Over the last few years Bitcoin has quickly transformed from a vehicle purely for speculation to an amazingly useful tool for online gamblers. It turns out that Bitcoin and other cryptocurrencies are perfect for making safe, secure and anonymous deposits on online gambling sites. It’s also one of the single fastest ways to withdraw cash from your casino, sportsbook or poker room of choice.
There are actually a number of advantages to using Bitcoin for online gambling instead of traditional deposit methods such as credit cards and wire transfers. Cryptocurrency is actually a much faster way to deposit because the money is already essentially online. It generally takes less than 15 minutes to make a deposit using Bitcoin.
Perhaps the best part is that online poker sites also love Bitcoin and are starting to offer serious incentives to players looking to deposit using crypto. There are a number of Bitcoin reload offers floating around that can be utilized by players who already have accounts on various sites.
Yes of course. These days the majority of online gambling sites accept Bitcoin or a similar cryptocurrency. In fact Bitcoin is quickly becoming the preferred deposit method for a large number of sites. It’s taken a bit of time for Bitcoin adaptation to come to the online gambling world but these days its very prevalent and likely to become even bigger as time progresses.
There are a number of advantages to using Bitcoin for online gambling but most players would probably point to accessibility, safety and speed first and foremost.
Bitcoin has a huge advantage over traditional deposit methods because it doesn’t involve banks. In the past banks have been reluctant to process online gambling transactions.
Thanks to the blockchain your money is secure and banks don’t have to be involved. You also get your money faster, which is a major concern for most online gamblers. It’s pretty much win-win.
When choosing an online gambling site that utilizes Bitcoin or other cryptocurrencies you want to consider all the factors you normally would when picking a site.
That means you’ll want access to a large selection of games, good promotions and high payouts. It’s pretty much the same as using an online gambling site that uses traditional payment methods such as credit cards or wire transfers.
The major difference for crypto gaming sites is that you’ll want to pay close attention to what cryptocurrencies a site accepts.
Most online gambling sites use Bitcoin in some form. Some of the other major cryptocurrencies such as Ether, Litecoin, Bitcoin Cash and XRP are also popular but beyond that you may have trouble getting your particular coin of choice accepted.
You should always make sure that the gambling site you want to play on does in fact accept the cryptocurrency you want to use.
Bitcoin isn’t better for anyone game. It’s simply a means to deposit and withdraw money easily on an online poker site.
When you deposit using Bitcoin, or a different cryptocurrency, you get gain access to the site’s complete assortment of games including slots, roulette, video poker, Blackjack and other table games.
Slots, which are particularly vibrant online thanks to modern software, are the most popular form of gambling online but players also enjoy table games such as craps and Pai Gow.
Some sites also let you mix things up with sports betting and poker. You can still use your Bitcoin deposit to play those games as well.
It’s actually exceptionally easy.
You’ll follow a link for Bitcoin deposits and the site will provide you with a wallet address for your deposit.
All you have to do is open up your own wallet, pick the amount of cash you want to send, punch in the online gambling site’s wallet address and hit send.
It will take anywhere from five to 30 minutes to verify the transaction but at that point you’ll be able to play instantly.
Your crypto deposit will also be automatically converted to USD or EUR to play on the site.
Withdrawing is also very easy but it takes a little more time.
Online gambling sites usually take a day or two to verify the withdrawal just to make sure no one is using their platform as a money-laundering vehicle.
This time around you’ll just request a withdrawal and provide the address for your own personal wallet. The USD funds on the gambling site will be converted back to crypto as they are transferred to your wallet.
It’s fast and safe, which is music to most online gambler’s ears.
One of the best things about using Bitcoin or other cryptocurrencies for online gambling is that you don’t have to worry about volatility. That’s because online gaming sites convert cryptocurrency to stable real-world currencies like USD or EUR.
Investing in Bitcoin is essentially a gamble in its own right thanks to the cryptocurrency’s volatile nature but you don’t have to worry about it when you’ve deposited on an online gambling site. Of course you won’t gain anything from huge spikes either but that’s not really the point of using Bitcoin for online gambling.
When used for online gambling Bitcoin is really just used as a payment processor. Of course once you make a withdrawal it’s up to you to trade your crypto for cold-hard cash.
Honestly there aren’t many.
The first and foremost is likely that using Bitcoin for online gambling does require some knowledge of cryptocurrency.
If you’ve already got a crypto balance on your own personal wallet or exchange then you’ll find its extremely easy to make deposits and withdrawals using cryptocurrency.