Deposits and withdrawals with Bitcoin at online casinos

Although gambling is a fun way to pass the time, much of the excitement of playing casino games comes from putting real money on the line and winning some of it back. This is why there are so many online resources like these on how to withdraw and deposit money into your gambling account. But what if you want to use bitcoin to gamble? How do you deposit this digital currency, bet with it and withdraw money? Originally introduced to the online gambling scene in 2012, Bitcoin has recently become a popular transaction option among gamblers. Below we look at everything you need to know to use bitcoin to play your favorite casino games.

Setting up a Bitcoin wallet

Before you even start worrying about depositing bitcoin, you need to create an online bitcoin wallet. Think of this as your online PayPal or bank account; only it has digital currency, in this case bitcoin. The most popular and trusted websites that offer bitcoin wallets have encryption to keep your wallet balance and personal information safe and private.

Buy Bitcoin

Once you’ve set up a bitcoin wallet, the next move is to buy some bitcoin. Your options include shopping the open market for great deals or buying through the wallet’s official site. You must provide your name, physical address and credit card number to buy bitcoin. The “buying process” actually involves exchanging US currency for the digital currency.

Loading Bitcoins

You now have a loaded bitcoin wallet, which means you can use it to play at your favorite casino site. The next step is to load some bitcoins into your player account. Instead of entering your credit card information as you would when using regular currency, you enter your bitcoin wallet address and a preferred deposit amount. It shouldn’t take more than several seconds for the casino site to process the deposit request. You can now play.

Bitcoin value

The value of a single bitcoin often fluctuates, depending on factors such as market volatility. However, it is always more than $100 and has stayed well above that mark for many years. But what if you don’t want to bet $100 on a casino game? It is not always possible to bet $100 or more, especially if this amount exceeds your budget.

Fortunately, technology allows you to deposit bitcoin fractions. Some online casinos even offer the option to play with bitcoin in the form of well-known currencies such as USD. You can place a .001 BTC bet, but see, calculate and withdraw your winnings in USD. Essentially, you’ll still be playing with bitcoin, but represented in a currency you understand.

Withdrawals with Bitcoin

Did you win anything? Withdrawing bitcoin is as easy as making a regular withdrawal. Start by selecting the amount you wish to withdraw and enter your bitcoin wallet address. The transaction should complete immediately.

Final thoughts

Gamblers and gambling sites have moved towards cryptocurrency in recent years, and now you can also use bitcoin. The appeal of this currency is that bitcoin transactions usually do not involve any fees. When they do, these fees are very manageable. Bitcoin deposits and withdrawals are also instant, so you can receive and spend your money as you wish. A bitcoin payout takes just seconds to execute. But perhaps the biggest advantage of using bitcoin is the security and anonymity it provides. Built on blockchain technology, your bitcoin wallet is encrypted for anonymity and online security. You don’t have to worry about your personal or financial information being stolen.