Using Bitcoin at the online casino: How to, pros and cons

How to play online casino with Bitcoin

As new technologies are developed, online gambling is becoming increasingly popular. A growing number of industries are accepting blockchain and cryptocurrencies since they provide security while easing transactions. As online casinos continue to evolve, Bitcoin and other virtual currencies will significantly impact the future of online gaming.

A new era of online gambling is being ushered in by bitcoin casinos. Not just because they allow gamblers to play anonymously, but also because anyone can use Bitcoins to gamble anywhere and at any time, regardless of where they live. There are currently many Bitcoin casinos in the world, including some that accept other virtual currencies. Therefore, gamblers have a wide variety of online platforms to choose from when they want to gamble using Bitcoin.

We have covered the basics of this famous cryptocurrency, as well as the online casinos accepting Bitcoin in our main banking section. Today, we’ll explore how bitcoin can be used at online casinos below, in addition to looking at some of the pros and cons of using Bitcoin to play at your favorite online casino.

History of Bitcoin

Cryptocurrencies, such as Bitcoin, are digital assets designed to work as mediums of exchange. Instead of being centrally controlled, this digital asset relies on cryptography for its creation and management. The history of bitcoin began with the invention and subsequent implementation by Satoshi Nakamoto, a pseudonymous programmer known for integrating many ideas from the cryptopunk community. Bitcoin has grown to become a currency of importance both online and offline over the course of its history. Some businesses have begun accepting bitcoin in addition to traditional currencies since the mid-2010s, and companies like Tesla continue to do so.

Online casinos that experienced tremendous boom in the previous years are also part of this equation. Stay tuned for detailed instructions on how to use Bitcoin at your favorite online Bitcoin casino.

How to Use Bitcoin at an Online Casino

Bitcoin is explained in a variety of resources, including how great it is for online gaming, but there are only a few resources that explain how to use it and how to get started. You need not be concerned, though, because we will guide you through each step.

We’ll start with the steps to get started and then provide any additional information that may be useful to those who already know they want to use Bitcoin:

1.     Set up a Bitcoin wallet

Bitcoin wallets are online platforms for buying and selling Bitcoins. We will only be looking at hosted wallets, which are different types of Bitcoin wallets called software wallets. Hosted wallets allow you to store your Bitcoins with a third party, much like a bank account. An analogy to a software wallet would be that if we kept all our money in a shoebox in our room. We would be using a hosted wallet if all our money was held by a trusted bank. By this, we mean that we are entrusting another company with the security and storage of our bitcoins.

Using a Bitcoin wallet is very similar to using PayPal. You can load money onto the wallet using your bank account or credit/debit card and then use the wallet to make purchases or deposits into an online gaming site, similarly to PayPal. However, when you load money onto the wallet, you have the option of converting it into Bitcoins in order to make transactions.

2.     Fund Your Bitcoin Wallet

You’ll need to deposit money into your account and purchase Bitcoin after it’s all set up. You should always pay attention to the rate you are getting when buying Bitcoin, just as with any other currency. There will always be some fluctuation in each direction, so don’t get too worked up over this.

Your Bitcoin wallet can be credited with funds directly from your bank account, debit card, or credit card. Regardless of which method you choose, they will all work equally well. If you prefer, you may also be able to deposit through PayPal or another payment method using some Bitcoin wallets.

3.     Deposit Bitcoins at the Sportsbook or Casino

You are now ready to use your Bitcoin wallet to make a deposit at an online casino or sportsbook and start playing. Simply click on the Bitcoin option on the deposit page of the casino or sports book where you wish to play. Once you’ve made a deposit, they’ll give you specific instructions on how to do so. From the moment your transaction is approved, you should be able to play or wager with your money within a few minutes.

4.     Making a withdrawal of your winnings

Your winnings should be withdrawn once you have played and won. You can withdraw your Bitcoins back into your Bitcoin wallet by requesting a withdrawal through the online sportsbook or casino where you are playing. If you receive your Bitcoins, they can then be converted back into your usual currency so that they can be transferred to your bank account or used to purchase things online from other sites that accept Bitcoin.

Pros and Cons of Using Bitcoin at an Online Casino

The fast speed, security and the big bonuses are some of the main pros of using Bitcoin at the online casino.

There are many pros and cons of using bitcoin at your favorite online casino. Some of these are explained below:

Pros

  • Huge Casino Bonuses

There is no question that Bitcoin has become the preferred payment method at the online casino. Whether depositing or withdrawing, the crypto is the top choice for every casino, and in order to promote its adoption among their players, all casinos taking Bitcoin offer very big bonuses. In fact, the welcome bonus aside, the Bitcoin bonus offers are the largest you can get at any online casino today.

  • Safety and Security

As a middleman, Bitcoin wallets allow users to deposit and withdraw money completely anonymously without having to disclose their personal information to the sites. For those who transact online and shop a lot, the level of safety and security is even greater. In this way, you don’t have to send your personal information to a variety of websites; only the wallet needs it, and you are then protected and hidden online. This is a big security plus in an era when digital crime is on the rise.

  • Cost Effective

If you move money using traditional methods, you will incur significant fees and costs. With Bitcoin’s digital nature and no need for a bank, transactions are either free or have a negligible fee. Using this method can save you tons of money, especially when making large transfers or many deposits and online purchases. The reason many gambling sites offer additional bonuses for using Bitcoin is that it saves them money in the fees they would otherwise cover when you deposit.

  • Adaptability and speed

Bitcoin is different from other traditional methods in that transactions (both withdrawals and deposits) occur much faster. While most sites process Bitcoin in a few hours, other methods are usually processed and sent within a few days. In addition to being faster, withdrawals and deposits typically have much higher limits.

  • Transparency

There is a benefit to this one that sometimes confuses people. They wonder how something can be completely anonymous yet completely transparent at the same time. This is what we mean by anonymity. Bitcoin transactions are all publicly visible. Individual transaction data, however, is completely anonymous. Only the sender and the receiver of the Bitcoin are aware of the transaction code.

Cons

  • Exchange Rate

There will be fluctuations in all currencies every single day. Because Bitcoin is also a form of currency, this is to be expected. It is important to keep in mind, though, that since Bitcoin is a more recent currency, its fluctuations could be more pronounced than with more mainstream cryptocurrencies.

  • Learning Curve

Occasionally, it may take people a few minutes to understand Bitcoin, which might be viewed as a negative. Having read this article, we hope that you have a pretty decent idea of the way cryptocurrency works and how you can take advantage of the positives it brings to online gaming and everything else you do online.

  • Mistakes can be really costly

Bitcoin transactions cannot be traced. Hence, you must be more careful when filling in the details to avoid making deposits or withdrawal to the wrong account.

Conclusion

Using Bitcoin at online casinos speaks volume about the established presence of this cryptocurrency to stay. Not only is it safe and secure, it’s also very swift and keeps you anonymous. Try any of the best bitcoin casinos around you today and you would definitely have a mind blowing experience!