Last updated on October 16th, 2018 at 01:55 pm
Bitcoin is a new digital or cryptocurrency that does not exist in the physical world but works when needing to deposit at a Bitcoin Casino. Bitcoin is a product of a modern, internet-savvy society and it has gained massive popularity in a relatively brief period.
BitCoin Casino Payments
Many reputable online casinos have launched Bitcoin as a convenient payment tool; some even base their entire real money offer on Bitcoin-only funding.
This modern digital currency was at first controversial, but soon earned its reputation as a secure, cost-effective and anonymous payment method.
How Bitcoin Casino Funding Works
Being a cryptocurrency, Bitcoin may sound intimidating to casino users. Underneath, the Bitcoin system is a digital service that is easy to use.
Buying & Storing Bitcoins
Like any currency, Bitcoins get stored in a wallet. So, before you acquire any, you need to set up a Bitcoin wallet.
Casino players usually opt for online Bitcoin wallets located on cloud servers hosted by a third-party.
We recommend Coinbase.com as a venue to both purchase and store Bitcoin at the moment.
After you’ve done the storage bit, your next step would be to buy Bitcoins from a trustworthy seller.
If you don’t know anyone who sells Bitcoins, then do an internet search. Limit browsing to popular Bitcoin-related portals. There are Bitcoin exchange websites that are helpful too.
Mining Bitcoin – Probably Not
The process of creating Bitcoins is known as ´mining´. If you want to create Bitcoins yourself instead of purchasing them, you can do it by using ´mining´ software.
It is a lengthy process and requires a hefty setup cost. Manufacturing Bitcoins would take longer than buying existing Bitcoins from trustworthy Bitcoin vendors.
Once you’ve obtained enough Bitcoins to play casino games, you need to join a Bitcoin Casino with a modern, friendly policy towards digital currencies.
Select Bitcoin as your payment method and enjoy your favourite casino games. Bitcoin Casino players dont have any restrictions when using Bitcoin as a deposit method.
In fact, most venues prefer Bitcoin due to the instant and safe nature of the electronic currency.
Bitcoin History – A Condensed Version
Bitcoin is an independent virtual currency that has no affiliation with banks. It circulates from user to user and dispenses with intermediaries.
Bitcoin transactions are still outside official government and banking regulations. It means it’s beneficial for online casino players since it contributes to low fees and user anonymity.
Bitcoin Fees & Timeframes
Now that you know how easy it is to use Bitcoins for funding your online casino account, you must be wondering are there any charges and how long does it take to process a Bitcoin transaction in an online casino environment.
Bitcoin deposits and withdrawals are instant, and you won’t usually pay processing fees.
Even if you encounter a Bitcoin casino that charges a fee for Bitcoin money transfers, it will be a much smaller fee compared to other payment methods.
The only fee you’ll have to put up with is the exchange fee when purchasing Bitcoins online.
Deposits made with Bitcoin are uniformly instant, and the cash-out process can take up to several minutes. Knowing this, we can conclude that Bitcoin is the fastest casino payment method around.
Bitcoin Pros & Cons
The upside of using Bitcoin are many. For one, the Bitcoin system allows you to stay completely anonymous.
If you want to move your money around the web and simultaneously protect your data, a cryptocurrency like Bitcoin is an ideal choice for you.
If you verify a Bitcoin payment, there is no need to confirm an identity, and the cryptography used in the transactions guarantees data safety.
As we´ve already pointed out, speed is another one of Bitcoin´s most significant benefits. Instantaneous deposits and quick payouts add to the transparency and convenience of the Bitcoin method.
Ultimately, as a Bitcoin gambler, you won’t face any processing fees imposed by middleman parties.
The fact that Bitcoin is considerably different from other, more conventional payment methods is considered its main drawback sometimes.
Inexperienced Bitcoin casino players may see it as an additional challenge in the world of online casinos.
On a separate note, Bitcoin is still a young payment method and may change in the future. From that perspective, stockpiling Bitcoins might not be a promising idea.
It would be best to buy only as much as you plan to spend. Remember also that the value of Bitcoin fluctuates a lot. Winning Bitcoins could be very lucrative.
Bitcoin Payment Method Verdict
Bitcoin gambling is an advanced way of enjoying online casino games. It will free you from lots of traditional issues when funding an online casino account.
Despite being futuristic and different from regular fiat currencies, Bitcoin has hit the mainstream and continued to progress.
It counts on several significant advantages like the elimination of payment-processing costs, protection, and anonymity. It also features a few drawbacks such as questionable value fluctuation.
We would say it pays off to try possibilities with Bitcoin. It wouldn’t be so widely accepted if it weren’t good enough for regular internet visitors with exacting standards such as online casino players.
Using Bitcoin in online casino markets such as Canada, New Zealand, UK and the US should be a no-brainer. Opt for Bitcoin and enjoy the banking method of the future.