How can you make deposits or withdrawals in casinos with bitcoin? Our guide explains everything about using bitcoin in online casinos!
Bitcoin in Online Casinos
Nowadays, the hype surrounding cryptocurrency is not slowing down. Actually, digital currencies like bitcoin are becoming huge in the online gambling industry.
Many experienced online gamblers from the US are increasingly using bitcoin as the best payment method for deposits and withdrawals. The crypto offers many advantages over traditional currency (debit cards, credit cards, etc.) — it has become one of the fastest and the safest choices for transferring real money online.
So how do we use it for gambling online?
This article reveals how you can use bitcoin for online gambling and why it could be the best payment method for your next gambling adventure.
Bitcoin and Casinos
In 2018, the market cap of bitcoin has grown to $162 billion. Today, the rapidly increasing and fluctuating value of just one coin is worth thousands of dollars.
In 2017, new online gaming industries were established due to innovative technologies such as digital wallets and the blockchain. Bitcoin casinos and betting sites became extremely popular since the spring of 2017. Every minute, around $4,000 in bitcoin were used on gambling websites worldwide in 2017. Blockchain technologies enabled the currency to become the safest, fastest, and the most transparent method of payment. However, they also ensured that the casino games were completely fair and not rigged or compromised in any way.
On top of all that, the currency offers players a fresh adrenaline rush, due to its huge value and investment risk, which can lead to enormous rewards. All you need to do is learn how to use it in casinos.
How to Use Bitcoin in Online Casinos
Here’s a simple explanation of how transfers work: when you send or receive bitcoin, your transactions are cryptographically sent through digital wallets and are then recorded in a ledger of digital data called a blockchain.
You need to learn how to use the currency for making withdrawals and deposits at Bitcoin-only casinos or casinos that accept bitcoin. The process is simple, but there are some steps to take care of:
How to Start a Bitcoin Transaction and Deposit Bitcoins
- Get bitcoins by purchasing, exchanging, mining, or getting gifts.
- Sign up for a crypto wallet of your choice, be it a desktop, cloud, or a mobile app version. You will get a public address and a security key that you need to use in casinos for authorizing bitcoin deposits and withdrawals.
- To deposit, first, make a casino account at a website which accepts bitcoin and find that site’s options for their bitcoin wallet (the “Cashier” option). You will use this wallet to deposit bitcoin for bets. Also, the casino will add winnings to this wallet when you finish your games.
- The casino’s wallet has an address and a security key, but you can access it with the password to your account on the casino’s website.
- When you press “Deposit,” you will receive the address for the wallet either in the form of a QR code or a line of text.
- You can take a photo of the QR code to scan it (if your wallet is on a mobile device) or you can paste the line of text into your bitcoin wallet.
- You will get a transaction fee (around 0.10$), however, that amount will be very small.
- When you send your deposit, the transaction should occur almost instantly and should not last more than 10 minutes.
- When the transaction occurs, you can place bets with small increments of your bitcoin, whole bitcoins, or whichever sum you desire that is allowed by the casino.
How to Withdraw
- When you win, simply open the “Cashier” option in your casino and select your wallet.
- Remember the address you received when you first got the crypto wallet? You should enter it into the “Cashier” option or scan the QR.
- Select the amount you want to receive and press “Withdraw.”
- Withdrawals also have a small fee, but your winnings will arrive instantly.
And that’s about it! After that, you can keep your bitcoins, sell them, exchange them for fiat currency, whatever you chose.
Summary
Bitcoin offers security, complete anonymity, and high speed. It is better than traditional methods like transfers through bank accounts because it’s safer and more secure. US players can withdraw their casino wins instantly, and only an email address is required to set up a wallet. Plus, the outcomes of the games can’t be manipulated. Top bitcoin casinos use a method called ‘provably fair gaming,’ which allows the users to check and test if the game is 100% transparent.
Regarding security, anonymity, speed, and efficiency, bitcoin is perfect for online gambling!
Hopefully, our guide has shown you how to use bitcoin at internet casinos. All you have to do next is buy or obtain bitcoins and start playing until you make a fortune!