Bitcoin was the first cryptocurrency and came into existence in 2009. The idea behind it was to create a peer-to-peer payment system that avoided direct channels such as banks and other transactional partners.
One of the many benefits of Bitcoin is that it can be used for online gambling. With its rise in popularity, more and more gamblers are looking to make use of this cryptocurrency to fund their gambling entertainment online.
At CasinoWow we aim to help players with the admin part of gambling so that it’s quick and painless. In this guide, we will discuss exactly how Bitcoin can be used in the online casino industry to help you skip through all the research. By the end of the guide, you’ll be ready to play your favourite games at any Bitcoin Casino.
When making use of any fiat currency or payment processors such as Neteller or Skrill Moneybookers, there’s almost always a fee attached. Depositing or withdrawing via Bitcoin comes with nearly zero transaction costs. The reason for this is that the majority of the cost is taken care of by Bitcoin miners who work to maintain the network. Thanks to their hard work Bitcoin is a sustainable way to transmit money from or to your casino account. There are also no conversion fees when it comes to deposits or withdrawals.
While it is nice to think that online casinos can be accessed from anywhere at any time, the reality is that country rules and regulations prevent players from making transactions via regular channels to certain online casinos.
With Bitcoin being a decentralized currency, there is no one to stop you from sending money to anywhere in the world you desire. The only catch is that the casino should accept Bitcoin as both a deposit and withdrawal method.
Playing at any regular online casino means you have to place your trust in the casino and the fairness of their games. With the blockchain technology on which Bitcoin is built, it is now possible to partake in peer-to-peer gambling. With this, there is no middle man. All betting odds and probability stakes have been set up to pay automatically into addresses through the use of escrows and smart contracts.
There is also the benefit of the hashing technology used by Bitcoin networks that adds a layer of security while making the online casinos more transparent. Thus, Bitcoin Casinos are far more fair and transparent than any other online casino site.
One of the biggest benefits of making use of Bitcoin is the level of anonymity that comes with your account. You are no longer required to provide them with your confidential information and nobody has to know about your favourite form of entertainment.
Finally, more and more online casino gamblers opt to use Bitcoin because deposits or withdrawals can take anything from a few seconds to a few hours. The longest you’ll ever have to wait for a transaction to be successfully completed is 24 hours. Players using Bitcoin have the added benefit of seeing exactly when funds leave or enter their Bitcoin address.
Seeing as Bitcoin is still a relatively new concept in the use of online gambling, there are plenty of online casinos that steer clear of this payment method.
On the other hand, there are others that have taken the plunge and added Bitcoin to their list of payment options. There are even some online casinos that were launched especially for Bitcoin users.
These online casinos all have some unique gaming entertainment to offer on a variety of platforms. You can access these casinos from your desktop, tablet or mobile device.
Players looking for top quality entertainment, especially when it comes to superb slots, should consider playing at our brands' selection above.
Using Bitcoin as a payment method at online casinos differs slightly from normal payment methods. Thus there is a different process to follow to successfully fund your casino account with Bitcoin. The first thing you need to do is check that you have Bitcoins to use in your wallet or top up on Bitcoins if you don’t.
Then you need to find the casino’s bitcoin wallet credentials so you can send money from your wallet to theirs. You’ll have to fill in a regular payment form online to determine how much you are depositing into your account.
As soon as the transaction has been processed it will go through the necessary Bitcoin blockchain verification after which the casino will receive the funds and add the casino credit to your casino account.
The process of withdrawing your funds from the casino is basically the same as the deposit method but only in reverse. You have to request your withdrawal to your Bitcoin eWallet and wait for the processing time to be complete. Once that is done you can choose whether you want to hold, spend or convert your winnings into your local currency.
The benefit of playing at most online Bitcoin Casinos is that there are hardly any fees involved. In most cases, there are no fees involved when making a deposit into your casino account.
Most casinos also add no fees to withdrawals. There are some that do, but for them, the average fee cost is 2%. With a little bit of research, you can avoid all fees by choosing one of the Bitcoin Casinos that don’t add any fees to withdrawals.
One of the main reasons many decide to play at online casinos is that there are amazing promotions and bonus offers to cash in on. Players thrive on the idea of getting to play with more by paying less.
One of the biggest worries for Bitcoin Casino players is that they won’t find a casino that offers bonuses on deposits via Bitcoin.
If you find the topic of Bitcoins interesting, you might want to check out our guide for bitcoin and online gambling facts.
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