What is Bitcoin?
Bitcoin is one of the popular payment methods and this method is getting popular from last two years. Cryptocurrencies are taking place in the market of Casino sites. Bitcoin was the first virtual or cryptocurrency ever developed back in 2008. The developer behind Bitcoin is called as Santoshi Nakamoto.
Cryptocurrency is an untraceable currency. Just visit Bitcoin casino and load your account. The process of the payment method is easy and quick.
How to use Bitcoin in Casino sites
Using the Bitcoin service is easy and the navigation process is user-friendly. It’s like you have e-wallet in Bitcoin and you have Bitcoin on it.
You will have to navigate to the deposit section of a Bitcoin casino, paste your address and make a deposit. You can use the same address to withdraw the funds as well.
Deposit Bitcoin In Casino
Let’s understand this deposit process with these points:
- Create an account at one of the places where you can buy Bitcoin.
- After creating the account, you will be able to deposit funds at Bitcoin casinos.
- Verify your account email address and add your phone number.
- Add bank account and your bank details such as routing number, account number and your name.
- Click on buy/sell and select Bitcoin. You can see other virtual currencies.
- Enter the amount of money you want to use to buy Bitcoin. Remember, you will see the cost in US Dollars. Make it confirm by clicking Buy Bitcoin.
To start playing at Bitcoin casino online you also need e-wallet. You can try some other e-wallet and create your account. You just need the email address and password only to complete this process.
Go to the security center and create a backup phrase. So, you basically get 4 phrases that have to be entered when you forget or lose your password.
In case, If you forget the password and won’t able to log in to the account your Bitcoin will be lost. So keep remembering this step.
- Now go to the site where you bought Bitcoin. Click on the account or send tabs and add the copied address in the receipt section.
- Select the amount you want to send to your e-wallet and continue the process.
- Your transaction will be completed in real-time and the process will take around 10 minutes. After the approval, Bitcoin funds will be on the e-wallet you have created earlier.
- Go to Bitcoin casino and click deposit. Now select Bitcoin and copy the address the casino offers to you.
- Open your e-wallet and then send to the exact address the online casino Bitcoin accepted site gave to you.
Some online Bitcoin casinos will keep your funds in Bitcoin. You will play using this virtual currency while others will convert the funds into dollar and you will have to gamble using the American dollar.
How to withdraw Bitcoin in Casino Sites?
The withdrawal process is not as complicated as the deposit process. The process follows:
- Open your account and go to withdrawals section in your Bitcoin casino.
- Select the amount you want to withdraw and confirm.
- Now you will have the accounts on the e-wallet account but you will have to send the funds to the account.
- Now, go to send and enter the address you will use for your account. You will get the QR code or the ability to copy the address.
- Select the amount you want to withdraw and confirm it.
Bitcoin casinos didn’t set any standard for a minimum deposit. You can deposit as low or as high as you like. Some Bitcoin casinos have a minimum amount of Bitcoin and generally, it’s up to $10.
A Bitcoin casino doesn’t charge any fee for the transaction. To avoid the withdrawal fees, players usually try Bitcoins as their payment method.
Fees are only applicable when you buy Bitcoin, sell it and send it to your account as real money.
Additional fees are applicable when you send Bitcoin between Coinbase and your e-wallet.
Pros and Cons
- Depositing funds to your new Bitcoin casino is completely free.
- Bitcoin currency is untraceable and it’s a safe option when you want to keep your personal information away from others.
- You can make an additional profit if you sell Bitcoin at a higher price –
- You don’t need to pay any tax on Bitcoin.
- Depositing and withdrawing funds from Bitcoin casinos is fast and quick.
- Bitcoin currency is not acceptable on a few casino sites.
- Their deposit and withdrawal process is so complicated.
- If you sell it at a lower rate than you purchased it, you will lose money.