The number of players who choose to fund their account using Bitcoins are given many incentives to do so. This payment method is growing steadily and becoming a favorite and for good reasons. The number one reason why players and casinos are switching to this deposit option is that they can make faster and safer payments over the internet; free of any charges. It’s really simple to use and we will show you exactly what you need to know.
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A few years ago, hardly any online sites, offered Bitcoin as a payment method. This has started to change over the years and now there are a number of good quality and trustworthy casinos that offer this payment option as a way to deposit and withdraw.
Why use Bitcoin?
• Bitcoin casinos offer you the chance to be in control of your bankroll.
• Transactions are generally a lot faster than by other methods such as credit/debit cards
• Bitcoin allows you to play anonymously, therefore you don’t need to add any banking details. The transactions are considered much more secure and less open to identity theft
• Many casinos offer a unique deposit bonus when using this method
How to make a Bitcoin deposit/withdrawal
• Open a Bitcoin wallet if you don’t already have one. This can be done at www.bitcoin.com. You can open a web-based or desktop wallet. We suggest you open a web-based one if possible as you can access this from anywhere and it doesn’t need software to be installed
• Add Bitcoins to your wallet. This can be done a number of ways including buying them using your debit/credit card through your wallet, on Bitcoin exchanges or at special ATM’s
• Check the recommended Bitcoin casinos above as all our websites listed are accredited and safe to play on. Once you have an account, you can log in
• Log into your Bitcoin wallet, go to the Send Money menu and copy the address that is given to you
• Go to the Cashier section and choose Bitcoin. You will then get the option of adding your ‘address’ which is normally between 27 and 38 characters long
• When withdrawing, you will need to perform the steps the opposite way. You will first need to go to the casino, click withdraw, and then enter the Bitcoin address of your own wallet which can be found in your account
What is Bitcoin?
Bitcoin is the biggest and most widely used cryptocurrency. Instead of using money from your bank or debit/credit card, you can buy a separate currency to use online and these can include: Coinbase, Ethereum, Robinhood, Exodus, and Mycelium(mobile-only).
It differs from mainstream currencies like the Euro, Pound, and Dollar as it does not use or is not owned by a 3rd party. There is no central bank and is bought and sold through a peer to peer marketplace a bit like shares.
Although when it first launched the value was very volatile, often going up and down in value, after 2014 it stabilized as a lot of online sites started offering it, including many casinos…
How Bitcoin Works
Firstly, Bitcoin is a very safe and convenient payment method. Digital was publicly circulated for the first time in 2009, thus becoming the first decentralized digital currency.
The fact that it is decentralized implies that there is no regulatory authority that oversees and governs the use, which is why it is such a volatile currency.
This currency enables its users to make payments anonymously, without having to provide any personal information or financial details. They use blockchain, a distributed database that records transactions between two parties and it guarantees that the transactions will be recorded, secured and that the data won’t be altered in any way.
There are three subunits: millibitcoin, microbitcoin orbit, and Satoshi which is the smallest. They can be purchased through a Bitcoin exchange and the purchased coins are stored in a wallet. Once you have purchased Bitcoins, you can use them at any site that accepts them, and that includes a lot of online casinos.
How Bitcoin Casinos Work
They feature the same types of games, such as slots, table and card games like Blackjack, Roulette, Baccarat, as well as Video Poker, Keno and Scratch Cards. Some even offer live games with a real live croupier, where players can enjoy an authentic atmosphere without leaving their homes.
All websites will support mobile devices as Google has made this mandatory, and players can play their favorite games on their smartphones and tablets. Players are also able to make payments to and from their accounts through their mobile devices.
Advantages of Bitcoin Online Casinos
Using Bitcoins as a payment option has more than one advantage. Firstly, the deposits are processed instantly and, more importantly, withdrawals are usually processed much faster compared to withdrawals via other methods like credit cards or e-Wallets. The anonymity of these transactions requires fewer details which is very appealing to many especially USA players. In fact, you may not have to jump through hoops to confirm your identity like a credit card withdrawal could.
Furthermore, in most cases, operators won’t charge any fees on these transactions, even if deposits are charged on other payment methods.
The value of Bitcoin has grown significantly over the course of a few years and its use is broader than before. We can expect an increase in the number of casinos that offer this payment method, which means that players will have more options at their disposal.
What are Bitcoin casinos?
These are online casinos the same as any other, the simple difference is that they accept transactions to and from your account using Bitcoin.
Are Bitcoin casinos legal and regulated?
Yes, the accredited websites we list here are legal, regulated, licensed and safe for players to play on.
How much can I deposit and withdraw using Bitcoin?
One of the best things about Bitcoin is that there is no minimum or maximum amounts when depositing or withdrawing using this payment method. Most casinos have their own minimum or maximum limits but these can be discussed and possibly changed if you are a loyal player.
Is Bitcoin gambling safe?
Yes, depositing with this currency is very safe as they use cryptography security and your information cannot be read without a key to decrypt it. All transactions are anonymous making this deposit option appealing to many as stated above.
Do I pay taxes on my Bitcoin winnings?
It is up to the player whether or not to file taxes on any winnings. Bitcoin transactions are completely anonymous and there is no way for you or the IRS to prove you won that money through gambling.
Can I deposit with a credit card but cash out in Bitcoin?
Most casinos will automatically process your withdrawal the same way you deposited them but some will make an exception if you contact customer support.