Bitcoin Gambling Guide-Deposits and Withdrawals Using Bitcoin

By Casinogurus

The Ultimate Guide to Bitcoin Gambling: Deposits and Withdrawals

December 31, 2020 | 794 Views

A decade ago, Bitcoin gambling did not exist as Bitcoin itself was released in 2009 and came into the spotlight in 2011. Bitcoin games and casinos were virtually non-existent, while cryptocurrency overall was mostly some obscure term used by few. Today, Bitcoin is shown as an ever-growing currency, with more and more casinos opening their online doors to it.

Here we talk about Bitcoin and it’s online gambling’s critical parts, essential tips that will help you learn how to use Bitcoin, and other relevant instances of using this cryptocurrency. 

What is Bitcoin?

Bitcoin is a virtual currency or cryptocurrency, an end-to-end payment system that uses electronic bills in making online purchases. The money enables transactions between two parties without the requirement of a third party. Bitcoin is absent of government intervention, making it a relatively popular and increasingly recommended crypto payment option.

Bitcoin Wallet Definition:

A Bitcoin wallet is a software program used as a Bitcoin warehouse. Still, as Bitcoins are not actual coins but a virtual currency, they aren’t technically stored anywhere. However, they do have a way of being kept safely:

  • Every individual Bitcoin wallet has a secret number (private key) corresponding to that wallet’s Bitcoin address.
  • Bitcoin wallets enable payment processes (sending and receiving) of Bitcoins.
  • Bitcoin wallets give ownership of the Bitcoin balance to the user.
  • They are also referred to as Digital Wallet.

Types of Bitcoin Casinos

There are two types of Bitcoin casinos that allow Bitcoin gambling. 

Bitcoin casinos

Bitcoin casinos operate exclusively in Bitcoin. In these casinos, all deposits and withdrawals are processed in this cryptocurrency, with Bitcoin credit expressed in fractions of one Bitcoin, i.e., 0.0002 BTC. Bitcoin casinos offer the benefit of increased anonymity to players.

Hybrid casinos 

Hybrid casinos are typically standard casinos that accept Bitcoin deposits and withdrawals. This type of Bitcoin casinos allows the player to deposit Bitcoins, but they are converted into fiat currency before they start playing. Rarely will an online casino enable a player to withdraw their winnings in Bitcoins back to an e-wallet.

Is Bitcoin Gambling Legal? Can You Legally Deposit and Withdraw?

Presently, there are no specific laws governing Bitcoin gambling. As Bitcoin is neither officially prohibited nor allowed, players can legally deposit and withdraw.

However, there are few things to look out for where Bitcoin online gambling regulation is concerned:

  • Cryptocurrency and blockchain-based services regulations across countries are openly discussed. 
  • A few reputable gambling jurisdictions (notably, United Kingdom and Curacao) already issue licenses to casinos accepting Bitcoin.
  • Bitcoin is still not referred to as real currency by the majority of governments. 
  • For the most part, the existing regulations around traditional (fiat) currency at online casinos is not applied to Bitcoin gambling websites. 
  • Countries that strictly prohibit gambling may take strong measures against Bitcoin gambling, despite its grey-area (non) existing regulation.
  • Bitcoin is rapidly abandoning its, initially, semi-negative reputation and getting accepted by more and more countries. 

How Bitcoins are used for Online Casino Deposits?

If you are looking to deposit in Bitcoin, here are some steps to follow: 

  • Open an account at your chosen Bitcoins accepted casino.
  • Find the “cashier” section of the casino.
  • Select “Bitcoin” as your deposit method. 
  • You’ll instantly get a unique web address for your account.
  • Enter that address in your Bitcoin wallet, the tab for sending Bitcoin.
  • Enter the amount you require.
  • Confirm transaction.

Advantages of Using Bitcoin in Online Casinos 

Bitcoin has made its mark as a handy form of currency for both online purchases and Bitcoin gambling. Some advantages of using Bitcoin in online casinos are:

  • Safe payment method: Bitcoin is encrypted and supported with blockchain, which guarantees no theft is possible. 
  • Transparent transactions: Bitcoin transactions are virtually impossible to scam, cheat, or hack. Essentially, there is no way to cheat the Bitcoin system. 
  • Low transaction costs: Bitcoin involves minimal costs included in transacting over the blockchain, enjoying the status of a practically cost-free transaction option.
  • Instant transfer: Bitcoin transactions take anything from a few seconds to a few hours, unlike traditional deposits and withdrawals that can take up to a few days. The most extended Bitcoin transaction recorded is 24h. 
  • Anonymous play: Blockchain transactions are fully anonymous and un-attributable, with no paper trail on bank statements confirming transactions. This type of sport has presented itself as an extreme benefit for players who like to keep their online gambling safe. 

Disadvantages of Using Bitcoin in Online Casinos 

Like any other currency, Bitcoin has its disadvantages. Here are some of, most mentioned disadvantages when using Bitcoin in online casinos:

  • A limited number of Bitcoin casinos: Though Bitcoin’s popularity is growing, there are still limited Bitcoin casinos present on the market. Not every casino and software provider offers Bitcoin games.
  • Uncertain legal status: Bitcoin’s legal status is still pending, which is why many countries have not yet approved of this currency.
  • Potentially slow transactions: Contradictory to Bitcoin instant transfer claims, situations recorded with Bitcoin withdrawals take even longer than credit/debit card withdrawals. This usually happens with websites that manually process Bitcoin withdrawals due to security purposes.
  • High volatility: Bitcoin may be a lot more costly than traditional currencies due to its volatility, making its results somewhat risky.

Bitcoin Gambling Promotions and Bonuses

While a commonly overlooked perk of Bitcoin online gambling, Bitcoin casinos typically have lucrative bonuses and promotions and well-rewarding Bitcoin games and benefits.

Traditional online casinos and other gambling platforms offer approximately double amount bonuses for profits of up to a few hundreds of dollars. For Bitcoin casinos, however, they extend rewards ranging from 1 BTC to 5 BTC.

The best Bitcoin casinos are known to design attractive promotions to attract non-Bitcoin believers to their gambling platforms. 

Conclusive Insights on Bitcoin Gambling

The future of Bitcoin is bright. With its increasing popularity in both the crypto and fiat currency world, Bitcoin is slowly, yet steadily, growing into the preferred currency of many. While we may not have the exact date of the Bitcoin governing framework getting further defined, we are optimistic that all cryptocurrencies and their equivalents won’t have their place in online casinos broke times to come, not one bit.