Bitcoin Online Casinos Review – Managing Your Account with Cryptocurrency
The emergence of cryptocurrency over the last decade has given rise to the recent phenomenon of the Bitcoin online casino. These are online gambling establishments that allow players to deposit and withdraw casino credit, with the use of the most innovative digital currency on the planets. While some online casino brands offer cryptocurrency transfers as an additional payment method, others specialize in the use of BTC only. But what exactly is Bitcoin? Simply put – a global decentralized digital currency.
Because it is “decentralized”, it is not like other currencies such as the Dollar or Euro – which are regulated and controlled by “central” banks. In practice, a currency without an appointed regulation entity doesn’t require any type of “middleman” to facilitate transactions or decide its monetary value. A player who deposits cryptocurrency in online casinos that accept Bitcoin, does not have to go through a bank to do so. Bypassing these long-standing institutions has its incredible benefits, but there are also an equal number of pitfalls that players should be aware of.
Using Bitcoin at the Online Casino
For anyone who doesn’t already own Bitcoin and a crypto-wallet, the steps to start playing at a casino that accepts this kind of currency can be a bit more sophisticated than with other deposit methods. Once a user creates their own wallet and has cryptocurrency in it, funding a casino account is going to be fast, easy, and cost-effective. Below, we have listed the steps a player needs to take before using Bitcoin as a payment method in an online casino.
How to Obtain and Store Bitcoin
The first thing you would have to do is get a cryptocurrency wallet. There are different options available such as web-based online wallets, desktop wallets, and physical hardware wallets (safest option). Each type of wallet comes with various advantages/disadvantages and may support one or more variants of digital currency. Registering an online wallet is usually free (and easy), and once you’ve done that, you will need to visit an online digital currency exchange website to purchase crypto. You can buy Bitcoin at websites such as Coinbase or Bitstamp.
The Process of Depositing Bitcoin
Once you have available cryptocurrency in your crypto-wallet, the rest of the process is very straightforward. First, find an online casino that accepts Bitcoin while paying special attention to the reviews and casino bonuses. Then – set up an account with the chosen establishment; after this is done, navigate to the cashier section of the casino and select BTC as your preferred payment method. You will be required to provide your personal wallet address and create a password. Depositors will then be given the casino’s crypto address. From the Bitcoin wallet, click on the send money option, enter the amount to be sent and enter the casino address provided – that’s it!
How to Withdraw Bitcoin Winnings
The process of requesting a Bitcoin payout is no more difficult than the one for making a deposit. Just like before, after logging in to your account and navigating to the payment page, simply enter your wallet address and the amount you wish to withdraw. It is as easy as that! The depicted instructions here are merely meant to give you an outline of the complete process. It is always advised that players should do detailed research on the best options and methods of obtaining and managing digital currency.
Advantages to Using Cryptocurrency
There are many benefits to using Bitcoin as a wagering medium in online casinos. Some of the more notable advantages include minimal transaction costs – the top online casinos don’t typically charge cryptocurrency transfers, but there may be some small fees when purchasing BTC. Another good feature of this currency is that it can be used for both deposits and withdrawals; also, compared to other banking methods, the transaction times are faster. Online casinos that accept Bitcoin are known to have a lower house edge. With this type of cryptocurrency, payments can be sent and received without revealing personal details; the security, safety, and anonymity, are some of the strongest points of this banking method. Last but not least, is the fact that casinos that offer this option, generally have a lower house edge (1.5% – 2%).
Disadvantages – There Are Some
Because the use of digital currency as a payment medium is still very new and unregulated, it can be considered as a disadvantage. Players who are considering playing at a cryptocurrency casino should be aware of a few important points. The first one is that Bitcoin is not the easiest method to set-up, especially for players who are new to the digital-money scene. There is a general lack of features as well as a poor choice of casinos that offer a crypto payment method; luckily, the numbers are steadily growing. Another drawback is the currency’s volatility – the market value can be quite dynamic. One of perhaps the more serious disadvantages, is that payments are irreversible and because this currency is “decentralized”, there are no tools, means, or institutions that will help you resolve any potential issue.
Bitcoin Online Casinos Become More Popular
Bitcoin casinos have only started to emerge, so players shouldn’t expect a vast number of available options at this point. Although this is so, there are indeed a few online gambling establishments that have been around for several years now. Most casinos that support cryptocurrency transactions, though, do so at the exclusion of fiat currencies – meaning that they will only use crypto as a casino betting medium. There are a number of technical and legal reasons for this, which is probably why many of the larger gambling venue brands are not yet offering a lot of payment methods associated with digital currency.
This is likely to change, as with each passing day BTC becomes more stable and trusted, while subsequently increasing in value. Due to it being a global currency, it doesn’t matter where an online casino is situated – there won’t be any exchange rates to worry about, which gives cryptocurrency casinos a very international customer base. Currently, those types of casinos are particularly popular in the United States, as they offer a solution to US citizens who are restricted from fully utilizing casino-based transactions due to law restrictions.
A Good Option for Players Who Own Bitcoin
It should be noted that at the time of writing this review, using Bitcoin to deposit and withdraw funds at an appropriate casino is perfectly legal. The only “grey area” relates to matters of taxation on the casino winnings themselves. For players that do not have BTC, obtaining and keeping cryptocurrency can prove to be a complex undertaking. While this statement has some merit to it, this is not precisely true for those who already own digital currency and are familiar with its management. Using crypto to deposit and withdraw casino credit is as easy as using credit cards, PayPal or just any other payment method and it’s much faster than most. While not ideal for every casino player out there, Bitcoin’s worldwide popularity and availability ensure that this payment method has a future in the online casino industry.