Bitcoin Casinos – A Full Profile of a Cryptocurrency Payment Method
Considered to be a new phenomenon in the financial world, Bitcoin (or BTC) is something that is often mistakenly described as a payment method, yet it is actually a form of digital currency that was invented in 2008. After starting its widespread use in 2009, Bitcoin found application in nearly all payment industry sectors due to the safe, swift, and universal nature of its financial transactions. It wasn’t long before the first Bitcoin casinos made the news, ushering a new financial era for iGaming platforms everywhere. In this Bitcoin casino payment method review, you will learn everything about this type of currency, as well as how to use it.
Fundamental Facts You Should Know before Using BTC
Prior to using Bitcoin, there are a few basic facts that people need to be aware of before utilizing it to make payments in their preferred online casino. The first step is the creation of a cryptocurrency wallet account. Many platforms offer the service, and essentially, they are like a third-party provider that can connect the user and an online casino payment system. You can use your crypto account to fund your wallet or purchase Bitcoin directly through the e-wallet’s in-built “crypto exchanges”, such as Coinbase, Binance, Bisq, and others. Bear in mind that both cryptocurrency wallets and exchanges will have their own fees when operating with BTC.
The majority of crypto wallets that are available online allow registrations for free. Opening a new crypto wallet account is a straightforward process, and it is actually similar to creating an account in any conventional e-banking platform. The major difference here is that in most cases, creating a crypto wallet won’t require users to provide a collection of documents for verifying their account, which aligns with one of the strongest features of cryptocurrency – anonymity.
Using Bitcoin to Make Deposits and Withdrawals in Online Casino Accounts
Once you’ve set up your cryptocurrency wallet, the entire process of funding your casino account’s balance will be as easy as operating with any conventional e-wallet service platform. When you’ve navigated to the cashier’s section of your casino, select Bitcoin as your preferred payment method. After this is done, the casino will provide the player with its own BTC deposit address. The next step will require the player to log into their wallet and input the casino’s deposit address - once the transaction is approved, the funds should show up in your online gambling account.
How to Withdraw Your Casino Winnings in Bitcoin
The process of getting any of your winnings from your casino’s financial balance is pretty much the same as when depositing crypto in your account; however, users will need to navigate to the withdrawal category of the cashier’s section. After selecting Bitcoin as their preferred payout method, players will input their unique cryptocurrency address where the casino will, in turn, deposit the BTC. Making deposits and withdrawals with BTC is pretty straightforward once you’ve properly set up your cryptocurrency wallet.
Fees and Transaction Times Will Vary
Casino deposits made with BTC will be done almost instantaneously. When it comes to withdrawals, on the other hand, things might look a little bit different. Bitcoin transfers from a casino account to your crypto wallet are said to usually take between 10-15 minutes; however, most online gambling establishments make it a habit to describe the process of taking up from a few hours up to one day. This is due to the fact that every online casino has its own payment request waiting periods, and they tend to leave some “room for error” just to be safe.
The nature of BTC predisposes it to be taxed differently, depending on the platform it is processed through. Making a casino deposit via BTC isn’t usually charged, but withdrawals might be. We should mention that the majority of charges will be implemented when a user purchases Bitcoin via their crypto wallet or converts fiat currency into BTC. Depending on the type of transaction, a fee of 1% to 4% (of a transaction’s value) may be implemented.
Facts about Casinos That Use This Payment Method
When it comes to casinos that operate with Bitcoin, there are two types – one will support BTC deposits and withdrawals and convert them to fiat currency, while the other type of casino allows the use of Bitcoin as a betting medium. On the other hand, the latter casino types are known to be some of the fewer ones in the iGaming world due to the volatile nature of the cryptocurrency.
With that being said, we should also mention that the online casinos that support Bitcoin deposits and withdrawals are renowned for being widely available to numerous jurisdictions. Some of the online gambling establishments that are known to facilitate Bitcoin deposits and withdrawals are: Bovada, Red Stag Casino, Miami Club, Uptown Aces, MELbet, 1xBet and quite a few others.
Using BTC in Online Casinos May Be Favorable to the Player
Its common knowledge that online gambling establishments that support Bitcoin often offer a number of additional extras to their members. Those may come in the form of deposit match bonuses or even free spins. Just like with any other payment method, online casino bonuses that have been claimed through the use of BTC will have their own unique terms and conditions.
Bitcoin Is Setting a New Payment Standard Worldwide
It is safe to assume that the public perceives Bitcoin to be both a cryptocurrency, and a payment method that has evolved the financial world in its wake. Leading companies such as Tesla have been known to invest heavily in this particular cryptocurrency, meaning that this new payment standard is recognized even by the biggest businesses worldwide.
While the current number of online gambling platforms that support this digital currency as a payment method isn’t big, it is definitely growing. It won’t come as a surprise that in the future, this digital currency becomes a universally accepted method across online casinos everywhere; after all, there are more than 100 million registered cryptocurrency wallets worldwide.
The Benefits and Disadvantages in Using BTC in Online Casinos
While both the currency and the payment technology it utilizes are considered innovative, BTC has its pros and cons. While some of those traits come from a purely technological standpoint, others are strongly influenced by the digital currency’s social aspect. Regardless, here are the most common facts that will help you understand the positives and negatives of Bitcoin.
- Fast deposits and withdrawals
- Casinos that operate in BTC have a lower house edge
- Complete payment anonymity
- Minimal transaction costs
- One of the most secure payment methods ever
- A bit challenging to set up, especially for new users
- A volatile currency value
- Payments are irreversible
- No administration can help you if you’re scammed
- Few casinos support Bitcoin as a payment method
I’ve Seen That Some Online Casinos Support Other Cryptocurrency - Why Should I Use Bitcoin?
As the first cryptocurrency, Bitcoin is the most famous one. While popularity is a subjective topic, it determines the value of BTC in the world of cryptocurrency. With that being said, it comes as no surprise that Bitcoin is the world’s most expensive digital currency. Last but not least is the fact that online casinos that incorporate crypto transactions all use BTC; however, only a few of them use different types of cryptocurrency.
Should I Use Bitcoin as a Betting Medium in an Online Gambling Establishment?
This will depend entirely on your preference of how much money you’re willing to spend. The value of BTC is known to be quite volatile, which means that the minimum bets you can make on a specific game might have a different value, depending on when you’re playing the game. On the other hand, if you purchase casino credit with Bitcoin at a favorable time for you, you might benefit from an increased value of your bankroll.
I Accidentally Deposited a Bit More Than I Intended - How Can I Reverse My Deposit?
Unfortunately, you can’t. The technological nature of cryptocurrency makes the reversal of any transactions impossible, which is why both online casinos and cryptocurrency wallets often advertise caution when operating with digital currency. Since Bitcoin is also a decentralized currency, there is no financial administration in the world that can resolve a dispute that might have arisen from your digital funds’ misuse. Always make sure that you know how much you’re spending!