How bitcoin digital currency benefits today’s online casino world?
Bitcoin or any other cryptocurrency is private. No third party will have access to your personal and financial information. In addition, you will avoid the usual chargeback issues associated with credit cards.
Some bank institutions will deny transactions to and from online casinos and this is where cryptocurrency comes in and saves the day. Cryptocurrency transactions aren’t processed via a bank.
Deposits are instant. Withdrawals are subject to review and paperwork, but are also fast and secure.
International transfers and foreign purchases typically include fees and exchange costs. Since cryptocurrency transactions have no intermediary institutions or government involvement, the cost of transactions keeps very low.
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BTC is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009 when its implementation was released as open-source software¹.
You buy it from specialized exchange houses that have BTC in stock. Just like gas or oil prices, Bitcoin prices can rise or drop in relation to its demand and supply. Buying BTC with funds from your bank requires you to sign up at an online exchange.
Once you have created an account at a BTC exchange of your preference, you will then need to deposit funds from your bank account or other method such as a Debit/Credit card, electronic wallet (Paypal for example) and then exchange your funds for Bitcoins.
Making a bitcoin cash deposit, re-deposit and requesting a cashout at the best casinos is a breeze.
To protect your crypto currencies, it is highly recommended for you to have at least two cryptocurrency wallets – one at an exchange (to buy BTC) and one to use as a spend wallet (to send BTC to the casinos).
Creating an account and adding a payment method at the exchange wallets is also hassle-free. You can instantly link your wallet account to a Debit/Credit Card to use for smaller amounts.
You also have the option to link your wallet to your checking or savings account, which is better so you can exchange cryptocurrency you win at the casino into hard cash and move it instantly to your bank account.
When you make a digital currency deposit at gambling sites, your crypto currencies are converted into your selected game currency (USD, Euro, GBP, Rands, AUD) and the deposit is processed very much like when you deposit via a debit card or an electronic wallet.
Before you consider making a cryptocurrency deposit, you must first have a cryptocurrency wallet with enough funds. Some of the most popular cryptocurrency wallets include companies such as UpayCard, Coinbase, Kraken, Blockchain.info, BitcoinEvolution, Cubits or Electrum.
These BTC wallets are essentially the crypto currency equal of a bank account. It gives you the ability to receive Bitcoins, store them and send them to others.
Digital currency payments or deposits are made from your choice of wallet application, either on your personal computer or smartphone, by entering the recipient’s address, the amount, and then clicking on send. It’s really that easy.
Gambling best crypto casinos, after you select to deposit, you will be shown a cryptocurrency deposit address and a transfer amount in BTC. You must use your bitcoin-wallet to send the requested amount in BTC to the deposit address.
The deposit will complete automatically once the correct amount has been transferred. Additionally, there are wallets that can get the address by scanning a QR code.
Typical steps to make a deposit or re-deposit at bitcoin gambling sites:
- Transfer cryptocurrency from your exchange wallet to your spend wallet
- Log in your bitcoin casino account and navigate to the Cashier
- Click on Make a Deposit
- Click the Bitcoin button
- Enter the amount of your deposit in casino playing currency
- Click the deposit button
- Now you have the option to deposit with your own wallet at bitcoin casino. If you are using a mobile wallet, you can scan the QR code with your phone and the transfer will be automatic. There is a 15-minute time limit to complete the transaction
- After selecting the wallet you plan to use, navigate to your wallet website and transfer the displayed amount of cryptocurrency to the displayed BTC address
- Your deposit is added to your account and you are set to play
- Log in your Casino account and navigate to the Cashier
- Click on Withdraw
- Click the Bitcoin button
- Enter the amount you would like to withdraw and the BTC address to send to
- Click the Withdraw button
- All cashouts are subject to review, but once approved, the cryptocurrency will be transferred immediately to your wallet
¹ Source: Wikipedia