The Ultimate Guide to Bitcoin Casinos by Cryptogeek
Feb 08, 2021
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Bitcoin is a cryptocurrency that was created in 2008. It operates on blockchain technology and is one of the safest ways to send and receive money online. Since the inception of the coin, several online casinos started to accept it as a deposit and withdrawal method. In fact, hardly will you find new online casinos that don’t support the payment method.
In this article, we will talk about how deposits and withdrawals work at Bitcoin casinos. We will also explain the key factors that you need to consider when choosing a casino that accepts the payment method, as well as the pros and cons of playing with Bitcoin. Lastly, we will give a step-by-step explanation of how to get bitcoins and answer some common questions you may have about the payment option. Let's get started.
- How Do Deposits Work?
- How Do Withdrawals Work?
- Are There Any Extra Fees?
- How to Find Casinos That Accept Bitcoin?
- Pros and Cons of Playing with Bitcoin
- How Do I Get Bitcoins?
- Bitcoin Casinos FAQ
How Do Deposits Work?
Before you can use bitcoin to fund your casino account, you need to have a crypto wallet and buy some BTC. We'll explain the process of getting bitcoins later on in the article. Once you have some bitcoins, log in to your casino account and click on the “Deposit” button that usually can be found in the “My Account” section.
This will redirect you to a page where you can see the full list of the deposit payment methods that the casino supports. Here, choose Bitcoin as your preferred mode of payment, and you should see a unique web address for your account.
The next thing is to head to your bitcoin wallet and send the amount of bitcoin you want to deposit to the unique address. Processing of deposits made via bitcoin takes only a couple of minutes at top online casinos. Once the operator processes your transaction, and it reflects in your casino account, you can start using it to play your preferred games.
How Do Withdrawals Work?
Withdrawing winnings from an online casino through bitcoin is pretty straightforward. Once you log in to your casino account, head to the cashier section and click on the “Withdraw” button. This should take you to a page where you can see all the withdrawal methods that the casino supports. Here, select Bitcoin as your withdrawal method and specify the amount you wish to withdraw.
After that, go to your bitcoin wallet, copy your address and paste it in the field on the withdrawal page. You can then click on Withdraw/Complete to finalize the withdrawal transaction. Most Bitcoin casinos process withdrawals within a couple of hours, but there are also some top crypto casinos with instant withdrawal.
Are There Any Extra Fees?
One of the good things about using Bitcoin as your payment method at online casinos is that you will incur fewer fees. In most cases, you can send bitcoin from your wallet to an online casino without paying any transaction fee. However, we suggest that you should check with your wallet provider to see if transaction and maintenance fees apply.
It is also possible that an online casino you choose charges a fee for processing deposits and withdrawals made using the payment method. If that is the case, you can find information about the fees on the banking page or the terms and conditions page of the casino. If you cannot find the information there, you can contact the customer support of the casino to ask if processing fees apply.
How to Find Casinos That Accept Bitcoin?
As we stated earlier, several online casinos accept bitcoin as their payment method. However, before you choose any of these casinos, there are some factors that you should check. The first is the licensing of the casino. Ensure that the betting site is operating legally and has a license that is issued by a reputable regulatory body.
Besides that, you should consider the selection of games available at the casino. The best Bitcoin casinos work with leading developers to feature games such as video slots, table games, live dealer games, and specialty games. Aside from that, they offer different kinds of bonuses such as welcome bonuses, free spins, and reload bonuses. They also offer quality customer service and provide support to players in several ways.
Pros and Cons of Playing with Bitcoin
There are several advantages that come with playing with bitcoin. First, the payment method offers anonymity, so you can be assured that your personal and banking details are safe. Additionally, bitcoin is a fast payment method, so you don't need to wait several hours before online casinos process your transactions.
Nevertheless, there are some cons associated with using bitcoins to play at online casinos. First, the payment method is susceptible to high price volatility, so its value is never constant. Besides that, there are usually no chargebacks or refunds for transactions carried out using bitcoin.
How Do I Get Bitcoins?
To get bitcoin, you need first to create a bitcoin wallet (say, Freewallet). There are several types of wallets and providers of these wallets. We recommend that you research properly to know the one that will be perfect for you. Once you've created your wallet, you will be given a public key, private key as well as a wallet address. The private key should always be kept secret and never revealed to anyone.
If you want to add bitcoins to your wallet, you can do so by using one of the payment methods that your wallet provider supports. You can also receive bitcoins as payments from another person.
Bitcoin Casinos FAQ
Is Bitcoin a safe payment method?
Yes, it is. The payment method offers significant anonymity and uses several top-notch security mechanisms.
What is the minimum amount I can deposit at Bitcoin casinos?
Every Bitcoin casino has a specified minimum amount that players can deposit. You can check the banking page of your casino to know the minimum deposit amount that applies.
Can I claim bonuses at Bitcoin casinos?
Yes, you can. Top Bitcoin casinos offer players incredible bonuses and promotions such as welcome bonuses, free plays, free spins, and reload bonuses.
The opinions and assessments expressed in the text are the views of the author of the article and may not represent the position of Cryptogeek. Do not forget that investing in cryptocurrencies and trading on the exchange is associated with risk. Before making decisions, be sure to do your own research on the market and the products you are interested in.
Journalist, cryptocurrency enthusiast. I've being investing in cryptocurrencies since 2016. I hold a Bachelor's degree in civil engineering.
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