As the new kid on the block, Bitcoin is becoming an increasingly popular method of banking at online casinos. As a completely anonymous banking option, making deposits and withdrawals at the best bitcoin casinos in the USA is considered one of the safest ways to fund your gaming account. It is also known for providing instant withdrawals, which is always a huge benefit for online gamers.
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Despite the seemingly only advantageous reasons for using bitcoin as a payment method, there are still things you should carefully think about before diving head first into it. This page will tell you all you need to know about making deposits and withdrawals using bitcoins, as well as how and where to find the best bitcoin casinos.
- 1 Our Recommended Casinos for Bitcoin for February 2020:
- 2 Wild Casino
- 3 Slots.Lv
- 4 BoVegas Casino
- 5 Intertops Casino
- 6 Ignition Casino
- 7 What Is Bitcoin?
- 8 Pros and Cons of Using Bitcoin at Casinos
- 9 First, You’ll Need Some Bitcoins
- 10 How to Make a Bitcoin Casino Deposit
- 11 How to Make a Bitcoin Casino Withdrawal
- 12 Safety and Security of Bitcoin Banking
- 13 Summary
What Is Bitcoin?
Bitcoin has been around for years, but it is just starting to be a widely used banking method in the online casino market. So, if you’re unfamiliar with what it is and how it works, we’ve got you covered.
Bitcoin is a digital currency (or cryptocurrency) that lets users send money online. It differs to sending traditional currency, as there is no need for a central authority to verify the transaction. Instead, this is done by a huge peer-to-peer network.
To obtain bitcoin, you can either mine for it yourself or purchase it on a coin exchange. The value of the currency does fluctuate quite often, and it is considered volatile by finance experts. So, it is a good idea to hold on to your bitcoin casino winnings until there’s a spike in the value.
Pros and Cons of Using Bitcoin at Casinos
Before you choose which banking method you’re going to use when playing casino games online, it’s best to determine the pros and cons to find out which option suits you best. When it comes to make deposits and withdrawals at the best bitcoin casinos, there are many more pros than cons:
|Completely anonymous||Value fluctuates|
|Instant withdrawals||Must sell bitcoins before withdrawing to bank account|
|No restrictions on location or currency||—|
First, You’ll Need Some Bitcoins
If you want to make a deposit at the best bitcoin casinos, you’ll have to get some of this digital currency in your pocket, first. To start things off, you’ll need a bitcoin wallet. The official bitcoin site makes a number of recommendations, and they are all very easy to use.
Once you’ve selected and signed up for a wallet, then you can go about filling it. To do this, you can either:
You can visit a bitcoin exchange like Coinbase and purchase bitcoin using USD. It’s almost exactly the same as doing forex trading, but online. You enter the amount of money you’d like to spend on bitcoin, and the site will let you know how much bitcoin that will get you. Once you click “buy”, the currency is transferred to your wallet within 30 minutes.
If you want to get straight to the source, then you can mine for bitcoin. This actually takes quite a lot of time and usually requires specialized hardware. As such, it is not usually recommended if you’re new to using bitcoin.
How to Make a Bitcoin Casino Deposit
The process for making a deposit at the best bitcoin casinos in USA is a little bit different than when you deposit using a credit/debit card or an e-wallet. Instead of logging into your PayPal account or entering your credit card details, you just have to enter your bitcoin wallet address and the amount of money that you want to deposit.
At some casinos, your bitcoin will be converted in dollars. However, some online gaming sites allow you to wager using bitcoin in its original form. You can choose whichever option best suits you, and it is advised that you play in bitcoin when the value is quite low and you’re waiting for it to climb again.
How to Make a Bitcoin Casino Withdrawal
The withdrawal process is just a simple as the deposit process. Just enter your bitcoin wallet address and the amount of money you’d like to withdraw. Bitcoin is known for processing withdrawals instantly, so you won’t normally have to wait for the funds to be in your wallet.
The interesting bit comes when you want to withdraw your bitcoin from your wallet. Firstly, you’ll have to sell your bitcoins on a coin exchange, in a similar process to buying bitcoins. Just visit a coin exchange and list your bitcoins for sale. Once they sell, you can withdraw them to your bank account. The process of getting your winnings into your bank account is a little bit longer than when using a credit card or an e-wallet, but there are still plenty of advantages to using bitcoin.
Safety and Security of Bitcoin Banking
Bitcoin is considered one of, if not the, safest method for making deposits and withdrawals at online casinos. This is because it’s completely anonymous, due to not having to provide your personal or banking details. All you have to enter is your bitcoin wallet address.
So, if the safety and security of your personal and banking details is your primary concern – as it should be – you can put that worry to rest as long as you’re using bitcoin as your chosen online casino banking method.
As one of the newest and greatest online casino banking method, it’s without doubt that more and more players will starting using bitcoin to make deposits and withdrawals. And if safety and instant transaction speed isn’t enough to get your attention, you should also know that the best bitcoin casinos will also sometimes offer you unique bonuses such as no deposit bonuses and free spins. There’s really not much more to ask from a payment method. Just make sure you check out the promotions page of your chosen casino so that you don’t miss out on any bitcoin goodies!