Bitcoin Casino Banking
Bitcoin is a peer-to-peer (P2P) ecosystem that has become increasingly popular. As a banking method in the casino industry, it has already moved away from its status of an alternative payment solution into a viable mainstream option. In fact, the majority of casinos today offer Bitcoin – or an other cryptocurrency as one of the available payment options.
What makes Bitcoin such a worthwhile option embraced by casinos the world over? Put simply, it’s the reliability and trustworthiness. Bitcoin casinos rely on the blockchain to ensure that all payment options are verified and reach their intended destination.
Credibility and Security of Bitcoin Payment Method
Bitcoin gambling is fairly new, but it has already gathered significant momentum. The question is why people continue to trust this cryptocurrency as one of their favorite casino banking options? For starters, all cryptocurrencies – including Bitcoin – are decentralized.
In other words, there are no banks to charge you fees on your transactions. As a result, Bitcoin banking frees you from additional charges that you may otherwise incur using FIAT payment options.
Another highlight of the payment option is the fact you can transact money instantly. This applies for almost all deposits out there but is especially true for withdrawals. Unlike other payment methods, you don’t have to wait for a transaction to clear, but you can see it in your crypto wallet right way.
Some of the best online Bitcoin casinos:
How to Open a Bitcoin Account
To participate in online gambling with Bitcoin, you will first need to own some cryptocurrency of your own. The best website to visit to learn more about Bitcoin, is Bitcoin.org. There, you can find out all you need about crypto exchanges, how to procure your first crypto wallet and how the currency value fluctuates.
Once you have chosen a cryptocurrency exchange, you need to buy your Bitcoin. Just make sure to follow through the registration steps. Usually, a crypto exchange would require you provide it with financial details, such as your bank account number, and a mobile phone.
That is perfectly normal, but once again make sure that you only visit trusted and reputable crypto exchanges, such as Coinbase, for example. Once you have bought your first Bitcoin, you need to set yourself with a crypto wallet. Your crypto wallet is the way you make bets and withdraw money from the best Bitcoin casinos that support BTC gaming.
Before you do, however, make sure to back-up your cryptocurrency wallet – something that new Bitcoin users look over. Remember, Bitcoin isn’t backed by central banks and backing up your wallet is the surest way to retrieve lost or stolen funds.
Which Casinos Support Bitcoin Payments?
We have reviewed a number of casinos that support Bitcoin today and they are all trusted and reputable operators. Some of the top-ranking ones we have in our list of top casinos include BitStarz and Ignition. Even well-established websites such as Americas Cardroom are now accepting Bitcoin to facilitate the banking process for their players.
How to Make a Deposit and Withdraw Money Using Bitcoin?
Financial transactions using Bitcoin are very straightforward. Just like you would do with a regular payment method, head over to the Cashier section and select Bitcoin as your preferred method to complete a transaction.
Enter the private key name that is unique to your wallet and then enter your crypto wallet to authorize the transactions. All top Bitcoin casinos will support quick deposits and more importantly, quick withdrawals.
Is Bitcoin Supported Globally?
The short answer is yes – Bitcoin has virtually no restrictions when it comes to jurisdictions. You can play Bitcoin games, participate in cryptocurrency casinos and more anywhere in the world, whether you are in Australia, Canada, Europe or the United States. Some governments may decide to restrict such gaming, of course, but there are only very few that actually try to or do. As a result, Bitcoin remains one of the quickest, safest, most reliable and omnipresent currencies worldwide.
Is Bitcoin Safe and Secure?
Yes, Bitcoin offers you a completely safe way of transacting your money. All transactions are verified by the sender and receiver, but also the entire blockchain and every peer, with the transaction never revealing a single detail about the actual owner.
How Do I Use Bitcoin at a Mobile Casino?
Very simply, in fact. A few years back, mobile crypto wallets weren’t as popular, and they were generally considered unsafe. However, with the advance of new secure technologies, and specifically the evolution of consumer and players’ preferences, crypto wallets have arrived in earnest.
As a result, you can download a dedicated mobile cryptocurrency and pursue mobile Bitcoin gaming at your own terms. Once again, you will have complete control over your transactions, and use your unique code to transact Bitcoin.
How Do Bitcoin Casinos Deal with the Cryptocurrency Fluctuations?
For all its benefits, Bitcoin can fluctuate quite a bit. In other words, you may be winning at the casino, but you may not want to turn your Bitcoin into a FIAT currency right away – if you have such plans in the first place. Currency fluctuations mean that you have to be careful when you convert.
On the plus side, with a bit of due diligence, you don’t have anything to worry about. Most players prefer to keep their funds in Bitcoin and avoid converting until very late when the rate is more beneficial.
Features: Bitcoin Pros and Cons
There are several inherent benefits of Bitcoin, such as:
- the speed of transactions,
- the fact that the P2P system verifies each transaction,
- you can avoid all fees and even taxation, depending on your local jurisdiction
Of course, there are some drawbacks as well. Mostly, it has to do with the valuation of the cryptocurrency and how volatile Bitcoin gets. Yet, to players who prefer to keep their funds in Bitcoin, that is of little immediate consequence and they look on their bankroll in terms of percentages.
In the end, apparently, players agree that the upsides about Bitcoin far outstrip any negatives, and that’s why real money casinos continue listing and using the cryptocurrency as one of their main payment options.
