Bitcoin user counts run into the millions, and as you have probably guessed, there are a lot of online gamers and gamblers among them, and online casino slots that use bitcoin as deposit and withdrawal methods.
That’s why many online casinos immediately began offering this unusual currency among their casino payment methods. Furthermore, Bitcoin is a currency with no extra fees, which makes it attractive to players and casino operators who struggle with the high fees in their daily operations.
And since fees are non-existent, online casinos can make more profits and therefore have more room to be a little more generous with players, offering better casino welcome bonuses, special offers, and promotions for Bitcoin.
Using Bitcoins at Online Casinos
After making your Bitcoin deposit at an online casino, you can enjoy various casino games. Some casinos allow you to bet and play with Bitcoins; others will exchange it for another currency compatible with specific games.
When you deposit with Bitcoin, it will be converted to any currency you wish, as long as the casino supports it. Bitcoin uses very advanced security protocols, so the transfer is safe and secure.
All you need to do is ensure that the online casino operator you use to make Bitcoin deposits and withdrawals is trustworthy. Bitcoin transactions happen in the blink of an eye, so you’ll have your money immediately to start playing without delays.
- Bitcoin Security: The most crucial aspect is security regarding financial transactions made over the internet. Make sure the exchange you host your Bitcoins on is recognized and has a good reputation in the industry.
- Play it safe: the second super important aspect when making a cryptocurrency transaction is knowing how to choose the right online casino. Please create a point of researching the reputation of the various casinos that offer this payment method and their respective licenses.
- Security, KYC, and GDPR: it is worth remembering the existence of the KYC standard, which guarantees that transactions made between online casinos and their customers are legitimate. This is done through the documentation required to be a member of these sites, such as CPF, RG, Passport, Telephone and electricity bills, and physical address, among many others. The Gambling Commission in the UK and the European Union set standards of operation on these betting sites.
- We only recommend safe casinos: We only recommend licensed casinos with reputations that meet minimum standards.
- How to set up a Bitcoin account: You can do this through a wide variety of apps and websites that you can download on your iOS or Android device, as well as on Mac, Windows, or Linux computers.
Types Of Wallets
Let us now understand the different types of Bitcoin wallets. There are three types in total:
- Online wallets (blockchain): are recommended for new users. In this case, a third party will store your wallet and Bitcoins online and copied to cloud-based storage.
- Software (electrum) wallets are the types of wallets that are stored entirely on your computer. Therefore, you need to do manual backup regularly. These wallets are geared more towards intermediate users and considered more secure than cloud-based ones but require more maintenance and user attention.
- Hardware wallets (reason): These are the most secure and require special software that you connect to your computer via USB. This is a step forward from a security standpoint, as your wallet can only be accessed when the USB is plugged in.
How To Make A Deposit Or Withdraw Your Winnings Using Bitcoin?
Step 1: Players need a digital wallet (e-Wallet) that meets their particular storage and transfer needs. Several companies and websites offer this service.
Step 2: Once the e-Wallet is obtained, players need to buy their Bitcoins (or cryptocurrencies of choice) before using them. The easiest way is to buy coins through cryptocurrency exchanges like CoinBase again.
Step 3: find the online casino that best suits your needs, always considering reliability, security, and the quality of the bonuses offered.
Step 4: In the casino payments section, choose the Bitcoin (or equivalent) payment option, noting whether or not there are fees involved and minimum deposit/withdrawal amounts.
Step 5: When choosing the method, players then need to enter their e-Wallet address, the amount they want to transfer, and the authentication key.