Bitcoin and other cryptocurrencies are the newest additions in the payment method of online casinos. But given the convenience that this payment method offer, there has been considerable growth of players who deposit bitcoins to play their favorite casino games. Many players also argue that BTC is the best payment method in online casinos. Many online casinos that accept bitcoin have appeared in the industry.
So how does this work and what is bitcoin anyway?
Bitcoin is the first cryptocurrency that was introduced way back in 2009. It became popular in 2011 because it can process your payment faster than the traditional payment method. One special characteristic of bitcoin is its decentralized nature. This means that there is no middle man in the transaction.
BTC payments are done through a peer-to-peer network. Users can send or receive bitcoin without relying on a central server. This peer-to-peer technology made the financial process faster and has lower transaction fees. Because of this many casino sites have shown interest in bitcoin and other cryptocurrencies.
Many gambling sites that accept bitcoin started to become popular. And today there are two types of bitcoin casinos you can find. The first ones are the regular online casinos that accept bitcoin along with other payment methods. These casino sites simply added cryptocurrency as their supported payment solutions for deposits and withdrawals. The second type of bitcoin casino is the ones that solely use cryptocurrency for casino payment. These bitcoin casinos don’t accept other methods other than bitcoin. These casinos are usually newly-launched websites in the market.
Using bitcoin for deposit transactions is a straightforward process. Follow these steps to easily deposit bitcoin to the casinos:
- Get a bitcoin wallet. Obviously, you need to obtain bitcoin first before you can play at a bitcoin casino. The bitcoin wallet is where you are going to store your bitcoins.
- Find online casinos that accept bitcoin. Because of its popularity, there are many gambling sites that accept bitcoin out there. Pick the best casino that would suit you. You can also choose one from our recommended casino sites.
- Get the casino’s bitcoin receiving address. This is typically found at the casino’s cashier page. Contact the casino’s customer service if you can’t find this information.
- Send bitcoins from your bitcoin wallet. Open your own bitcoin wallet app and click on the ‘Send Money’ menu. Here you will need to enter the amount you wish to transfer to the Bitcoin online casinos
- Paste online casino’s bitcoin address.
- Send bitcoin. Click the “transfer/send” button to finalize your payment.
There are many advantages players can get in using bitcoin as casino payment. The main benefit is the shorter processing time. Deposits can be made almost instantly. Withdrawals of bitcoin, on the other hand, may only take hours before you can get the amount. This is significantly fast compared to other payment methods which usually takes days before you can receive your withdrawals.
Processing casino payment using BTC are also completely free. Other Indian casinos may ask for a transaction fee, but expect it to be a very small amount. The amount depends on the casino, but the fee usually costs 0.0001 BTC.
In terms of security, bitcoin is also considered safe. Only the one with the bitcoin code can process the payment. Bitcoin is also highly encrypted. Most importantly, personal names, banks, bank accounts, and other private information are not revealed during the transaction. This could protect you against identity theft.
While bitcoin and other cryptocurrencies are being used for casino payment for years, we still consider this payment as new currency. Not all gambling sites accept this as payment. You may find a hard time looking for the right bitcoin online casino site for you. But we believe that this is temporary. We expect to find more online casinos that accept bitcoin in the future.
The future of cryptocurrency is still uncertain with its volatile nature. Bitcoin prices change every day. If you are a beginner, you may also need to study the whole concept of bitcoin before you buy it and used in the casino.