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Whether you love it, hate it, or are not quite sure you understand it, there is no doubt that Bitcoin has taken up a great deal of public discussion over the last few years. This currency – the best-known and by far the most commonly-used form of cryptocurrency – has exploded onto the scene and is becoming a popular way to pay for online services and transactions. Web-hosting services, online stores, and a growing range of other providers of goods and services are now accepting this much-discussed payment method alongside more conventional options such as credit cards and Paypal.
In recent years, online casinos and betting sites have joined the Bitcoin revolution, and while the majority of sites continue to hold out, the number of casinos accepting crypto payment methods is set to grow in the coming years.
The best online casinos that accept Bitcoin
While Bitcoin’s popularity has flourished over recent years, the unfortunate truth is that the world’s most popular cryptocurrency is still not particularly widely accepted at online casino sites. There are a variety of reasons this may be the case, ranging from Bitcoin’s somewhat difficult reputation, to the need for casinos to abide by various legislation that requires they verify the identity – and particularly the age – of their players.
Nevertheless, some online casinos have chosen to embrace Bitcoin, acknowledging that their customers appreciate the security and flexibility that the payment method can provide. While the list of Bitcoin-friendly casinos is relatively short at this point in time, there are a few options you should be able to explore.
How do I make a deposit using Bitcoin?
In order to use Bitcoin at an online casino, you will first need to register a Bitcoin wallet. There are a variety of different options available for Bitcoin wallets, including both web and software-based wallets, so you should be able to find a wallet that suits your individual needs and preferences. However, if security is your foremost concern, a software wallet might well be the best choice for you; these wallets offer greater control and reliability that their web-based counterparts.
When your wallet is established, it will need to be funded. This is a relatively straightforward process that involves buying Bitcoins from a Bitcoin exchange using a credit card, debit card, or – in some cases – PayPal. Alternatively, you may sell items or services online and accept Bitcoin as payment, giving you a balance in the new currency.
Once you have attained a sufficient Bitcoin balance to fund your account, you simply sign up to a casino that accepts the currency as a payment method, and follow the instructions provided in the “deposit” section of the site. Usually, the money will go into your casino account immediately – but it may take up to 30 minutes in some cases.
How do I request a withdrawal using Bitcoin?
When it comes to withdrawing funds from your chosen casino, the process should be every bit as straightforward as depositing. When you want to make a withdrawal, you can simply go to the profile dashboard on your account, and select the option that takes you to a payment page. Usually, this will be the “Cashier” option, although it can differ between Bitcoin casinos. Once in the payment section, you simply click on the link to make a withdrawal, enter the amount you wish to withdraw, and select the Bitcoin wallet to which you want the money to go.
One of the great advantages of using Bitcoin is that transactions are incredibly quick. While a casino withdrawal to a bank account or credit card may take anything up to a week to process, Bitcoin transactions are likely to show up in your wallet within ten minutes of the withdrawal being initiated, and can then be used for any other transaction you wish to make – including converting them back into conventional money.
What is the minimum deposit amount?
Not all casinos that permit Bitcoin betting will have a specific minimum amount for deposits, but for those that do the amount is usually set in “millibitcoin” – or 1/1000ths of a full Bitcoin. A standard minimum deposit is one millibitcoin. This amount can vary, however, due to the fluctuation in Bitcoin’s value against more conventional currencies. Usually, the valuation of a millibitcoin is in the region of £4/5, but if you’re new to cryptocurrencies, it is always worth checking the precise valuation at any given time.
The fluctuation in Bitcoin valuation is an important consideration when using it in casinos. If a casino has a minimum deposit amount for Bitcoin users, you should make sure that you don’t make your deposit at a time when the currency is at the high point of its fluctuation. The lower its valuation against conventional currencies, the greater the chance will be that you can make a withdrawal when it is at a comparative high point.
What is the minimum withdrawal amount?
Most Bitcoin casinos will have a minimum withdrawal amount, but there is no absolute consensus on where this is set – so you’ll need to check the specific terms and conditions of any casino you are considering using. As a general rule, the minimum withdrawal is usually in the region of one millibitcoin or lower, though do bear in mind this is not a hard and fast rule.
While most Bitcoin casinos do apply minimum withdrawal limits of some sort, you may find that there is no ceiling limit to how much you can withdraw. As Bitcoin becomes more commonly used for betting in casinos, this convention may change, but at present it is easy and affordable for casinos to make crypto transactions, and so even quite substantial amounts of Bitcoin can be transferred with a minimum of fuss.
Why should I use Bitcoin to gamble at online casinos?
As long as you are comfortable with using Bitcoin, there are no complications involved in using it for online casino gaming. Indeed, as we have acknowledged above, there are some very clear advantages to using this popular cryptocurrency for online betting. In particular, the speedier deposits will be incredibly beneficial to those accustomed to longer credit and debit card withdrawals, and the fact that you don’t need to submit financial information directly makes Bitcoin particularly attractive to security-conscious users.
However, the above advice comes with the substantial caveat: if you have never used Bitcoin or a Bitcoin wallet before, and are unfamiliar with the process, be cautious. Online casino gaming is fast-moving and occasionally complicated, so you need to be able to make transactions with complete confidence in how the entire system works.
Nevertheless, once you are comfortable using Bitcoin in general – and are familiar with its occasionally extreme price fluctuations – you may find that it is a perfect payment method for you to use at online casinos.