Bitcoin
In just a few years, Bitcoin casinos have become more and more popular. Bitcoin, a digital currency founded in 2009, offers simple online payments without banks or other financial institutions.
Below, we will take a closer look at Bitcoin as a payment method and its advantages. We will also walk you through how to make deposits and withdrawals using Bitcoin, step by step.
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How does Bitcoin work?
Bitcoin is a cryptocurrency founded in 2009 by the pseudonym Satoshi Nakamoto. The first trading platform for Bitcoins, Bitcoin Market, opened a year later in 2010 and since then, the demand for this digital currency has grown largely all over the world. Today, Bitcoin is becoming more and more accepted as a payment method online, not least at online casinos. However, there are still many methods that are more common than cryptocurrency when making transactions online.
The vision was to offer simple transactions without middlemen such as banks and financial institutions. Besides offering smooth transactions, Bitcoins aren’t traceable, which offers users full anonymity.
Bitcoin users together form a network with open source software where Bitcoins easily can change owners. Your Bitcoins are stored as a file in a digital wallet which either can be saved on your personal computer or by a third-party provider. You are then free to transfer your Bitcoins to anyone who has a Bitcoin address. Since all transactions are made online, you will need a computer or smartphone with internet access to send or receive Bitcoins.
There are special debit cards for Bitcoins, making it possible for you to withdraw money from ATMs and pay as usual. However, this is not a must for those interested in playing on Bitcoin casinos.
You can also get full mobile access to your Bitcoins using an app – more about how this works further down.
Why use Bitcoin?
There are many reasons why Bitcoins has become such a popular method for online payments. The main advantage of this digital currency is that transactions are made without banks and credit card institutes’ involvement.
By avoiding a third-party, transactions aren’t only made faster – they won’t subject to extra fees. Another advantage when it comes to Bitcoins is that the method is anonymous. Therefore, users aren’t linked to a bank account or a credit/debit card.
Bitcoins are available worldwide, including India, where the demand for cryptocurrency has gone up in recent years. The increased demand has led more crypto business to show interest in the Indian market, not least companies within the igaming industry.
There are still relatively few Bitcoin casinos available in India, but there are still a few options for those interesting in playing using cryptocurrency.
Advantages
- Easy payments without third-party interference
- High level of anonymity
- No or minor fees
Disadvantages
- Bitcoin casinos are still quite uncommon
- Can be a bit complicated to understand
- Susceptible to volatility
Fees
Bitcoin payments are usually completely free of charges. For example, when sending small amounts or needing to express processing, minor fees may apply. This is another reason why Bitcoin is a preferred method when making online payments.
Support
If you have problems or question regarding your Bitcoin transactions, you will have to turn to your Bitcoin wallet supplier for assistance. Are you experiencing problems when playing at your Bitcoin casino, the casino support department might help.
Bitcoin app
If you prefer to manage your Bitcoins on your mobile device instead of on your computer, there are several mobile applications available. Most of them are free to download and available both on iOS and Android.
By downloading a Bitcoin wallet app to your smartphone or tablet, you are able to make quick and easy transactions simply by scanning a QR code. You are also in full control over fees and no third-party can lose your funds.
How does Bitcoin work with online casinos?
Over the years, more and more online casinos have been implementing Bitcoins as a payment method. Even though the range of Bitcoin casinos still is quite narrow, there are still several options for players interested in cryptocurrency.
As mentioned above, there are several advantages when making deposits and withdrawals using Bitcoins, such as large anonymity and no middle man. However, casinos offering Bitcoins usually have some regulations regarding which games Bitcoin are allowed to play.
For example, many casinos have restrictions when it comes to table games and live casino games. Therefore, it’s important for you to make sure you understand all terms and conditions before playing with Bitcoins.
How to make a deposit with Bitcoin
To make a deposit with Bitcoins, you will first need to download a Bitcoin wallet and buy Bitcoins (if you haven’t already). When this is done, follow these simple steps to make a transaction to your casino account:
- Find the page for deposits.
- Select Bitcoins as your preferred deposit method.
- Follow the instructions and approve the transaction.
- Now you are all set! Your funds will be available on your account shortly.
If the casino offers specific Bitcoin bonuses, you will most likely have to activate these when making your first deposit.
How to make a withdrawal with Bitcoin
Withdrawals are made in the same way as deposits. This is how is works:
- Make your way to the banking page and click on ”Withdrawal”.
- Select Bitcoin in the list of payment methods.
- Follow the instructions and approve the transaction.
- Done! Your funds will be available in your wallet in a few days.
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