A growing variety of payment methods are emerging to aid online transactions. One such method relies on Bitcoin, a cryptocurrency that is experiencing a surge of interest from players and casinos alike.
Bitcoin online casinos: The best casinos that accept this payment method
Bitcoin is a virtual currency, which means it cannot be withdrawn like ‘real’ cash, such as from an ATM or your bank. It is completely anonymous. Your transactions are recorded via a Bitcoin address, a string of random numbers and letters, obscuring any personal details and making transactions lightning fast.
There is no central banking system for Bitcoin, which relies on a peer-to-peer marketplace, but there is an exchange rate, which determines how much each Bitcoin will cost in fiat currency. This fluctuates, much like all exchange rates, and there are several websites aimed at keeping tabs on the rate.
Bitcoin is just one cryptocurrency making waves. In the wake of its huge success, a number of Alt Coin currencies have emerged, though so far, none have been accepted as a payment method at online casinos.
How to make deposits with Bitcoin
Because Bitcoin only exists online, getting involved is fast and easy. Get started by buying your Bitcoins. There are a number of reputable sites that can facilitate this, allowing you to use brank transfer, credit cards or e-wallets to fund your purchase.
On acquiring your Bitcoins, you may proceed to spend them! You will be assigned a Bitcoin wallet address. Keep this handy so you can copy and paste it easily, as needed, when you come to make your next transaction.
Making a deposit and withdrawal with Bitcoin
You can look forward to nearly instant deposits when using Bitcoin. Input your Bitcoin address (make sure it is copied exactly and completely) and choose how much you would like to deposit. In most cases, confirmation by the blockchain technology that underpins the currency will be complete in less than an hour. Once the transfer is complete, you may start to play with real money.
Withdrawals are similarly simple and painless. Input your Bitcoin address and decide on how much you want to withdraw to have the funds sent to your account. From there, you can either exchange your BTC for other currencies using an exchange service or leave the funds in your account for use later on.
Minimum deposit amounts
The minimum transaction amount allowed by Bitcoin wallets is of 0.001 BTC. That is equivalent to under $3 or €2. Online casinos set their own minimum deposit amount, information that can usually be found on the site’s payments or deposit pages. This usually ranges between €10 and €25.
Bitcoin is not restricted by location, as some other payment methods are.
Minimum withdrawal amounts
Much like the deposit limit, withdrawal amounts vary between one casino to another. Usually, they sit somewhere between €10 and €25. There are no processing fees involved in the transfer of BTC.
Deposit bonuses when using Bitcoin
Bitcoin is becoming available as a payment method in more and more online casinos. Some casinos are specifically geared towards BTC users and will offer more advantageous deposit bonuses for players that top up their casino account with Bitcoin.
Other casinos may not make any distinction between payment methods when it comes to casino bonuses but it is a good idea to read the bonus terms and conditions, just to make sure you are getting a fair deal.
Why should you play at a Bitcoin casino?
The concept of Bitcoin has always been complete freedom and anonymity for its users. However, there are also some other excellent perks to enjoy when making use of this payment method.
Bitcoin transfers are fast, possibly the fastest in the industry. Setting up an account and making transactions is super easy – you only need to have your and the recipient’s Bitcoin address to affect a payment. The fact that it is secure, free of oversight from banks or governments and free of transaction fees are all good reasons to use this currency to play.
The future for Bitcoin casinos
The future for Bitcoin casinos looks bright. As more people take up this cryptocurrency, more will be interested in using it to fund their gambling activities.
It is possible that other cryptocurrencies (called Alt Coins) might break into mainstream use, following Bitcoin’s lead and presenting competition to BTC. This should not affect casino players all that much. If anything, it could mean that they will have even more options for depositing using cryptocurrencies in future.
Payment Method's Website
Fees apply when exchanging money for Bitcoins