Bitcoins and Casinos
If you are au fait with online banking and ecommerce, chances are you have heard of Bitcoin. In the online casino industry, Bitcoin casinos are becoming more and more popular with players, as they allow you to fund and withdraw accounts with ease. Unlike web-wallets or instant payment platforms, Bitcoins are a currency in themselves, like Dollars, Euros or Pounds. The difference is that Bitcoin is a digital or cryptocurrency which means that it only exists in cyberspace. There are no physical Bitcoins changing hands.
This might be confusing since Las Vegas has Bitcoin ATMs. What these machines actually do is convert Bitcoins to US Dollars at the time of withdrawal. Bitcoins or BTC can be used as payment for good or services. It is also a very convenient way to send money to friends and family across the globe without paying expensive processing fees. For online casino enthusiasts, it is yet another option for making instant, secure casino deposits without exposing your banking details.
If you want to receive or send Bitcoins, the first step is to install a Bitcoin wallet on your smartphone or home computer. You can think of a Bitcoin wallet as an actual wallet that must be kept safe at all times. If you lose your wallet by your computer crashing or your phone being stolen, you also lose Bitcoins inside the wallet. Once you have installed a Bitcoin wallet, the wallet will produce a unique one-time payment address that you can use for sending or receiving Bitcoins. Every time you transact, a new address is produced.
The easiest way to get hold of Bitcoins is to buy some at Bitcoin exchanges. This can either be company based or user-based, where you buy Bitcoins using local currency either by web-wallet payment, or direct banking transfer. Most exchange sites rely on peer-to-peer transfers with secure payment facilities. Once you have Bitcoins in your wallet, you can start using your digital currency to purchase goods and services online or make a casino payment.
The Benefits of Using Bitcoin
You might be wondering at this point why anyone would want to go to the effort of using Bitcoins when web-wallets do the same thing? There are a number of benefits to using Bitcoins. Firstly, bitcoins do not require players to sign up for any external payment company in order to make an online payment. Bitcoins also offer anonymity online. Buying and using Bitcoins can be completely anonymous which means that there is absolutely no record of your banking details or credit card details attached to any casino or web-wallet company.
As with web-wallets and credit card deposits, Bitcoin casino deposits are instantaneous. The difference is that Bitcoins have a much lower processing fee which means that the deposit limit is much higher. When it comes to withdrawals, Bitcoin casinos also offer instant payouts. Because of the low processing fee, withdrawal limits are much higher as well.
Making a Casino Deposit with Bitcoin
Making a casino deposit with Bitcoins is quick and easy. All Bitcoin casinos will list Bitcoins as one of their banking options. In the cashier section of the casino, click on the deposit tab. Here you will find Bitcoins as a payment method. If you click on the Bitcoin tab, the casino will provide you with a payment address where you can send your Bitcoins. Using your Bitcoin wallet, you can insert the address into your wallet and make the transfer. The transaction is instantaneous which means the funds will reflect in your account straight away.
Now that we have looked at the advantages of using Bitcoin, let’s take a look at some of the disadvantages. The most obvious disadvantage is availability. Bitcoin is a fairly new concept and one that is still gaining momentum. As it stands, most casinos do not offer Bitcoin banking unless otherwise stipulated. This limits your choices of where you can play online. However, if you do find a decent Bitcoin casino with legitimate licencing and a good range of games, it would be in your best interests to sign up.
The Downside of Bitcoin
Bitcoins can also be hard to come by and the technology can seem a bit confusing for anyone just starting out. But like all new technology, this will soon become widely accepted and regularly used. Every day, more and more casinos are starting to accept Bitcoin payments. It won’t be long until the majority of online casinos will list Bitcoins along with all the other forms of payments in the banking section. For now, if you’re keen to get started using Bitcoin for online casino payments.
If you do want to use this cryptocurrency for real money casino games we’ve rounded up five casinos where you can use your Bitcoins for deposits and cashing out your winnings:
- Cloud Bet
- Casino Betchan
- Mars Casino
- 7Bit Casino
- Golden Star Casino