Bitcoin payment methods. While it’s often believed that using BTC renders you and your transactions totally anonymous, though, keep in mind that individual BTC transactions are anonymous and that Blockchain keeps a ledger of every BTC transaction, which can be used to trace you if absolutely necessary.
The speed of Bitcoin transactions is also a big plus if you’re in a hurry to play your favourite casino games or get your hands on your winnings. Payments made with BTC are instant to online casinos.
If you’re new to Bitcoin, though, you’ll quickly realise that “confirmations” may sometimes slow down transactions, depending on your online casino’s policies. To protect against the same BTC being double-spent, casinos often opt to wait until the network confirms a transaction a set amount of times before the credits show up in your casino account. This can sometimes delay the acceptance of your deposit by a few minutes up to an hour (which still isn’t bad!).
If you want to play with Bitcoins are a certain casino, just ask the customer support team how many confirmations the required before they accept your deposit. Typically, each confirmation is about 10 minutes of real time.
What You Need to Get Started with Bitcoin At Online Casinos
To play at a Bitcoin casino, you need an internet connection and, in some cases, some form of identification to prove who you are when you create your new player account. But this all depends on the casino.
Typically, Bitcoin players don’t need a whole lot to get started. The casino will need to be licensed and regulated so you know you can trust them, but you can go through our comprehensive online casino reviews to find the best Bitcoin casinos or those that accept Bitcoin payment methods.
Making a Bitcoin Deposit
One of the best things about technology today is that you can quickly and easily use the internet’s tools to get things done. Reputable Bitcoin online casinos have lengthy and informative guides and FAQs to help you get started.
Your first step is to register with an online crypto wallet so you can make online transactions using Bitcoin. You’ll use the code at online casinos when needed, and you won’t have to hand over much personal information other than perhaps creating a username and password.
Head over to the casino’s virtual cashier and choose Bitcoin as your preferred payment method. Make your deposit and your account will be credited in an hour or less so you can start grabbing casino bonuses and playing your favourite games.
Making a Bitcoin Withdrawal
The same way you’d fund your online casino account, you can use your code to withdraw your winnings. The process is just as easy as depositing into your casino account and once the currency appears in your online wallet, you can decide to save it as BTC or have it transferred into cash. You can also, if you prefer, use a traditional payment method to withdraw your funds as cash right away (subject to the casino’s processing times).
BTC Is Processed Instantly
Bitcoin is virtual and that means you can enjoy virtually instant processing times. Within an hour, but usually less, you can play your preferred slots or withdraw your winnings.
Regular banking methods usually allow for instant deposits but when it comes to withdrawals, you need to hand over various means of identification and other verification paperwork, which means it takes time to get your hands on your cash.
This isn’t an issue with BTC since withdrawals are processed just as quickly as deposits. It’s a huge benefit if you’re the kind of player that likes to have fun at a list of different casinos and you don’t want to wait for your funds to clear.
Isn’t it time you tried Bitcoin payment methods at an online casino?