Advantages of Using Bitcoin
Bitcoin offers players a number of advantages. To begin with, many people are attracted by the privacy it affords them. There are no personal details attached to Bitcoin, which means that they can be transferred in and out of casino accounts without players having to provide any sensitive information. It is also for this reason that it has become a very popular payment method in countries where online gambling is unregulated.
Another major advantage is that there are fewer fees associated with Bitcoin. Some casinos will charge large sums of money for players to make withdrawals using methods that are more traditional. However, it is very rare to find any fees charged for deposits or withdrawals using Bitcoin.
Furthermore, withdrawals using Bitcoin are often much faster than traditional methods. Very often, the request is processed and delivered in under an hour. On top of that, Bitcoin is fantastically secure. It is extremely difficult to hack a Bitcoin wallet and there is no personal information associated with it, meaning that there are no details for hackers to target.
That said, there are some difficulties and disadvantages associated with Bitcoin that cannot be ignored or avoided. To begin with, some people may not be comfortable with the technology involved. It is necessary to select a Bitcoin wallet and then purchasing the actual Bitcoins is not always straightforward. Secondly, there are Bitcoin transaction fees and these are directly linked to the speed of the transaction and how busy the Bitcoin network is at the time. This means that if you want your deposit to arrive quickly at the casino, you may find yourself having to pay a fairly large transaction fee.
Furthermore, while Bitcoin has stabilised a lot in recent years, there are still fluctuations and if you are unlucky with your timing when converting Bitcoin back into a traditional currency, then you may find yourself making a loss. In addition, many Bitcoin casinos operate in a bit of a legal grey area, so when choosing a place to gamble, you will have to pay even more attention to factors such as the license, to ensure that it is a safe and fair place to play.
How to Use Bitcoin at an Online Casino
The process for depositing with Bitcoin is a little bit more complicated than when using a credit/debit card, e-wallet or prepaid voucher. However, it doesn’t take long to understand and will very quickly become familiar.
The first thing you need to do is find a Bitcoin wallet. There are various types, including web-based wallets, software wallets for desktop or mobile devices, and hardware wallets. You will need to choose the one that is most suited for you, and you can find a great deal of information about the different types on the official Bitcoin website.
Once you have set up your Bitcoin wallet, you need to buy Bitcoin. There are two ways of doing this, you can use exchange websites, such as Coinbase, or you can purchase them directly by card through the Bitcoin website. When purchasing them you will be asked to provide your wallet address, and you will then be notified when the coins have arrived.
Once your Bitcoin have arrived, you then need to transfer them to your casino account. Simply head to your chosen casino’s cashier and select Bitcoin as your deposit method. You will then be given an address that you need to send the Bitcoins to. This is normally done through your wallet. You enter the casino address together with how much you want to transfer. The transaction will then be confirmed on the blockchain, and the funds will arrive in your casino account.
The withdrawal process is very similar. Before being able to withdraw, you may be asked to verify your identity by the casino. This usually involves submitting a copy of a photo ID, such as a passport and driving license, together with a utility bill. The process needs to be done just once and doesn’t take long, but it is a legal requirement in an increasing number of jurisdictions.
After confirming your identity, you should head to the casino’s cashier and select Bitcoin as your withdrawal method. You will be asked to enter how much you want to withdraw and to provide your Bitcoin wallet address. The funds should then be sent instantly and they will arrive as soon as the transaction has been processed by the blockchain.
Help with Bitcoin
The world of Bitcoin can be a bit confusing at first for newcomers; however, there is plenty of help at hand. There are many online forums and guides relating to how to use Bitcoin and you won’t find it hard to find answers to your questions. While there is no official Bitcoin customer support (as Bitcoin is not a centralised institution), there are plenty of resources. Furthermore, you can also contact your casino’s customer support and they are sure to do all that they can to help.