Using Bitcoin as a payment method is unique and very different when compared to other payment methods. Because it is still quite a new payment method, some people may be nervous when using it but its unique qualitiesgive depositing and withdrawing with Bitcoin its own distinct advantages, some of which include:
One of the major benefits of Bitcoin is its anonymity- which it is truly famed for. While credit card payments and EFTs can very easily be linked back to the original person transferring the funds, payments made out of a Bitcoin wallet are practically untraceable. All you need to provide is a user ID, but this needn’t even be your real name- you can use an alias, nickname or something completely made up. For people who want privacy when it comes to their online spending and transactions- Bitcoin is a great payment option.
Bitcoin payments are facilitated by the Blockchain, which is basically the ledger for all Bitcoin transactions. It works by miners checking the transactions and transactions have to be checked by many miners before they are deemed good enough to be added to the ledger- this makes the process very secure. It is virtually impossible for anyone to hack into your Bitcoin funds and it is also virtually impossible for Bitcoin users to spend funds they don’t have.
When it comes to making payments online, everyone knows that it’s the faster the better. Bitcoin did have problems with their payment speeds last year but they have reassessed their systems and Bitcoin payments are now back to their usual impressive speeds. Bitcoin payments take around a few minutes to be processed- which is slightly longer than credit card payments but still quicker than EFTs and other payment methods.
Most Bitcoin accepting casinos do not charge anything for making a Bitcoin payment, while others may charge a small percentage of the deposit amount. Bitcoin transaction charges are also non-existent or minimal from the Bitcoin wallet side of things. In comparison to things like credit cards an EFTs, Bitcoin’s prices are impressively low in general.
How to Deposit Using Bitcoin
Each Bitcoin casino will be slightly different when it comes to the deposit and withdrawal process. But the general process would go along the lines of:
- Go to the ‘deposit’ option at the online casino of your choice. It is usually located in the top right hand corner.
- Choose ‘Bitcoin” as your deposit option of choice.
- You’ll be redirected to your Bitcoin wallet where you’ll be asked to enter your ID. It is essential that the wallet you are using is compatible with the online casino
- A QR code will also be generated that you can scan
- You may need to confirm via your phone or email address or both as most Bitcoin wallets are secured by 2 step verification.
- Wait for payment to process and you’re done
- Continue to play your favourite games using the Bitcoin funds in your account
Because Bitcoin is a fairly new phenomenon there are a lot of aspects that many people do not understand exactly what is about so we have attempted to answer some of the most common questions surrounding Bitcoin.