In just over a decade what was once considered a niche investment strategy has gone on to challenge the way that payments are made for the things that we enjoy the most.
Related casino bonuses
Here at Gambling Metropolis, we have several superior casino choices to choose from when you want to use Bitcoin to play casino games online. Naturally, we seek to only bring you the most reputable and best possible places to gamble, so while more names will be added to the list in due course, for the moment we recommend checking out the following:
– Ivi Casino
– 14Red Casino
– Spin Up Casino
– Das ist Casino
What is crypto and why is it making such a big mark on casino gaming?
Cryptocurrency, or, encrypted decentralised digital currencies, started out with a name that most are familiar with today, namely, Bitcoin. Online casinos have slowly but surely adopted it as a payment method over the past few years, given the arrival of many more new cryptocurrencies and their evident popularity among the gaming community.
However, casinos accepting crypto are not quite as prevalent as online gamblers might like, because it is a relatively new means of paying, which takes time to set up, but also because this unregulated payment method is not recognised in many countries.
The big difference between Bitcoin and money as we know it in its traditional forms is that it does not derive value based on the country in which you live. Instead, its value is determined relative to its demand, supply and availability.
What’s more, there is a significantly higher degree of anonymity attached to it, making it difficult, though not impossible, to determine where the funds originated.
How Do I Buy Bitcoin?
Just like having a credit card or a PayPal account, to gamble using Bitcoin on any site there are a few boxes that need to be ticked before it is possible. Fortunately, the process is relatively simple and you should be up and running in no time.
First things first, having Bitcoin is necessary. This one is obvious, however, for the sake of those that are yet to engage with crypto, we’ll quickly run through the process of getting your hands on some. You’re going to need a Bitcoin wallet and there are plenty of places where they’re available online.
Simply run a search and hundreds of websites that will afford you the possibility of getting a wallet that is suitable to your needs will pop up, i.e., can be accessed via the website as well as through an app that is supported by your mobile device of choice. Your wallet is individually numbered and completely unique.
That part of the process will be done and it will be time to buy Bitcoin. There are plenty of websites that serve as exchanges for Bitcoin. Make sure that the exchange is legitimate before making payment. Once everything goes through, you’ll be ready to start using the Bitcoin wallet to have some fun.
How Do I Make a Deposit Using Bitcoin
It is worth bearing in mind that when using cryptocurrencies due care and attention is given when processing transactions. Getting the address of your intended payee and providing accurate details of your own account are essential and its importance cannot be stressed enough.
Typos have seen Bitcoin users send their money to the wrong account with no possibility of recovering it. So, always proceed with caution and double-check the digits before you commit to any transaction.
Once you’ve got Bitcoin in a wallet and know which casinos are accepting crypto here at Gambling Metropolis, it’s time to start having fun. Just select Bitcoin as your preferred deposit option, note the site’s Bitcoin address and then send a deposit via your wallet to their address.
One thing that will become evident when using Bitcoin as opposed to a credit card or PayPal is that payments are processed almost instantly. It is one of the fastest ways to make a deposit, which stems from the fact that transactions do not have to be routed through a banking system.
The technology allows data to move quickly and the lack of regulation negates the need for the kind of delays that typically result in payments taking anywhere from 2-5 business days.
What is the Minimum Deposit Amount?
This is the question that all gamblers want to know the answer to and will often inform where they initially focus their attention. The simple answer is that this depends on the terms and conditions of each individual online casino.
With cryptocurrency, the numbers will initially boggle the mind, given that they appear to be so low. However, it is worth bearing in mind that, at the time of writing, a single Bitcoin is worth approximately £7,800 GBP, so the figures are relative to its value and are comparable to deposits required using credit cards or PayPal.
For example, at Playamo, the deposit required for a Bitcoin to Bitcoin transaction is a minimum of 0,001 BTC, while the deposit required for a Bitcoin to Euro transaction is 0,003. There is no maximum for either and, best of all, no transaction fees to be paid either.
How Do I Request a Withdrawal Using Bitcoin
Casinos accepting crypto are a gift to those that hate watching their hard-earned winnings dwindled even in the slightest by transaction fees imposed by PayPal or their credit card provider. As such, using Bitcoin is a great way to avoid these losses completely.
Whether you choose to withdraw any winnings is entirely your choice. However, it is worth thinking about whether you want to keep some funds in your casino account just so that you can play when you want, without having to process transfers.
If you are certain that withdrawing Bitcoin from the casino is the best decision to make, the process is pretty straight forward. Log into your account and head for the ‘cashier’ section. This is where all balances and records of your deposits are kept. Just type in the amount for withdrawal and click the button.
The casino will then seek a wallet address into which the funds are to be paid. It makes sense to have all details close to hand when starting this process. Some sites offer the possibility of using a QR code as opposed to the alphanumeric character string that represents your public wallet address. This is a quick way to complete the task that also ensures there will be no mistakes, assuming you prefer to type as opposed to copying and pasting.
Once that’s confirmed, the Bitcoin will appear in your wallet within just a few minutes.
What is the Minimum Withdrawal Amount?
With regards to minimums, before diving in and committing to any casino, in particular, it is worth checking out their terms and conditions. You’ll quickly get a sense of how the withdrawal amounts differ when you compare one against the other.
With regards to the withdrawal limits at Playamo, for Bitcoin to Bitcoin transactions, these are set at a minimum of 0,001 BTC and to a maximum of 2 BTC. For BTC to Euro transactions, a minimum withdrawal of 0,003 BTC and a maximum of 2 BTC apply.
Why Should I Use Bitcoin to Gamble at Online Casinos?
Here at Gambling Metropolis, we love the fact that casinos accepting crypto afford our users a means of maintaining their privacy. There are no intermediaries, which means that no third parties are getting their hands on your personal or financial data.
One of the key benefits of choosing Bitcoin to gamble online is that you won’t have to face the fees or chargeback issues that are so often part and parcel of using a credit card. Similarly, you don’t have to endure PayPal’s charges.
While online gambling is not fully legal all around the world, this negates the possibility for many enthusiasts to have the kind of fun they want by using their credit cards, since financial institutions may not process these transactions.
One of the key advantages that Bitcoin delivers for its users is that it is not currently subject to taxation since it is not recognised as a real-world currency in most countries. This may change in time, however, with countries like Australia classifying it an asset that is subject to tax.
Using Bitcoin to gamble at online casinos is a great way to dodge fees, enjoy fast transactions and gamble when you want to gamble no matter where you are in the world. That said, there are a few things worth bearing in mind. The value of Bitcoin can rise and fall just like any other currency.
At its peak, Bitcoin rose to close to £14,000 GBP per Bitcoin back in December 2017. As such, it is worthwhile keeping an eye on its valuation, since the money that you invest in your online gambling today may not be worth quite as much tomorrow, or it could indeed be worth much more.
Cryptocurrency shows no sign of slowing down or going away. The lack of fees is a huge plus for most players and essentially makes using Bitcoin the digital equivalent to spending cash. With more providers on the market and others surely on the way, it seems as though this option is one that is not going to disappear any time soon.
Receive 350+ No Deposit Free Spins
All emails include an unsubscribe link. Please see our Privacy and Cookies Policy.