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
- 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 the miners to do their thing
- Optionally pay miners extra to speed up the process
- 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.
What exactly is Bitcoin?
Bitcoin was established as the world’s first decentralized currency in 2009 by a mysterious individual by the name of Satoshi Nakamoto. It is technically a currency but it only exists digitally and does not come in physical form. It started out small but has now exploded in popularity and is widely used across the world now. Its value increased exponentially and investors that bought Bitcoin back in the beginning stages are now very wealthy indeed.
How do I acquire Bitcoin?
If you wish to buy Bitcoin (which you’ll need to do before you attempt to make a Bitcoin deposit at a Bitcoin-accepting casino), there are a few ways you can go about it. Firstly, you will need a place to store your newly acquired funds- an online Bitcoin wallet is the best option and there are many reputable ones out there. Once you’ve decided upon a wallet, you’ll need to visit a Bitcoin exchange platform in order to purchase your Bitcoin which you can purchase with Fiat currency or other altcoins.
Can I withdraw using Bitcoin too?
Most online casinos that offer Bitcoin as a payment method will also offer it as a withdrawal option too. This means that you can technically earn Bitcoin by winning online casino games. As long as you have a compatible Bitcoin wallet, withdrawing Bitcoin should be easy.
Should I be using Bitcoin?
Although Bitcoin has had its various issues over the year and a few wallets and exchanges have had security scares, in general Bitcoin is a very secure option. Bitcoin and online casinos often work in conjunction with one another- with some online casinos being completely aligned with Bitcoin and do not even accept normal fiat currency.