We hear one question regularly. Users want to know how to make Bitcoin casino deposits. They like the anonymity of Bitcoin, but it can seem confusing to a new player. We take a closer look at making Bitcoin casino deposits and withdrawals.
What is Bitcoin?
Bitcoin is a form of virtual or electronic currency. With a traditional banking system, you hand or transfer money to a bank, credit union, or financial institution. You can transfer money to other accounts, withdraw it, or deposit more.
With cryptocurrency, the money never actually existed in a form you could actually see. It's digital. Bitcoin transfers are tracked in a shared public ledger known as a block chain. Block chain transactions are inspected using a system known as mining. Mining uses very complex algorithms to verify all transactions. It's a way to ensure that the money in your wallet is yours and that you're not trying to spend what you don't have.
Pros and Cons of Bitcoin
Bitcoin is one of the most secure methods there is for depositing and withdrawing winnings from an online casino. You don't give an account number. An encrypted numerical sequence is sent from one user to the other. It changes each time you make a Bitcoin transfer.
You don't have to store cryptocurrency online. You can save information to a thumb drive or write it down. When information is not stored online, hackers can't get to it. If you store your Bitcoin keys using cloud storage, there is a risk, but theft is less common than with credit card companies and other financial institutions.
Bitcoin transfers do not require transaction fees when you're sending to a person in another country. It's easier to send money outside of your country and receive funds from another country. It saves you money.
If you transfer Bitcoin to the wrong person, there are no refund policies with Bitcoin. Once your money is sent, it's gone. You can't say you made a mistake and want to do a chargeback or refund.
How Do You Purchase Bitcoin and Set Up a Bitcoin Wallet?
Set up a Bitcoin wallet first. You have web wallets like Coinbase or software wallets like Bitcoin Core. See if the casino has a suggestion for the best Bitcoin wallet for online gambling. If they don't, contact customer support via chat or email to see what they recommend.
Players will have differing opinions. Some like BRD because it's easy to use and one of the most secure wallets for cryptocurrency. CEX and Coinbase are others that players give high marks to.
Once you have a place to store Bitcoin, you'll be ready to purchase it. You can use credit or debit cards to buy Bitcoin. Some Bitcoin exchanges also allow you to purchase Bitcoin with a gift card or bank transfer.
If you use Coinbase for your wallet, you can click “Buys” and pick Bitcoin. Enter the amount and pick your wallet and payment method. Once you're set, click buy and you're done. U.S. residents can buy Bitcoin with a bank account or debit card through Coinbase.
How Do You Make a Bitcoin Deposit?
Once you have some Bitcoin in a wallet, you'll go to the casino of your choice. Visit the cashier and choose Bitcoin as your deposit method. You'll need to enter your wallet address and the amount you want to deposit. Click send when you're done and the money is transferred to your casino balance.
How Do You Withdraw Bitcoin Casino Winnings?
You have accrued some Bitcoin gambling winnings. Now, what do you do? You'll want to request an online casino Bitcoin withdrawal. It's easy to do. Enter the amount you want to withdraw, add your Bitcoin wallet address, and submit your withdrawal request. Once it's approved, the money is sent immediately, so you won't have to wait days or weeks for a check to arrive.
Where Do You Find Online Bitcoin Casinos?
Check out our suggestions for Bitcoin casinos. Best Paying Slots has several recommendations that include many U.S.-friendly casinos like Ignition Casino, Liberty Slots Casino, and Lincoln Casino. You'll also find coupon codes for many casinos that accept Bitcoin.
Tips for Making the Most of Bitcoin Online Gambling
Opinions on what is the best Bitcoin online casino vary. There are players who love the range of games at Ignition Casino. Others prefer large welcome bonuses like you'll find at Drake Casino or the $5,000 welcome bonus at Cafe Casino.
To find your favorite, take a look at the coupon codes at Best Paying Slots. We gather all of the current offers, including no deposit bonus codes, to make it easy to find deals that allow you to try different Bitcoin casinos with little risk. Visit us today and see what Bitcoin casino deposit bonuses are available.
