Bitcoin is a popular virtual currency which, among other things, can be used for making payments and cashing out at online casinos. This banking option is available to players worldwide as long as they have their own Bitcoin wallet, which is needed for storing, sending and receiving coins. Using the cryptocurrency at gaming sites is very simple and takes only several minutes. Some of the reasons why Bitcoin deposits and withdrawals are becoming more and more popular among players are the fast processing time and low fees.
Even though Bitcoin has been on the market for several years now, it’s still not that commonly featured at online casinos. However, operators that are open to this innovative way of transferring funds quickly and safely also tend to accept similar virtual currencies such as Litecoin, Dogecoin, Dash and etc.
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Prior to being able to deposit coins into your casino account or requesting a bitcoin withdrawal, you have to meet certain criteria. First, it’s a must to create your personal Bitcoin wallet by signing up at one of the leading companies that offer this service. Coinbase, Armory and Hive are only a few options you can consider when choosing your digital wallet provider. Obviously, the wallet you’ll decide to use has to be supplied by a reputable company with experience in the field. That way you will protect your coins when you’re not using them. Signing up for a wallet usually takes no longer than 5 minutes because you only need to provide username, password and an e-mail address. Bitcoin wallet companies rarely will require for you to provide additional information such as personal details or credit card number.
Once you own a wallet, you will be able to receive payments using the address provided by your wallet supplier. However, in case you want to make payments at online casinos, then you’ll have to top up your Bitcoin wallet first. Buying Bitcoins can be done in several different ways. The easiest and simplest one is to visit a Bitcoin exchange where you can enter the amount of cash you’re willing to spend on coins, type in your wallet address and select a payment method. Within minutes you’ll receive the funds on the provided address and they’ll be ready to use.
Making Bitcoin Deposits
So, you are equipped with a funded Bitcoin wallet and now you want to make a Bitcoin deposit at your chosen online casino operator. The question is how to do that. Well, unlike other deposit methods that can take lots of time filling out forms and then waiting for the payment to be processed, Bitcoin deposits are done in less than 10 minutes. In order to start the deposit making process you’ll have to visit the cashier while you’re logged into your casino account and then select Bitcoin as your preferred payment method. The form may vary at different casino sites; nevertheless, the only required field is usually the same and that’s amount of coins you wish to transfer. The deposit screen will provide the casino’s wallet address you should use when making the payment as well as a QR code that should be scanned.
Requesting Bitcoin Withdrawal
Withdrawing in Bitcoin is as easy as depositing in the cryptocurrency. The first few steps are identical since you have to visit the cashier and then select whether you want to deposit or withdraw. When you choose the cashing out option you’ll have to click on Bitcoin and mark it as your preferred cashout method. Some casinos won’t allow you to use the method unless you’ve used it as a deposit option before. Therefore, it’s smart to have this in mind when you’re making a payment. Once the cashing out screen is loaded, you’ll notice that this time there are two empty fields.
The first one is where you should enter the amount you want to withdraw; naturally, this amount can’t be over the actual number of coins you have on your account. The second field s where you enter you Bitcoin wallet address. The smartest thing to do that, in order to avoid making a spelling mistake, is to copy and then paste the address. Remember that, once sent, Bitcoins can’t be taken back unless the receiver agrees to send them to you.
Most online casinos have their own deposit and cashout limits that prevent players from making too low or too high transactions. Therefore, you should expect to have such limits when you’re topping up your account with coins or trying to withdraw. The limits are usually published on the site on the page where all other methods are listed or at the cashier. You should bear in mind that when you make a deposit the coins are automatically transferred into the accepted currency at the site, thus the limits are given in USD, EUR, GBP and etc.
So, when talking about deposit limits, those are usually a bit higher than withdrawal limits; that’s especially noticeable in the highest transferable amount. The minimum deposit at reputable online casinos often varies between $5 and $20, whereas the maximum can be anything from several thousands to tens of thousands of dollars. If you’ve set personal limits, then those will apply on Bitcoin payments too.
The minimum cashout amount is usually higher than the deposit one, but the withdrawal maximum amount is often lower. Therefore, you should expect not to be able to request a cashout in case the total amount of coins on your account is worth less than $10 or $20. Many sites have even higher minimum cashout limits of $30 or $50. The maximum amount of cash (calculated in Bitcoin) that can be withdrawn depends on the operator’s policy; nonetheless, you’ll often see limits around $2,000, 10,000 and 50,000. Some casinos don’t have such limits, but those are hard to find.
One of the top advantages of using Bitcoin as a banking option is the short processing time. This is a pro of Bitcoin in general, since it takes only several minutes for coins to be transferred from one wallet to another wallet. Therefore, when you make a deposit you’ll see your funds transferred and uploaded in less than 10 minutes after you’ve completed the depositing process. Withdrawals, on the other hand, might be trickier in case the operator has a withdrawal pending time. In such scenarios, the pending time has to pass first and then you’ll be able to get your funds. This withdrawal pending period usually lasts between 28-72 hours and during that time you can cancel the request without any penalties. Other than that, your coins will be sent to your wallet pretty fast.
Is Using Bitcoin Expensive?
Bitcoin transactions are in most cases completely free of charge. Therefore, making deposits and cashouts at online casinos in Bitcoin will cost you nothing. There are, however, some things that can act as a fee. Depending on the conversion rate at the casino, you might lose a bit of your coins’ value when you’re uploading or withdrawing in the cryptocurrency. Also, some Bitcoin wallets might charge a fee for their service; this fee is usually small, but you should be aware that it might exist nonetheless.
Is Using Bitcoin as Banking Method Safe?
Naturally, neither casino operators nor player would’ve embraced the Bitcoin unless it was offering them a safe way of making online transactions. Providing anonymity is both a pro and a con for the Bitcoin, but that shouldn’t interest random players whose identity is completely protected thanks to Bitcoin’s technology. Everything that’s needed while making deposits or withdrawing is your Bitcoin wallet address and that can’t be used for finding out who you are, where you live and etc. However, some casinos have a policy to request players to verify their identity before they’re allowed to withdraw. This procedure involves you providing proof of residence and ID with a photo to the casino. Nevertheless, even if that’s the case, a scammer won’t be able to use your Bitcoin address in order to steal the funds stored in your wallet. Obviously, the wallets also meet high safety standards and you don’t have a reason to worry as long as you’re keeping your wallet sing in details somewhere safe.
Other Digital Currencies
Even though the Bitcoin is the most commonly used and accepted digital currency, there are some other options that players have too. Such cryptocurrencies, whose popularity and market cap was pretty high at the time of this writing, are Ethereum, Litecoin, Dogecoin and Dash. They all have to be stored at digital wallets and function exactly the same as the Bitcoin. Therefore, everything that was written for the well established cryptocurrency applies to them as well. The one thing that differs is their value; these not so popular currencies are worth less than the Bitcoin. Other than that, making a deposit, requesting a withdrawal and etc. is identical.