When it comes to cryptocurrencies, none of them beats Bitcoin (BTC) in terms of popularity. Bitcoin makes it possible for online casino gamblers to easily load their casino accounts and withdraw winnings in a safe and secure way. With this cryptocurrency winning the hearts of many users, it is no wonder online casinos are now adopting Bitcoin as a method of payment at a faster rate than ever before.
There are many payment methods used by online casinos out there, and they vary from one casino to another. Those online casino sites that accept Bitcoin as a payment method are collectively known as Bitcoin casinos. While most traditional currencies (e.g. USD, pounds sterling, and euro) work with third-party banking institutions, Bitcoin’s operation is based on peer-to-peer marketplace. As such, Bitcoin users can only send and receive the coins between themselves, without involving another institution, as long as both of them (sender and recipient) have a 27 to 34-letter/number code known as Bitcoin address.
A BTC casino can either be called so because it is a Bitcoin-only casino (i.e., it accepts bitcoins as the only currency) or a hybrid casino, meaning that it accepts multiple other currencies besides bitcoins. Some Bitcoin casinos will convert the player’s bitcoins into a traditional currency of their (casino) liking as soon as the player loads their casino account.
Bitcoins can be bought from online trading platforms, such as Kraken, BTC-e, and Bitstamp, and payment methods such as SEPA, ACH, wire, and other bank transfers are commonly used to buy bitcoins from such platforms. The buyer can also use other payment systems like credit card, regional payment voucher, or e-wallet to acquire the coins. However, these payment methods are rarely used.. Like any other commodity, bitcoin prices vary depending on the prevailing circumstances, and that’s why some buyers may want to wait until the prices are at their best. Although the buyer will incur some currency conversion commission, bitcoin purchases are typically instant.
As already mentioned, a bitcoin transfer requires the user to have a bitcoin address. Every user will receive their address once they have registered. Depositing at a Bitcoin casino using bitcoin is free of charge and instant. Bitcoin deposits usually undergo the block-chain confirmation, which takes minutes. The funds will hit the player’s casino account once the confirmation process is complete.
With Bitcoin gradually taking over the online casino industry, the odds are that it may be the main payment method at online casinos sooner than later. As such, many Bitcoin casinos tend to encourage players to use Bitcoin by rewarding them with bonuses and other promotions. Thus, it is important to watch out for any upcoming promotions and take advantage of them.
To cash out winnings through Bitcoin, one needs to send the winnings to their currency trading website, where he or she will sell them to online traders. Once they are purchased, the player can withdraw the proceeds via a traditional payment method. Winners who want to wait for the best prices can securely store their winnings in a Bitcoin wallet, which can only be accessed using a password. Bitcoin wallets can be downloaded online.
Bitcoin casinos are one of the newest crops of online casinos, and their popularity has never been higher. The casinos are popular because they allow players to cash out free of charge. With some online casinos charging a fee of up to 10% on winnings, Bitcoin casinos seem to have saved players from these withdrawal expenses. Besides, Bitcoin is safe and easy to use.
Nothing frustrates a casino player like withholding their winnings. Withholding usually happens when the mode of payment a player is using operates with a third party. In an unregulated market such as the United States, withholding of funds can really be stressful. With Bitcoin, there is no third party involved in the transfer of funds; hence, money cannot be withheld.
Another thing that makes Bitcoin a darling of many online casinos is the fact that it allows them to carry out transactions without revealing their identity. A Bitcoin casino will not request for the player’s name or even address, unless the player is looking to recover their account, where he or she will be required to provide only an email.
In terms of game library, Bitcoin casinos have no shortage, and they compete favourably with other casinos. Whether one is looking for table games like roulette and baccarat, or is a slots die-hard, Bitcoin casinos offers almost every casino game. Thanks to provably fair gaming, Bitcoin casinos have no chance to rig games. Thus, players should rest assured they can win or lose fairly.