Bitcoin is still finding its place as a currency but it’s already a slam-dunk for online casinos and gambling.
Bitcoin and other cryptocurrencies present an answer to a question plaguing online gamblers for ages: How do I get money for casino games online? In the recent past, the easy answer was using a credit card or bank. However, those methods have become increasingly more difficult as the online gambling, sports betting and casino industry has matured.
Above all else online gamblers are looking for speed and security when they assess payment processors. Bitcoin is both lightning-fast and offers top-tier security when used properly. The fees for sending money are also very low.
You don’t have to know anything about Bitcoin to understand that a digital currency, which is essentially already online, is the fastest way to get money on an online gambling website.
More than anything Bitcoin lets people spend money how they choose without government interference. Because of that factor, and many others, Bitcoin has quickly become the single best tool for playing online casinos and online gambling in general.
Below you’ll find a Bitcoin gambling guide to help you navigate the world of cryptocurrency for making wagers on the internet.
If you’ve already acquired some Bitcoin then there’s a good chance you can be playing on some of the most popular online gambling sites in the world within minutes.
Unlike traditional methods like credit cards or bank wires, there’s no need for the banks to confirm the transaction. Instead, the deposit will be authenticated by the Blockchain and it should only take a matter of minutes. Generally, it shouldn’t be more than 15 minutes max.
All you have to do is sign up for an account, copy the site’s Bitcoin wallet address and then send the amount that you want in your account. Once the Bitcoin has been transferred it will be converted to USD for playing on the site.
Bitcoin has a major advantage over credit cards because there’s no real chance of the transaction being blocked, which is becoming increasingly frequent with credit cards as banks crackdown on gambling.
It’s startlingly easy to make a deposit with Bitcoin. The same thing goes for other popular cryptocurrencies like Ethereum, Litecoin and Bitcoin Cash. If Bitcoin had been around when online gambling sites first launched in the late 1990s then there’s a good chance it would have been the exclusive method for depositing.
Online gamblers hate waiting a long period of time for withdrawals and it’s easy to understand why. Fortunately, Bitcoin is also the fastest method for withdrawing cash from gambling sites. It’s not quite as fast as depositing but it’s close. The only reason it takes slightly longer than depositing is that sites have to confirm it’s a legitimate withdrawal to block money laundering.
The concept is pretty much the same as depositing. This time around you’ll simply enter the amount you want to withdraw and the address of your Bitcoin wallet. The site will then confirm the withdrawal, convert from USD to Bitcoin and send you your deposit. The entire process shouldn’t take more than a couple of days. The actual transaction part of the process will only take a few minutes.
Once you’ve received your withdrawal you’ll probably want to convert to your local currency, which means you’ll have to use a Bitcoin exchange or other intermediary. That shouldn’t be too much of a problem because reliable Bitcoin exchanges are popping up all around the world.
Of course, if you really want to gamble you could just keep your Bitcoin and bet big on cryptocurrency. It’s safe to say that cryptocurrency tends to be volatile, however, so proceed at your own risk.
There’s almost nothing worse than paying huge cash out fee after betting on online casinos.
Transaction methods like credit cards, bank wires or even PayPal have traditionally had steep fees for cashing out your online gambling account. It’s rough because that’s your hard-earned money and the payment processor always takes a hefty chunk.
One major feature of Bitcoin and cryptocurrency, in general, is that the fees for Bitcoin betting are extremely low. There’s no bank or third-party intermediary trying to cash in on your good fortune. Instead, there’s simply the Blockchain network with its flat fee structure that simply pays a small fee back to the Bitcoin minors to authenticate your transaction.
Crypto is also fantastic for sending money to friends or family. Simply grab their wallet address and you can send large amounts of money within minutes. In fact, that might be a good way to get some USD if you’ve got an uncle or aunt who’s always wanted to own some Bitcoin.
It’s very costly for online gambling sites to accept traditional transactional methods like credit cards and wire transfers so they are currently incentivized to get their players on the Bitcoin model.
That’s why many online gambling sites are currently giving big sign-up bonuses to players who make deposits using Bitcoin or other cryptocurrencies. This is essentially free money so it’s a fantastic way to build an online gambling bankroll very quick.
Many of the sites also offer so-called “reload” bonuses to players who have already signed up. Most of the time sites will never offer sign-up bonuses against but they are giving Bitcoin users a little extra incentive to redeposit.
Extra cash is always a good thing.
Acquiring Bitcoin can very easy or somewhat difficult depending on where you live.
In many countries acquiring Bitcoin is as simple as signing up for the online exchange and purchasing some cryptocurrency using a credit card or bank transfer. The whole process can take as little as 15 minutes.
There are some countries, however, where it’s much more difficult and you’ll have to wait a week or two for your Bitcoin purchase to go through. It pays to do a little research and try to figure out the most reputable exchange in your country.
There are some other options beyond exchanges as well. One way is to simply get a friend or family member to sell you some Bitcoin. Another way is going to one of the many physical Bitcoin ATMs around the world. They will give your paper receipts with codes on them that can be entered into your digital Bitcoin wallet.
It will take a little time but once you get used to the process, and find a good exchange, the process is fairly simple.
Bitcoin and crypto betting, in general, has proven to be a reliable technology time and time again.
There have been issues at some of the major crypto betting exchanges over the years but so long as you’ve kept your Bitcoin in a private wallet then it’s 100% safe. Even most exchanges these days are very reliable compared to years past.
Of course, Bitcoin does require a little more knowledge than simply having a bank account so it’s worth doing some research and just understanding what it means to hold a crypto balance.
Once you get Bitcoin on an online gambling site then it should be very secure. It behooves online gambling sites to protect your balance because no one is going to play on a site that isn’t secure.
Bitcoin gambling is a bit of a misnomer because technically the sites will convert to USD when you’re actually gambling. This is done to take advantage of the more stable US dollar.
You wouldn’t want half your gambling account balance to disappear due to a violent Bitcoin downswing so it’s probably a good thing in the long run.
If you’re asking if there are many online gambling sites allow Bitcoin deposits and withdrawals then the answer is an emphatic yes. There are hundreds of them.
Depositing on an online gambling site or Bitcoin Casino using Bitcoin (or most cryptocurrencies) shouldn’t generally take more than 15 minutes.
You simply have to sign up for an account, get the Bitcoin address for the site and send whatever amount of Bitcoin you want for your account balance.
The entire process is streamlined because you don’t need to enter any banking information.
Withdrawing from an online gambling site using Bitcoin will take a little longer than depositing but still shouldn’t be more than a couple of days. This will vary from site to site.
The actual Bitcoin transaction is very fast but most online gambling sites have to verify your account balance and make sure the money was earned honestly on their site.
Once you make several withdrawals the process should become faster as you build up trust with a particular site.