Bitcoin is the most well-known name in the cryptocurrency family and easily its most resilient. It has gone from a somewhat mysterious payment method, used only by a small group of technologically inclined pioneers, to a widely used way to pay that has infiltrated the public consciousness. As a payment method for online gambling, there are few methods as well suited to the industry as Bitcoin.
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Bitcoin was born in 2008, though the identity of the actual creator of the system is hotly debated. It was designed to be a way to send and receive money without the involvement of banking institutions by using a decentralised ledger system. This is called blockchain and this technology has since been used in a disparate range of applications from finance and data security to healthcare, public voting and logistics.
Blockchain ensures that Bitcoin transactions are fast and secure by creating a publicly available record that cannot be altered. As a result, Bitcoin has become popular for security-conscious users who want to protect and anonymise their transactions.
How To Make A Deposit Using Bitcoin, Step By Step
Before you can spend Bitcoin, you will need to buy some. This can be done at an online coin exchange, where you can use your NZ$, GBP or Euro to buy Bitcoin at the current exchange rate. You then store those Bitcoin in a Bitcoin Wallet, which can be web-based, downloaded to your computer, on mobile or on a physical token like a memory stick.
With your Bitcoin purchased and ready to go, you can then make a deposit at the Bitcoin casino of your choice by following these steps:
Visit the Banking or Deposit page at the Bitcoin casino
Choose Bitcoin as the payment method
Confirm how many BTC you wish to deposit
Take note of the casino’s Bitcoin wallet address - this looks like a long string of letters and numbers
Open you Bitcoin Wallet and send your desired amount of Bitcoin to the wallet address provided
The deposit should appear in your casino account within minutes
How To Make A Withdrawal Using Bitcoin
Bitcoin is a little bit different to credit cards or e-wallets because it is not a payment method per se but rather a currency like NZ$ or American dollars. In fact, some e-wallets like Skrill and Revolut allow users to pay in Bitcoin but in these cases, the player would follow the steps to complete an e-wallet transfer.
One of the most appealing aspects of Bitcoin is how quick it is. Transfers happen in the blink of an eye. This is also true for withdrawals but there are other elements to the process that slow it down somewhat. The casino must complete its verification processes before issuing a withdrawal but once those are done, the transfer is instantaneous. The user is then free to either hold on to their Bitcoin for future use or use a coin exchange to convert it into its fiat currency equivalent.
Withdrawing in Bitcoin is easy. Simply select it as the method of choice, input the amount and your Bitcoin Wallet address.
Pros and Cons
The concept of Bitcoin can be a little tricky to explain to novices but the bottom line is that it's a robust and secure way to pay, and a growing number of online casinos are accepting it too. Bitcoin casino free spins bonuses and promotions also pop up all the time.
Below we list the pros and cons of using BTC to gamble:
Pros
100% anonymous
No fees, ever
Lightning-fast transfers
Bitcoin wallets available in several formats for additional security
Cons
BTC not accepted everywhere yet
The value of Bitcoin is subject to an exchange rate, which can and does fluctuate significantly
Some casinos have high minimum deposit requirements for BTC
Bitcoin Fees, Commissions And Charges
Bitcoin transactions are all completely, 100% free. This was built into the system when it was first devised, eradicating the often-expensive fees charged by banks on top of things like the exchange rate and international transfer charges.
Players using Bitcoin are guaranteed a fee-free experience every time and we have yet to encounter a Bitcoin casino that charges fees on either deposits or withdrawals.
Safety and Security
Bitcoin uses blockchain technology. A simple way to understand this is to think of all blockchain users having a digital ledger on their computer. Each time a transfer takes place, it is permanently recorded in exactly the same way in every single one of those ledgers. Through this system, it is impossible to falsify or change the record of the transaction, thus making it completely secure.
For many users, the choice to adopt Bitcoin is seated in a desire for privacy and anonymity. The best way to keep your data out of the wrong hands is to not put it out there in the first place. The only identifying feature of a Bitcoin wallet is the random combination of letters and numbers assigned to it as an address. No name, address, bank details or phone number - totally fraud-proof.
Other Methods Like Bitcoin
Bitcoin is probably the most well known cryptocurrency but it is by no means the only one. Litecoin, Ripple and Ethereum are other cryptocurrencies but they have not yet reached the same level of acceptance as Bitcoin, generally as well as in the online gambling industry. However, if Bitcoin has taught us anything it’s that the next big disrupter can be just around the corner and there’s no telling if these or even a completely novel cryptocurrency might become the way to pay.
FAQ
A Bitcoin casino is one that allows its players to deposit, withdraw and gamble in Bitcoin or BTC. Although Bitcoin has not quite reached the broad acceptance enjoyed by fiat currencies like Euro, Pound Sterling or American dollars, Bitcoin new online casino options are popping up all the time in the shape of new brands accepting BTC from the start or older, more established brands embracing the cryptocurrency.
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Security and safety are integral to the way Bitcoin is built. Right from the start, the cryptocurrency’s development was focused on offering secure, anonymous and fast transfers in a single currency across the globe. Blockchain technology means that transactions are iron-clad, all without making any user’s personal details visible. Bitcoin is the ultimate private payment method.
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If you want a payment method that is fast, completely secure, and immune to fraud and theft, you should consider Bitcoin. In relation to gambling, Bitcoin is a good choice for these reasons as well as offering total anonymity.
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The main disadvantage for players who want to use Bitcoin to gamble is that only a small proportion of online casinos accept Bitcoin at the moment. It’s fairly safe to say that this is likely to change over time as more brands open the doors to BTC players. Another downside is that you cannot withdraw Bitcoin directly into your e-wallet or bank account. It first needs to be exchanged into a fiat currency and players need to be mindful of the exchange rate when doing so.
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Ethereum and Litecoin are appearing more frequently in casinos’ lists of accepted currencies but the uptake is notably slow. Most casinos that accept these altcoins actually convert them to a fiat currency for the purpose of gambling on casino games then convert them back to the altcoins before withdrawal.
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The best Bitcoin casino depends a lot on what the individual player is looking for. A good casino is one which is licensed by a reputable regulator, offers a choice of fairness tested games provided by trusted games studios, a good range of bonuses and promotions and the reliable provision of customer support.
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