Bitcoin Deposit and Cash Out Process and Options
Bitcoin has exploded in value in the last 5 years and is steadily entering the mainstream. More businesses are accepting bitcoins as a legitimate method of payments and the gambling industry is no exception. Bitcoin is now an accepted payment method at several casinos and betting websites. There are even some online casinos that were created specifically for bitcoin payments.
How Does Bitcoin Work?
Be aware that bitcoins do not exist in the physical world as actual coins or tender, they are entirely electronic, and you never hold a physical bitcoin. Bitcoin is the most well known form of 'cryptocurrency': the name given to digital currencies in which encryption techniques are used to verify transactions and regulate the generation of units. Bitcoin is of interest to people as there are no banks involved, transactions are faster and cost less, and bitcoin users benefit from a degree of anonymity.
Bitcoin and Online Gambling
Bitcoin is an alternative deposit method at online gambling sites. It is another way to add funds to your casino/betting account balance. Many casinos offer welcome bonuses for new players who choose to deposit with bitcoin. You can deposit with bitcoin in 2 ways:
- Direct using your Bitcoin Wallet
- Deposit your bitcoin into an E-wallet like Skrill, and then use it to deposit at a gambling site.
A bitcoin wallet is a software program where bitcoins are stored. There is a private key (secret number) for every Bitcoin address that is saved in the Bitcoin wallet of the person who owns the balance. Bitcoin wallets facilitate sending and receiving Bitcoins and give ownership of the Bitcoin balance to the user. The Bitcoin wallet comes in many forms; desktop, mobile, web and hardware. Coinbase and Blockchain are popular web wallet providers.
Option 2 is useful for sites that do not directly accept bitcoin, this is a way to use bitcoin anyway.
Bitcoin in Practice
There are a few specialised casinos such as BitCasino.io and FlutterClub who accept Bitcoin directly at the moment, but the list is growing. And you can still make bitcoin deposits via e-wallets with casinos who do not accept direct bitcoin payments. They are a genuine alternative payment option as bitcoins can be transferred in seconds without incurring transaction fees, making them more attractive than PayPal or bank cards.
Want to learn more about PayPal? Read the full Gambling.com guide and check out the Best PayPal Casinos.
There are many options available for purchasing bitcoins. You can purchase them with wire transfers, credit cards, money transfers and debit cards. You create a bitcoin wallet and your bitcoins go in when you buy them. Online wallets are stored by a third party on their cloud servers. You can also choose to have software wallets, where your balance is stored entirely on your own computer.
From here , you can start to deposit online. You may be charged a fee to deposit, but most online casinos are happy to offer free deposits with alternative payment methods. You may also face some verification procedures when using Bitcoin, as the generally anonymous use of bitcoin is at odds with current regulations which require casinos to know who they are dealing with.
Deposit Using Bitcoin
In your Bitcoin wallet, you’ll have your private keys which are the digital equivalent of cash. These keys are used to access Bitcoin addresses and carry out transactions such as depositing to an online casino. The keys can be a 64-character long string of numbers and letters, most wallets use a special import format that allows for a shorter code. Many wallets also come with a QR code that can be scanned using a camera to enter the entire key in seconds.
Use your bitcoin wallet at a casino who accept bitcoin payments. These casinos integrate with the common bitcoin wallet providers to make it easy for you to upload funds into your casino account. The transactions are usually processed instantly, and players can start playing games right away. The casino will also have a bitcoin address, so you are essentially moving bitcoins from one online wallet to another.