Whether you are new to real money online casino play or have been online for years now, the truth is that Bitcoin is one of the newest additions to the industry. Bitcoin, which is an online-based currency, affords you the ability to gamble just as you would with other currencies such as the USD or Euro, however the difference lies within how the currency functions and how you make use of it.
Bitcoin was first introduced to the online casino world in 2012, but it has taken a few years for it to really catch on. Now, you will find that most reputable online casinos are beginning to facilitate both withdrawals and deposits via bitcoins. Now that you know bitcoin deposits and withdrawals are a reality, you might want to know a bit more about how they function, how you can utilize them, and why they are preferred over traditional banking methods.
How to Deposit via Bitcoin
Before you can ever execute a bitcoin deposit, you must first setup an online bitcoin wallet. If the term “bitcoin wallet” confuses you, all you need to understand is that these wallets exist online in much the same way a bank account or PayPal account does. There are hundreds of different sites where you can acquire a bitcoin wallet and almost all of them are free. What’s more, the most popular wallets are equipped with encryption technology that ensures your personal information and wallet balance are kept private and secure.
Once you have established a bitcoin wallet, the next most logical thing for you to do is to purchase bitcoins. While you can go out on the open market and search for the best deal, the wallet which you are using will more than likely be able to facilitate a purchase of bitcoins. The process of buying bitcoins is similar to buying consumer goods online in that you need to provide some basic financial information such as name, credit card number, and a physical address. To think of it more realistically, however, you are not buying bitcoins as much as you are exchanging US Dollars for another currency, this one being strictly digital.
So now that you have your bitcoin wallet and it is loaded with bitcoins, the next step is to take those bitcoins and load them to your online casino player account. From here on out, the way in which you actually fund your account is a bit different from what you might be accustomed to. As opposed to typing in your credit card information and executing a deposit, you need to provide your bitcoin wallet address, as well as the desired deposit amount, to the casino in question. Once they have your bitcoin address and the amount which you wish to deposit, it will take only a few seconds for the transfer to be executed. After this, you are ready to play your favorite real money games.
Something worth noting is that the value of a single Bitcoin, though variable, is almost always going to be well over $100. For the past few years, in fact, a single bitcoin has been valued at multiple hundreds of US Dollars. If you are a more conservative player and only want to deposit something like $50, you are not out of luck. Fortunately for you, fractions of bitcoins are able to be deposited at a time. Many people see the value of 1 BTC and are scared away because they are not looking to fork over hundreds of dollars at a time. Do not let this be you, because even if you want to purchase and then deposit .1BTC, it is able to be done.
To this end, most reputable online casinos dealing with Bitcoin allow you to play with BTC in terms of USD. So instead of placing .0001BTC bets, you can wager in terms of a currency you understand. Put simply, even though you are technically playing and wagering with bitcoins, the amounts of your wagers and winnings can and will be in US Dollars or whatever currency you are accustomed to using.
Cashing Out with Bitcoins
Now that you have already setup a Bitcoin wallet, the process of cashing out your winnings becomes as streamlined as possible. When it comes time to cash out, all you need to do is select the amount of money you wish to receive and it will be yours in a matter of minutes. Once again, all you have to do is provide the online casino with your bitcoin wallet address, and the transaction will be executed immediately.
Advantages of Using Bitcoins at Online Casinos
One of the biggest advantages to using bitcoins for real money play at online casinos is the amount of fees you will be forced to pay. While other banking methods gouge your wallet or bankroll with fees, most bitcoin transactions do not carry any fee whatsoever. Those that do have a fee often tend to be extremely light and manageable.
What’s more, as opposed to receiving your cash out via mailed check, bitcoin withdrawals happen instantaneously such that your desired bitcoin cash-out will be available and in your bitcoin wallet seconds after the withdrawal was executed. No longer do you have to worry about long processing times and/or the slow postal service.
An oft-unsung advantage of utilizing bitcoins at online casinos is the fact that this method keeps your personal information safe. Instead of directly supplying your credit card info, billing address, and all sorts of other information to an online casino, Bitcoin requires that you do no more than supply the address of your wallet, which is and of itself encrypted for added security. If you are at all concerned about the prospect of your information falling into the wrong hands, Bitcoin is what you should be using for all of your online casino banking transactions.