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Bitcoin

Bitcoin

Bitcoin is a form of online cash that has no central bank but can be transferred from user to user without requiring an intermediary. Over the recent past, Bitcoin has steadily gained popularity and is now the most used form of electronic cash. Its inventor, who is still unknown, wanted a system that puts you, the seller, in control. A system with no middlemen charges, no interest fees, no corruption, and whose transactions are transparent

Currently, some online casinos now offer Bitcoin as a payment option. As long as you have a Bitcoin wallet, the deposit process is very easy: easier than the use of credit cards and bank wiring. You only need to select Bitcoin as your preferred payment method in your casino account. Then, enter the amount you want to deposit. The casino generates an address for you to use to authorise payment in your digital Wallet.

  • Fees: No (or negligible) deposit or withdrawal fees
  • Deposit: Less than 10 minutes
  • Cash out: Less than 10 minutes
  • Overall Rating: 8/10

DEPOSITING AND WITHDRAWING WITH BITCOIN AT ONLINE CASINOS

Depositing and withdrawing at online Bitcoin-accepting casinos is not a complex process. You do not need to provide any personal identification documents, bank information, or location details. Thus, the transfers from your digital wallet are very secure. Also, you are guaranteed of no delay since the process is almost instant. Since these operations are anonymous, anyone anywhere in the world can use Bitcoin to pay at online casinos

To make a deposit to an online gambling site, first, load your wallet with Bitcoin. Next, enter the address of the recipient casino and the exact amount you want to transfer and click ‘send’. The amount is immediately deducted from your balance, and you can start playing immediately. The withdrawal process is also very easy. You only need to choose Bitcoin as your preferred payment option from the online casino’s payment options and click ‘withdraw’.

WITHDRAWING YOUR WINNINGS

  1. You can withdraw to your preferred Bitcoin wallet address
  2. Instant withdrawals

FEES WHEN USING BITCOIN AT AN ONLINE CASINO

Using Bitcoin to pay at an online gambling site is very cheap. Unlike most other payment methods, customers do not incur interest fees, bank charges or international transfer charges. This is because Bitcoin offers user to user transactions with no middlemen involved. There are no charges for opening, setting up, and depositing funds to your digital wallet. The only charges you may incur are for the exchange of Bitcoin to other forms of fiat currencies.

However, some online casinos will charge a withdrawal fee. The amount is mostly negligible and differs from one site to the other. Thus, it is extremely crucial for you to go through each site’s terms and conditions beforehand. You will be informed of any fee or charges to expect. Also, it will be easier for you to notice in case there are any additional fees or unexpected charges.

Bitcoin-payment-method

THE SECURITY OF USING BITCOIN AT AN ONLINE CASINO

Most people are attracted to the use of Bitcoin because it allows you to remain anonymous. Your personal information is not required during transactions. Thus, location restrictions do not apply to its users. As long as you keep your password safe, you can rest assured that your money is secure. There is no need to worry about the leakage of your personal information, such as bank details or location to thieves and malicious hackers.

However, the anonymity associated with this form of currency has its downside too. Bitcoin online casino sites do not need to obtain operating licenses. This means that the government or other licensing boards do not regulate them. In case such a site closes down with your money, you will have no way of tracking them down. Also, these electronic currencies are very volatile and can lose their value extremely fast.

SUPPORT FOR BITCOIN USERS

The developers of Bitcoin remain unknown. Also, remember that the transactions are user to user with are no third parties involved. Thus, in case you have an issue with a transaction, the first contact person should be the online casino, which is the recipient of your money. In most cases, they are the best person to address your concerns. If you still have a challenge, you can then seek help from other channels.

The greatest source of support for your other queries is online communities. Here you will find experienced miners who have come together to help answer almost all of your questions. Examples of such forums are BitcoinStackExchange, BitcoinTalk Technical Support, r/Bitcoin, and /r/BitcoinBeginners. They will address most questions about Bitcoin Core and other Bitcoin programs. Additionally, there are other live chat rooms such as #bitcoin and #bitcoin-mining that offer live online help with Bitcoin Core.

DIFFERENT PAYMENT OPTIONS WITH BITCOIN

Funding your wallet is very easy. First, you need to buy Bitcoin. The best place to buy them is on online exchange platforms that connect buyers to sellers. Once you acquire your Bitcoin, the next step is transferring them to a digital wallet of your choice. Just copy-paste one of your Bitcoin-addresses from your wallet to the online transaction form and the new balance will reflect in your account.

These Bitcoin-addresses are unique to every wallet and can be generated as many times as you want. With the money now in your wallet, making payments to online casinos is simply by a click of the ‘send’ button. Ensure that you keep your private key, which is the password to your wallet, very safe. Do not tell it to anyone. Note that once you lose it, it cannot be reset.

CONCLUSION

Bitcoin is constantly gaining popularity, especially in online casinos. This is because they offer 100% anonymity of identity and location. Lack of intermediaries makes deposits and withdrawals to online gambling sites very fast, secure, and cheaper than many other methods. The fees charged will be different for every site. It is recommended that every user of this digital currency joins an online community that will offer support on questions on Bitcoin Core and other programmes.