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In recent years, using Bitcoin at online casinos to fund an account has become increasingly popular. Although not every casino operator offers the option of Bitcoin deposits, many of those who do incentive players to deposit using the cryptocurrency with enhanced bonus offers, quicker deposits and lower withdrawal fees.
For players not yet using Bitcoin at online casinos, it is well worth investigating this option. Although you will have to set up a Bitcoin eWallet and fund it through a Bitcoin exchange, the additional transaction processes can be rewarding. Furthermore, Bitcoin transactions are one of the most secure ways of funding an account with an online casino.
It is actually cheaper for casinos to process Bitcoin deposits and withdrawals than it is to process transactions by other methods, and – just like players – they neither win nor lose if the cryptocurrency changes in value. Consequently it is quite surprising that using Bitcoin at online casinos is not welcomed universally. As more and more players start using Bitcoin as a deposit option, there will likely be an increase in operators providing the facility.
With the exception of Bitcoin-exclusive casinos, casino deposits made by Bitcoin are usually converted into a dollar value at the time of deposit. Thereafter, wagers are placed in dollars, bonuses are cleared in dollars, and winnings are paid in dollars. When you cash out, you receive the dollar value in Bitcoin at the current exchange rate – not at the exchange rate when you made your deposit.
Using Bitcoin at online casinos to make a deposit is just as simple as if you were using any other online casino deposit methods. You visit the online cashier, select Bitcoin as your deposit option and the amount you wish to deposit in dollars. The online casino will provide you with a Bitcoin address (usually a 34-digit number) that you just copy and paste into the payment page of your Bitcoin eWallet.
As mentioned above, Bitcoin transactions are one of the most secure ways of funding an accounts with an online casino. You do not have to give your credit card number or any bank details to the online operator and, although you will still be required to verify your identity before you can cash out, the operator maintains minimal information about your finances and their source.
It is very difficult to find many disadvantages of Bitcoin casino deposits. Typically it takes just a few seconds for your deposit to be approved, after which you can head straight into the casino and start enjoying the action. Transactions are never declined provided you have sufficient funds in your Bitcoin wallet to fund the deposit, and both deposit and withdrawal limits are typically higher than with fiat currencies.
The main disadvantage for a player who has never used Bitcoin before is that it involves new processes, a currency other than that of your home nation, and its exchange rate has a history of volatility. Most online casinos that accept Bitcoin provide a comprehensive guide to buying Bitcoin and setting up an eWallet. Admittedly, using a currency other than dollars does take a little getting used to, but there are no currency volatility risks all the time your funds are held by the casino operator.
One thing that has irked “currency libertarians” is that you will still have to verify your account before making a withdrawal. This has upset some people because Bitcoin is supposed to be an anonymous currency. However, the verification procedures are in place to protect your funds – just the same as if you were depositing by credit card – so any online casino that makes you verifying your identity is simply acting responsibly.
Most online casinos will not charge you for making a Bitcoin deposit or withdraw. Some will charge a minimal “miner´s fee” and deduct it from your deposit. This is only ever pennies and nothing to be concerned about. You should never be charged for withdrawing by Bitcoin.
Most sites will allow you to deposit as little as the equivalent of $10.00, however if you are depositing to take advantage of a bonus offer, the minimum qualifying deposit may be higher. Read the terms and conditions of each bonus offer to be sure.
Maximum Bitcoin withdrawal limits vary from site to site, but are typically higher than the maximum withdrawal limits of other withdrawal methods. It is always a good idea to check that your chosen online casino processes Bitcoin withdrawals (not all do) and that there is no weekly or monthly limit.
Yes. If you buy Bitcoin via the currency exchange site Coinbase, do not attempt to transfer funds directly from your Coinbase wallet to the online casino. Some players have reported problems because of Coinbase´s reluctance to deal with online gambling transactions, and it is better to use an intermediary wallet for using Bitcoin at online casinos.