When thinking about which online casino you want to play at, you also need to consider the payment options which they have made available to you. Some casinos offer more deposit and withdrawal options than others and there are some which suit individual players better than others. For instance, there is now a growing number of online casinos which allow you to perform a Bitcoin casino deposit.
What Is Bitcoin?
It’s hard to avoid hearing about Bitcoin as it’s such big news these days. Bitcoin is what is known as a cryptocurrency. In basic terms it is currency which only exists digitally, there are no physical coins or notes for Bitcoin. It has made headlines in recent times because some speculators have become quite rich when trading Bitcoin. The cryptocurrency is not centrally regulated and as such it is very difficult to determine its true value.
Bitcoins are acquired by purchasing them from others or by ‘mining’ them – a process performed using computer software.
Banks and financial institutions are not overly fund of Bitcoin as a method of performing financial transactions, but due to its popularity – and that of other burgeoning cryptocurrencies – it is now becoming a more accepted method of payment. Some online casinos have also latched on to this fact.
Bitcoin Pros and Cons
When you choose a casino where you wish to play, it is often because of the bonuses which are available to you. An initial deposit which is doubled can often be in the region of £/$100-200. Casinos which accept Bitcoin generally double deposits up to 1BTC. How much you receive is dependent on the current value of bitcoin, but given recent market fluctuations, 1BTC can be around the $10,000 mark. This, of course, means that a Bitcoin deposit bonus is worth far more than those made with traditional currencies.
Another advantage is that bitcoin transfers are totally digital. There is no need to wait any amount of time for a transfer to or from your playing account as it happens more or less instantly. It is also an incredibly safe and secure payment method.
The main con with bitcoin is its value. Trading bitcoins in itself is something of a gamble and will, of course, appeal to many casino gamblers. It reached a high of $17,900 in December 2017, but by February 2018 it was back down to $6,200. Both of these values are incredibly good when you consider that in March 2010 1BTC was worth a paltry $0.003. The point is the value of this cryptocurrency can wildly fluctuate.
Knowing when the best time to deposit or withdraw Bitcoin can take a bit of strategy. For example, you could deposit 1BTC and have a good run at blackjack, trebling your bankroll to 3BTC. But what if you withdraw the winnings and discover that Bitcoin is now only a quarter of the value it was when you performed your deposit? You will actually have lost money when you won money, so players need to keep on top of the latest exchange rates at all times.
The largest disadvantage for players who wish to make a Bitcoin casino deposit and play using cryptocurrency is the number of casinos which accept it as a payment method. There are currently very few Bitcoin casinos, but the number is slowly increasing.
How to Deposit Using This Payment Method
Making a Bitcoin casino deposit is just as easy as funding your account with any other payment method. Compared to some it might even be easier. The first thing you need to do is to check whether or not your chosen casino accepts Bitcoin. If it does then the site will guide you through the whole process of performing the transaction. BTC funds should show up in your playing account almost instantly and then you can press on with enjoying your Bitcoin casino experience.
Fees and Convenience
There is typically no fee for performing a Bitcoin casino deposit. However, this is not set in stone by any means and it is always worth checking the terms and conditions of any individual casino to see if they charge any sort of fee to deposit or withdraw Bitcoin.
Deposits should be instant, as should withdrawals of BTC, but again, you should check the terms and conditions of a casino beforehand. There are some which have a waiting period between a player requesting a withdrawal and the transaction being executed. Once a withdrawal is approved though, Bitcoin withdrawals should only take a matter of minutes or even seconds to show up in your personal account.
Other Cryptocurrencies
Bitcoin is the name which springs to mind when thinking about cryptocurrencies and it is likely to be adopted for many years to come as the generic term for cryptocurrency, but it is far from being the only one.
Bitcoins market dominance has decreased as new cryptocurrencies emerge and its market share dropped to the lowest level ever of 36.1% in February 2018. Other popular cryptocurrencies include Ethereum, Litecoin, Ripple, Dash, Zcash and Monero.
All of these cryptocurrencies have their own value and can be subject to wild market fluctuations, just like Bitcoin. More and more casinos are beginning to accept various forms of cryptocurrency, including some or all of those mentioned here.
FAQ
Do I need to play in whole bitcoins?
No, there are smaller denominations. There are millibitcoins (a thousandth) and the smallest unit is a satoshi which is 0.00000001BTC.
Is Bitcoin safe to use?
It is as safe as any other form of payment. As long as your internet connection is secure and you use a casino which has SSL encryption as part of its security, then everything will be fine.
What games can I play with Bitcoin?
As long as your chosen casino accepts Bitcoin, you will be able to play all the games they offer, exactly the same as if you were to use any other payment method.
