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How easy Is Bitcoin to use online?
One of the basic ideas behind Bitcoin is the concept of being able to move money simply and without intermediaries. This means that casino users can add funds to their accounts directly from their wallets and start using their virtual money right away.
The biggest fear for newcomers may be in starting off with Bitcoin in the first place, as the idea of cryptocurrencies is fundamentally different to handling fiat money. However, the process of opening a wallet and buying some of these virtual tokens isn’t as difficult as a complete newcomer to it may think.
How to sign up at an online casino using Bitcoin
This option is usually clearly stated on the sites where playing using Bitcoin at an online casino is allowed. In fact, some of these sites will offer special deals, such as an increased welcome bonus. to anyone who deposits money in this way. The process for adding funds in this way is fairly simple and should only take you a few moments to sort out.
- Download a wallet or decide where else you will be storing your digital coins. Remember that the private key to your wallet is crucial, as you could lose access to your money if you forget it.
- Buy Bitcoins, which is typically done through an online cryptocurrency exchange, and add them to your wallet.
- Sign up at the site and confirm that you will be using BTC if asked. This is especially important if the site offers a bonus for Bitcoin users.
How to make a deposit using Bitcoin
If you want to start using Bitcoin as a casino payment method the next step is easy, as you now just need to move the right amount of money from your own wallet to the casino’s wallet to fund your account.
- Send money to the casino’s Bitcoin wallet address, which they will inform you of when you start the deposit process
- Bitcoin transfers are generally instant, or at least very fast. So, you should see the money arrive in your casino account right away.
How to make a withdrawal using Bitcoin
If you manage to earn some winnings as you play, the process of withdrawing using Bitcoin at an online casino is fast and easy.
- Choose withdrawals from the banking options
- You can select your wallet as the destination for the money being sent.
- As stated earlier, Bitcoin transfers are very fast. However, you may have to wait for the casino to approve the payment first of all.
Is Bitcoin a widely used casino payment method?
The growing popularity of Bitcoin means that it is becoming more common for casinos to offer this as a payment method, with some of them even working solely with cryptocurrencies. Its pseudo-anonymous nature makes it difficult to know how many people use BTC, although some studies suggest that 27 million Americans and 2 million Brits now own some of these coins.
There is a big debate over the future of Bitcoin and cryptocurrencies in general. Some people suggest that this is the future of money and that governments around the world will soon bring out digital versions of their own fiat currencies. Others think that it will be a fairly short-lived trend.
For the moment, the signs are that more and more people are interested in Bitcoin and other cryptocurrencies. This is reflected in the fact that more casinos offer this method, although there are still many casinos that don’t yet offer Bitcoin as a payment method.
Where to find casinos that accept Bitcoin?
We have listed for some of the best online casinos that accept Bitcoin. Among them are some of the best-known gambling sites around.
It is likely that other casinos start to add this as a payment method in the future. So if you don’t see any of your favourite sites just now then it is a good idea to look again the next time that you are wondering where using Bitcoin on a casino site is permitted.
Advantages of banking with Bitcoin
The idea of trying Bitcoin as a casino banking method is appealing for a few different reasons. The following are a few of the advantages of moving your money for wagers around in this way.
- A fast way to send money without any intermediaries
- BTC transfers are typically free or else low cost.
- It is pseudo-anonymous, allowing users to maintain their privacy.
- This is a safe, secure method of storing and transferring money.
- Bitcoin is a popular investment method due to its frequent, large price swings.
- Some casinos offer special promotions for Bitcoin users.
Disadvantages of banking with Bitcoin
The use of Bitcoin as a casino payment method also has a few possible disadvantages that you will want to take into account when you make your decision on what to do
- The volatility of this currency means that you could lose money between buying it and using it.
- Not all casinos accept it.
- If you lose the private key, you may lose access to your money.
FAQs about using Bitcoin as a casino banking method?
Take a look at some of the key facts about using Bitcoin on your casino account, by discovering some of the questions that users tend to ask about this currency.
There have been reports of Bitcoin scams involving the likes of fake exchanges and malware. Many of these schemes are aimed at scamming people who want to invest in BTC, while others could aim to try and steal your password. It makes sense to choose a reputable exchange and secure wallet.
There are transaction fees for sending BTC, although the amount depends upon how busy the network is. You won’t be charged for receiving these coins, unless the casino has their own fees that they charge for withdrawals.
Provided that you stick to a recommended casino and follow good safety measures, there is no reason to fear using Bitcoin at an online casino. You can move money back and forward with no risk and enjoy your favourite games with peace of mind.
If the issue is related to the wallet or the exchange that you use, then you could try contacting customer support for the relevant company. When the problem relates directly to the casino, their own live chat is the best place to sort it out. Otherwise, there is an active BTC community in online forums.
Bitcoin is currently unregulated in the UK and is treated as being private money in a foreign currency. There has been talk of tougher restrictions being imposed, but for the moment there is nothing definite to report on this subject.