If you are an online casino veteran, chances are that you have already come across numerous gambling sites offering Bitcoins. Due to the massive popularity of this widely recognized cryptocurrency, more and more casinos are joining the excitement. In fact, there has been a rise of fully-dedicated Bitcoin casinos in recent years.
Since you have clicked on this page, we are assuming that the hype of Bitcoin in the gambling industry has reached you as well and is testing your curiously regarding its usage. So, here we have prepared an in-depth Bitcoin for online gambling purposes which will arm you with all the necessary information regarding this matter.
What is Bitcoin?
In simple terms, Bitcoin is a digital or a virtual currency that can be used as traditional currencies to make transactions. Unlike ‘real’ cash which has a visual form, Bitcoins have virtual existence with private codes printed inside. Each Bitcoin comes with a distinct code and cannot be controlled by the government banks.
Bitcoins do not have a specific value as it constantly changes like any other investment. However, Bitcoins still have a far more superior value than traditional currencies. For example, at the time of this writing, we found 1 Bitcoin is equal to over 12,500 GBP.
Compared to regular currencies, using Bitcoin for online transactions is a lot faster and simpler as it is not restricted to national boundaries. As a result, one can make transactions at any time of the day in any country in the world, that too without paying extra charges.
Why should You Use Bitcoins for Online Gambling?
While there is an array of traditional payment methods available, yet many punters opt for Bitcoins as their preferred method. This is mostly due to a few unique benefits that the decentralized currency offers. Let’s take a look at some of them below.
Fast and Hassle-free Transactions
All deposits and withdrawals requested via Bitcoins are converted to traditional currencies before re-converting to Bitcoins again for being transferred into the user account. There are no extra steps or processes involved, so it only takes a few minutes for managing payments via Bitcoin.
Complete Anonymity Possible
As Bitcoins are not controlled by the banks or the government, it is possible to maintain 100% anonymity while making online transactions with Bitcoins. Although the information is recorded in the Bitcoin database, every account is distinguished by a specific code number. So, unless you inform everyone about your code number, it is almost impossible to determine the rightful owner.
No Transaction Fees Included
Whether you choose a card-based, prepaid, eWallet, or any other form of regular payment method, you may have to pay a certain amount of fees to the company. In the case of Bitcoin, the account holder is the sole owner of the currencies, so there is no need to pay any transaction fees.
Dedicated Bitcoin Mobile App
Bitcoins are easy to use via Bitcoin Wallets that are downloadable on mobile devices. Users can buy and sell Bitcoins as well as make online transactions on different platforms.
How to Set Up a Bitcoin Account?
As you can see so far, Bitcoin is an exceptionally convenient payment method when you want to remain discreet during your gambling adventures. However, before you start betting with Bitcoins, you will need to create a Bitcoin account, add some credits, and then go for further endeavours.
Now, setting up a Bitcoin account can be done in a few simple steps. Just follow the instructions mentioned below and register with Bitcoin any time you feel like.
There are a handful of Bitcoin wallets available up for grabs. To find one suitable for your needs, visit Bitcoin.org first. Then, download a free client to store your Bitcoin credits.
Bitcoins can be earned by mining on your own desktop or mobile device, or by purchasing them from different traders. Both topics have detailed guidelines on the internet. So, check them out before you opt for one.
Up next, the real challenge! Find a legal and licensed online casino offering Bitcoins. Alternatively, go for a fully dedicated Bitcoin gambling site to avoid the extra currency conversion process.
How to Make a Deposit via Bitcoins at Online Gambling Sites?
Now that you know how to set up a Bitcoin account, you are only one step away from starting the real fun! Wagering at any casino will require you to make a deposit first, and here’s how you can do that with ease.
First, register at an online casino that offers Bitcoin as a banking system. Then go to the ‘Cashier’ section.
Select “Bitcoin” as your preferred payment method. Once you do so, you will be taken to a unique website address selected exclusively for your casino account.
Visit your Bitcoin wallet and paste the website address for transferring credits. Enter the amount you want to transfer and complete the transaction.
The funds will be credited to your casino account within minutes and be ready to be wagered on your favourite casino games.
How to Make a Bitcoin Withdrawal at Online Casinos?
Similar to fast deposits, it is simple and straightforward to make a withdrawal via Bitcoins. Here’s a brief outline of how you can do so without much effort.
When you are ready to make a withdrawal, visit the casino’s ‘Cashier’ section. Click on “Withdrawal” and select Bitcoin as your preferred method.
Here, you will be taken to a new box representing your Bitcoin wallet. Copy and paste the website address sent for your casino account.
Fill up the page with the necessary information regarding your Bitcoin account. Make sure all details match with the ones at the casino account.
Click on “Withdraw” and find your winnings in your Bitcoin Wallet within a few hours.
What are the Drawbacks of Using Bitcoin?
Considering a large number of advantages, it is not surprising that there are a few negative aspects as well. So, before you make a decision, take a look at the cons below.
- Relatively new and untested form of currency.
- The value may fluctuate based on demand
- Not available in all online casinos
- Welcomes bonuses restricted for Bitcoins at times
Bitcoin for Online Gambling – FAQ
- Is online gambling with Bitcoin legal?
- Bitcoin is not a traditional payment method that includes “real” currency. Therefore, regulations regarding general transaction methods do not apply to Bitcoin, which makes gambling with Bitcoin legal in most regions. To determine whether it is legal or not, use Bitcoin only at an online casino licensed in your region.
- How can I buy Bitcoin for gambling online?
- You can buy Bitcoin from different payment getaways, such as Coinbase. You can use it to transform GBP to Bitcoin. For regular purchases, it is possible to attach your credit card to your Coinbase account. Just make sure that you do not use Coinbase directly at a gambling site to avoid legal restrictions.
- Is bitcoin better than real money?
- Theoretically, yes. Bitcoin is more secure, more affordable, and easier to use as it is controlled by distinct owners. It is less volatile than local currencies, so it can be used for making transactions regardless of national boundaries.
- Will I be playing with Bitcoins at online casinos?
- While a handful of online casinos allow you to play directly with Bitcoin, this does not work in most gambling sites. Instead, when you make a deposit via Bitcoins, the amount is converted into traditional currencies, used in casino games, and when you request for withdrawing your winnings, it is converted back to Bitcoins and transferred to your Bitcoin account.
- Is there a drawback of using Bitcoin in online gambling?
- Unfortunately, yes. Many casinos restrict Bitcoin users from enjoying the welcome bonus package. However, you can easily avoid this by checking out your selected casino’s T&C’s first and then make a decision accordingly.
As you can see from our Bitcoin for online gambling overview, there are both positive and negative aspects of using this form of cryptocurrency at online casinos. Whether you decide to proceed with Bitcoin or not, we will leave the decision to you. However, Bitcoin is also one of the most secure and profitable payment methods that allow you to maintain all your transactions anonymously all across the globe. So, compare the benefits that come exclusively with Bitcoin and if it suits your gambling style, buy some Bitcoins, and give your regular gambling sessions an extra touch of convenience.