Online Casino Payment Methods: Bitcoin
Bitcoin is always in the news for one reason or another, so I’m sure you’ve heard of it. The cryptocurrency has become a recognised alternative to fiat currencies over the past decade with its value increasing year on year. As well as increasing in popularity as an investment, it is also being used by gamblers as a payment method at online casinos much more frequently. The rest of the article will go through the pros and cons of using Bitcoin at online casinos and explain how you can deposit your funds using this payment method. You can also access the complete list of casinos that accept Bitcoin.
What is Bitcoin?
Bitcoin was first launched in 2009 by a mysterious and elusive figure named Satoshi Nakamoto, whose identity still remains concealed to this day. Nakamoto saw some issues with traditional fiat currencies, which are government-approved currencies like Pounds, Dollars, and Euros. He recognised that because of their tie to governments, their value is subject to politics, and therefore their value can dwindle in uncertain economic times. So, Nakamoto developed a technology called block-chain that would allow him to go on and create the world’s first decentralised currency. It works off a peer-to-peer network with no one in particular in control. Your transactions are verified, and the data is stored in the block-chain across several public computers or servers.
Bitcoin is great for anyone wanting to make a payment online without having to share their financial details. It can also help people without a bank account to purchase and sell goods online. The online gambling world has started to adopt Bitcoin as a legitimate currency, too. There are now several Bitcoin-only online casinos and lots of gamblers use Bitcoin as there go to deposit method thanks to faster processing times and lower fees than other methods.
New Bitcoin Casinos
Lots of online casinos have recently started to accept Bitcoin as a valid deposit method. It’s as easy as depositing any fiat currency and all of the casino you see listed below will let you deposit and withdraw your funds via Bitcoin.
Why deposit via Bitcoin at online casino sites?
It might seem that it would be a small niche of people who would want to gamble with virtual funds, however, it’s becoming more popular every year. In fact, between 2014 & 2017, cryptocurrency gamblers wagered more than $4.5 billion worth of Bitcoin at online casinos. With figures increasing year-on-year. Here’s some of the reasons why people are adopting this alternative currency:
- ✔ Cryptocurrency payments are anonymous
- ✔ Bitcoin Casinos can’t be regulated like normal casinos, so players from any jurisdiction can play at Bitcoin casinos
- ✔ There are no transaction costs when using Bitcoin at online casinos
- ✔ Transactions are completed instantly
- ✔ Bitcoin wallets allow mobile-friendly payments
How do I pay at online casinos using Bitcoin?
If you haven’t already done so, the first thing you’ll need to do is use a Bitcoin wallet like Coinbase or Circle to purchase and store your cryptocurrency. Purchase the amount you would like to gamble with and then head over to an online casino that accepts Bitcoin. If you’re not sure which casinos accept Bitcoin, use the list we added earlier on in this article.
Once you have your Bitcoin, it’s a similar process to depositing traditional currencies. Head to the cashier section of the casino and choose Bitcoin as your deposit method. The casino will then generate a unique web address for you to use when transferring the funds. Put the address into the correct field in your crypto wallet and enter the amount you would like to transfer before confirming the transaction. The funds will then be ready for you to gamble with.
Bitcoin average withdrawal limit and payout time
As with any withdrawal method, the time taken to receive your funds can vary depending on the procedures of your chosen online casino. However, many Bitcoin online casinos give their players instant payouts when they are using Bitcoin as their chosen currency.
Most online casinos don’t put a limit on the amount of Bitcoin you can withdraw. However, if you are withdrawing 1 BTC or more, they have the right to take a closer look at the withdrawal process to check for money laundering activities.
Are there any fees attached to Bitcoin at online casino sites?
There are no transaction fees associated with depositing and withdrawing Bitcoin funds from online casino sites. This is because Bitcoins operate outside of traditional regulations and are not stored in central banks. Therefore, the transaction fees associated with moving fiat currency funds simply don’t exist. If you are purchasing your Bitcoin from an exchange within the online casino you may be subject to crypto mining fees, so bear that in mind if this is the route you will take.
Online slots are always the most played games at any online casino, and that’s no different for crypto players either. All of the brilliant online slot games you see below will accept Bitcoin. And don’t worry, you won’t have to bet with whole denominations, you can bet fractions of a Bitcoin.
Find New Slot Games
Bitcoin is an extremely safe and secure way to transfer and gamble with funds online. Due to the fact that it is not aligned with any centralised bank, there is no link to your name, bank accounts, or other personal details which will keep your identity safe online. In addition, all Bitcoin transactions and highly encrypted and a number of verification processes take place during the time it takes to deposit and withdraw your funds. So, this means that Bitcoin is one of the best ways to protect your personal details online and one of the safest ways to gamble with real money at online casinos.
Mobile casino using Bitcoin
If you like to play at online casinos using your mobile, you might be wondering at this point, but what about me? Can I gamble with Bitcoin? The answer is yes, absolutely! Take a look at some of the best mobile-friendly casinos that accept Bitcoin below.
Recap of the advantages and disadvantages of Bitcoin
- ✔ Bitcoin payments are anonymous and keep your personal details safe
- ✔ Funds deposited and withdrawn via Bitcoin are usually available instantly
- ✔ All Bitcoin payments are high encrypted making it a safe payment method
- ✔ Bitcoin wallets are mobile-friendly
- ❌ Bitcoin’s value fluctuates a lot
- ❌ It can be difficult to understand how to use Bitcoin if you’ve not used it before
- ❌ Some online casinos do not accept Bitcoin
Welcome bonus available using Bitcoin
When you use an alternative method to deposit your funds like cryptocurrency or e-wallets, some online casinos will take away your welcome bonus. But don’t worry, we’ve found all of the best welcome offers available to Bitcoin gamblers and listed them below.
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What is Bitcoin?
Bitcoin is the original cryptocurrency that, like other cryptocurrencies, operates on a decentralised peer-to-peer network using block-chain technology. No one owns or controls Bitcoin and the block-chain software is open-sourced so that anyone can use it. Your transactions will be verified by the block-chain system and stored on a number of public servers or computers.
When was Bitcoin created?
Bitcoin was created in 2009 by Satoshi Nakamoto as an alternative to traditional fiat currencies. Bitcoin was valued for the first time in 2010 and reached the value of $1000 for the first time in 2013, before the price quickly declined down to $300. At the time of writing Bitcoin is worth $10,700 for 1BTC.
How to use Bitcoin to deposit?
Depositing funds with Bitcoin is similar to depositing funds with traditional currencies. You will need to head to the cashier section of the online casino and select Bitcoin as your deposit method. The online casino will give you a unique address that you can use to send funds from your crypto wallet to your betting account. You will need to make sure that you have the required funds in your Bitcoin wallet before you start this process.
Is Bitcoin secure?
Yes, Bitcoin is a secure method to deposit and withdraw your funds at online casinos. Due to the nature of Bitcoin, your personal details are protected, and your account is not linked with a bank account or credit card. All Bitcoin transactions are highly encrypted with a number of verification processes in place to protect your funds.
Are there any fees when using Bitcoin?
There are no fees associated with depositing or withdrawing Bitcoin funds at online casinos. This is possible because Bitcoins are not controlled by central banks. Thus, the transaction fees associated with transferring fiat currencies do not apply.
What is the payout time using Bitcoin?
Although payout times may vary with each individual casino, most online casinos that accept Bitcoin as a withdrawal method will release funds instantly. This makes Bitcoin one of the fastest withdrawal methods that online gamblers can use.