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Bitcoin Gambling: How to Play Casino Games Using Cryptocurrency
- September 7, 2018 By Riley Wilson -
Bitcoin history may be short yet the introduction of cryptocurrency was revolutionary. It has changed the way we perceive money and affected different sectors including the online casino industry. Today you can play casino games using Bitcoin (BTC) or other cryptocurrencies just like any other traditional payment method. In this article, we will provide you with Bitcoin gambling basics and advantages.
Introduction to Cryptocurrency
Bitcoin is the first digital currency that was invented in 2009 and it is the most widespread cryptocurrency today. It does not exist in a physical form and it is stored in crypto wallets with every transaction registered in a digital ledger, so-called blockchain. When it comes to online casinos, the greatest number of gaming establishments accepts Bitcoin as the most reliable digital currency.
Other cryptocurrencies you can use to play online casino games include Litecoin, Bitcoin Cash and Ethereum. Their features and acceptance speeds may vary, but they function in the same way. You will need a cryptocurrency wallet and funds in it to make a deposit and play casino games of your choice. There are different ways to obtain BTC or other cryptocurrencies including mining or exchanging a fiat currency for it.
How to Deposit and Withdraw with Cryptocurrency
Once you have set up your wallet and funded it, choose a reputable online casino and register with it. Funding your casino account with cryptocurrency is simple. Go to the cashier and choose cryptocurrency as a preferred banking method. You will be provided with the casino wallet address you need to enter into your wallet along with the amount you want to deposit. Some gambling sites automatically convert the amount into fiat currencies, which means that you will make wagers in a familiar way. Keep in mind that you can make use of a welcome bonus upon the registration with the casino and that those offered to BTC users may be even more attractive than regular ones.
If you turn out to be lucky and managed to increase your bankroll, you may want to cash out your winnings. All you have to do it to visit the cashier, request a withdrawal and enter the sum and the cryptocurrency you want your fund to be cashed out in. You will be asked to enter your wallet address and once you complete the procedure, the funds will be transferred to your crypto wallet almost immediately.
Advantages of Bitcoin Gambling
There are multiple advantages of Bitcoin gambling including secure and fast transactions, no fees and a high level of privacy. Digital currencies allow players to fund their accounts and clear their winnings in the blink of an eye. Instead of waiting for your money to be transferred to your credit card, which may take up to 5 business days, you will have your funds in your digital wallet in a few moments. However, keep in mind that at some casinos your withdrawals may still be subject to a pending period of up to 72 hours. You won’t be charged any fees on transactions in cryptocurrency, yet converting cryptocurrency into fiat currency will cost you a certain fee.
Playing casino games online with cryptocurrency grants privacy as you don’t have to reveal your sensitive details to the casino. In addition, you won’t have to worry about security as Bitcoin is considered the most secure currency you can use today. Bitcoin casinos have undertaken multiple levels of protection thus guaranteeing a totally safe user experience. If there is one thing to worry about when it comes to Bitcoin, it is its fluctuating value. The price of Bitcoin can ebb and flow and with a value that is not stable, you can have unplanned losses when making wagers at an online casino. That makes using Bitcoin per se look like gambling.