It is safe to say that online casinos have become incredibly popular in recent years. Today, there are numerous online gambling platforms, such as https://davinciscasino.com/, and each one offers different games and payment methods.
Credit cards, debit cards, e-wallets, and even cheques - all those are available for you in various online casinos. However, some other platforms also allow you to pay using cryptocurrencies - so should you take advantage of that?
In the article below, you will find a complete guide to using bitcoin as a payment method in online casinos, including what bitcoin is, its drawbacks and benefits, and how to make an online casino deposit and an online casino withdrawal using bitcoin. Check it out.
What Is Bitcoin?
Bitcoin is a peer-to-peer payment system and digital currency based on an open-source protocol. It was created by an anonymous programmer under the pseudonym Satoshi Nakamoto. The bitcoin network has been steadily growing, and millions of bitcoins have already been mined.
One of the most important things about bitcoin is that it is decentralised. This means that the bitcoin network is operated by its users, which makes it impossible for a third party - for example, a government or a financial institution - to interfere.
Bitcoin is also a cryptocurrency - a digital currency that uses encryption methods to control the creation of fresh units and to verify the transfer of funds, independently of a central bank/authority. You cannot touch Bitcoin. Instead of holding money in your hand, you store it in a virtual wallet, which can be either an online wallet or a hardware wallet.
What Are the Benefits of Using Bitcoin?
The first and most important benefit of using bitcoin in online casinos is that you will enjoy complete anonymity. The only thing that the casino owner will know about you is your username, which can be fake, and your bitcoin address, which will not identify you.
Other than that, bitcoin transactions are really fast. You can expect to wait for about ten minutes before your transaction is confirmed, but the casino will most likely receive the money less than a minute after you have sent it.
What Are the Drawbacks of Using Bitcoin?
One of the main drawbacks of using bitcoin as a payment method in online casinos is that it is not widely accepted. While you can find online casinos that accept bitcoin, they are not as widespread as those that accept other, more popular methods of payment.
Second, bitcoin transactions are irreversible. Once you submit a transaction, you cannot change/cancel it. Because of that, it is important that you double-check the details of the transaction before pressing the send button.
Lastly, bitcoin transactions require you to have already purchased bitcoin - and to do that, you need to know how cryptocurrencies work. Otherwise, you might end up feeling confused.
How to Make an Online Casino Deposit and an Online Casino Withdrawal Using Bitcoin?
In order to make an online casino deposit/withdrawal using bitcoin, you need to find an online casino that accepts bitcoin as a method of payment. Once you have found the one that you want to play in, you will need to create an account.
Next, you will need to add your bitcoin wallet address to your account. This is the address that you will use to send funds from your bitcoin wallet to your casino wallet and the other way around.
You can find your bitcoin wallet address by going to the addresses section of your wallet and clicking on the show button under your main address. There is also a QR code that you can use if you want to scan it using your smartphone.
You can make a deposit using bitcoin by going to the cashier section of your online casino account and choosing bitcoin as a method of payment. You will then be redirected to your bitcoin wallet. You can copy its address or scan its QR code, and then send the required amount to the online casino.
You can make an online casino withdrawal using bitcoin in a similar way. You should go to the cashier section of your account and choose bitcoin as a payment method. Here, you will see the bitcoin address that you should use for your withdrawal.
After that, you should type in the amount of money that you want to withdraw, select the withdraw option, and then paste your wallet’s address in the recipient field. Just do not forget to double-check everything before pressing the send button.
To sum up, bitcoin is a great payment method that you should go for if you want to remain completely anonymous. However, it is not widely accepted, so it might take you some time to find an online casino that accepts it. It might take time, but it is definitely worth it if you do not feel like using other methods of payment.