Bitcoin at Online Casinos
Bitcoin casinos are one of the newest trends in the online casino industry. The casinos are increasingly becoming popular thanks to the fact that this innovative digital currency makes it possible to deposit funds and withdraw winnings easily and with maximum safety. As the currency becomes more and more popular, many online casinos are using bitcoins as one of their payment methods.
What are Bitcoin Casinos?
Bitcoin casinos are those online casinos that allow players to deposit funds or withdraw winnings in bitcoins. In what is seen as a departure from the traditional currencies (e.g. US dollars, pounds sterling, euro, etc.), Bitcoin does not have a third party. The currency does not have a central bank, and it functions through a peer-to-peer marketplace. This means that the currency can only be sent from one user to another. Bitcoins are transferred via a series of between 27 to 34 numbers known as a bitcoin address.
A bitcoin casino can either have bitcoins as the only supported currency, or it may have several other currencies on top of bitcoins. Those that have bitcoins as one of their several supported currencies are known as hybrid casinos. Most hybrid casinos allow players to deposit and withdraw in bitcoins. However, they tend to convert bitcoin deposits into a traditional currency.
How to Get Bitcoins?
Bitcoins can be bought from reputable currency trading platforms such as BTC-e, Bitstamp, or Kraken. To purchase bitcoins from any of such platforms, the buyer can use any of the payment methods supported on the platform. While bank transfers such as SEPA, wire, and ACH are the most commonly used methods, they are not the only methods as some platforms allow traders to use other methods like regional payment vouchers, credit cards, or e-wallets. The transactions are usually instant, and there is a small exchange fee charged to complete the trade.
How to Deposit into Your Casino Account?
Bitcoin deposits require the player to have a bitcoin address, which they get once they have signed up. Players don’t have to incur any deposit charges as bitcoin transactions are usually free of charge, and they also happen instantly. All the player needs to do is wait for the transaction confirmation to be completed by the so-called black-chain, a process that lasts less than one hour.
Many bitcoin casinos run promotions and bonuses targeted at benefiting bitcoin users. These promotions can be found on the casino’s promotion page; hence, it is always good to be on the lookout. The promotions vary from one bitcoin casino to another, and if well used, they can translate to winnings (of course, there has to be luck also).
How to Cash out Your Winnings?
To cash out winnings, the player will need to send their bitcoins to their trading platform and put them up for sale. Once the bitcoins are purchased, the player can withdraw the money using a bank transfer or any other method of their choice. However, since bitcoin prices keep on changing, a player may want to wait until when it is opportune for them to sell. In such a case, they can simply download their own bitcoin wallet and safely store their coins in there. The wallet is password-protected.
What Are the Perks of Playing with Bitcoins?
More and more casino players are today preferring to play at bitcoin casinos because of the array of benefits that such casinos bring. Online casino players like services that can allow them to save money and Bitcoin allows them to do that by offering free payment processing. Most casinos charge a processing fee when players are transacting in traditional currencies, and this is something that players don’t like. In countries like the US where online gambling is not regulated, the charges may go up to 10 per cent of the player’s winnings.
Another benefit that comes with playing at a bitcoin casino is the fact that there is no freezing of the player’s funds as Bitcoin allows players to fully control their funds. This is because Bitcoin does not deal with third parties like banks, which are known to withhold funds sometimes. Yes, withholding of funds is a rare phenomenon in countries where online gambling is regulated, but it is a major concern in unregulated markets.
Information security is very essential for online casino players. While there are casinos that will ask for the player’s personal details like name and address, bitcoin casinos prefer letting their players operate anonymously by not asking for such information. The only information players may be required to share with the casino is an email address, and this happens only when the players are trying to recover a password.
Games at Bitcoin Casinos
Like traditional online casinos, bitcoin casinos offer a wide range of games to choose from, including tables and slots. Bitcoin games are probably fair, and players can determine this by simply entering the bet ID. Depending on the casino, the player may also be required to register other pieces of information for verification.