Bitcoin Casino Payment Method – All You Need to Know
When you go through the sign-up process at an online gambling venue, you have to follow a few important steps: filling in your personal information, verifying your identity, and last but not least – connecting your account to your payment method of choice. There are two types of payment options most casinos offer – a direct line to your bank account via wire transfers or an assortment of credit cards, or various e-wallets and alternative payment methods. If you are interested in keeping your banking info as safe as possible when you deposit cash to your casino account, you need to find the payment methods that suits you most.
Bitcoin is one of the most secure transaction options you can find at the newer gambling venues, and there’s a reason for that. Are you ready to find out a bit more about how things work when it comes to casinos and cryptocurrencies?
A bit of Bitcoin Background
Bitcoin is a well-known cryptocurrency that got a lot of attention worldwide. It hit the market in 2009, and immediately started a new trend that changed the face of online payments. Bitcoin allows you, and everyone who decides to use it, to make money transactions without using a third-party mediator (like a bank) that charges you a fee for its services.
Although Bitcoin’s value has fluctuated in recent years, people still seem to trust it enough to use it when conducting serious business. So why not use it when you want to have some fun as well?
How to Use Bitcoin While Gambling
The Bitcoin casino payment option is one of the most modern banking methods available to players all around the globe, but you need to understand how to use it before you can place bets. First of all, you have to obtain a Bitcoin wallet. You can do that by visiting the official Bitcoin website and choose one of the many options they offer. Take your time and make sure that you are satisfied with your electronic wallet, and that you will be able to access it whenever you want to gamble.
Once you have a Bitcoin wallet in your possession, you need to fill it up with the actual cryptocurrency. You can do that directly through your bank account, by purchasing it from legit online websites, or accepting it as a payment. After you have enough Bitcoins in your wallet, you will be able to spend them however you see fit. All you need is a Bitcoin address that you will be required to link to your casino account.
Some of the casinos that accept Bitcoin payments, as you might have noticed while reading our online casino reviews, include the True Blue casino, Fairgo casino, and the Raging Bull casino.
To Do or Not to Do?
So at the end of the day, what are the pros and cons of using Bitcoin? While other payment methods require the authorization of a third-party and have a process time of a few business days, Bitcoin is less complicated. One of the reasons gamblers enjoy using Bitcoin as a payment option is that it allows you to deposit and withdraw money in a matter of hours.
Another reason why Bitcoin is popular is the level of security this payment option is known for, and the fact that it is an international coin that you can use anywhere. However, cryptocurrencies are unstable in value, so if you decide to invest money into obtaining Bitcoin, you should be well aware of the risk that comes with it.
Also, since Bitcoin is still quite new to the gambling world, the selection of casinos that accept this payment method is quite limited.
Bitcoin is a relatively new type of payment option that is being introduced to the gambling world as we speak. Hopefully, more and more gambling venues will accept the cryptocurrency as the technology will keep advancing.