Cryptocurrency like bitcoin is a big thing in online casinos. Many online casinos now accept bitcoin as it offers advantages that fiat money don’t. In this article, we will discuss the advantages of using bitcoin when playing at online casinos and why you should consider funding your online casino account with bitcoin.
Deposit with bitcoin is a great choice as it offers the following advantages:
- Privacy – Cryptocurrency like bitcoin ensures your privacy is protected while on the gambling platform. It offers privacy both to players and casino sites. Third-party access is unnecessary, so the channel of communication directly happens between the player and the casino site.
- No chargeback issues – Another advantage of bitcoin is the no-charge-back policy. The fund transfer is free, unlike other payment transfer methods where there is a nominal fee, especially when withdrawing your earnings.
- 100% approved fund transfer – Some payment methods like online bank transfer block payments once they detected that it is made for a gambling site. So online gamblers look for alternative methods, and cryptocurrency is one of them. It ensures that payments made to casino sites are approved all the time. Fund transfer is quick as it does not go through a third party, and linking financial details like debit or credit card is unnecessary.
- Instant fund transfer – using bitcoin allows you to transfer funds instantly. It works for both deposit and withdrawal. The fund transfer is real-time, and there is no downtime.
- No taxation – Bitcoin is not regulated by the government, so it is not subject to taxation. You don’t owe fees for bank transactions.
- Less complication – Bitcoin allows you to transfer funds in a less complicated way. You don’t need to reveal your identity or your financial details. All you need is a bitcoin wallet address, and the fund transfer will push through right away.
Using bitcoin to deposit at online casinos
When using bitcoin to deposit funds at online casinos, you have to follow these steps:
- Set up your wallet to have your distinct wallet address.
- Verify your account to start transferring and receiving funds in bitcoin.
- If your fund transfer is in small amount, it would be convenient to create a wallet within the provider’s system.
- It would be advantageous for high rollers to download an encrypted wallet to the mobile device of choice.
- Once your bitcoin account is set up, the next thing to do is to fund your bitcoin wallet. There are many ways to fund your bitcoin account, such as through bank transfers or from one bitcoin account to yours.
- Make sure that the casino site you want to play at accepts cryptocurrency like bitcoin. More so, you have to make sure the casino site is a credible and reputable one.
- Once you selected bitcoin as your mode of payment, a string will be generated that you need to copy and paste to find out the amount of bitcoin you want to transfer. What’s good about bitcoin as a mode of payment is the instant fund transfer. For a small deposit, you can go ahead and play casino games of your choice. However, if you are a high roller, you need to deposit a huge amount, which might take a few minutes for the transfer to push through.
- Once the bitcoin transfer is successful, it will be converted to another currency.
- When withdrawing winnings from bitcoin casinos, some allow withdrawal in bitcoin while others prefer a paper check. This is why it is of utmost importance to check this thing ahead of time.