Bitcoin was created in 2009 and is a decentralized crypto or digital currency. This means that Bitcoin is not controlled by any country, bank or financial institution and only exists in a digital form that uses complex encryption software to operate online.
There is no physical or paper money involved when using Bitcoin. It is identified as BTC or ฿ and, while the currency can be mined online, there is a finite amount available for trade and the currency is relatively stable.
Bitcoin is still considered experimental by governments, major organisations, and mainstream companies. The online gambling industry has, however, started to accept the currency as a legitimate form of payment.
The currency is accepted and regulated by many jurisdictions, including the UK Gambling Commission, as a recognised payment method for online gambling sites and a number of Bitcoin-only casinos have been granted iGaming licenses.
As with any type of currency, there are advantages and disadvantages to cryptocurrencies, but Bitcoin is one of the most viable alternatives to traditional banking and payment methods.
Advantages of using Bitcoin
- An alternative payment method for gamblers who value their privacy, anonymity, data protection and security
- Personal and financial information is never shared on the blockchain network and is not available to your casino
- Only you have access to funds stored in your wallet
- Transaction fees are low, and transfers are quick
- A good alternative for gamblers in countries with limited withdrawal and payment options
- Crypto wallets typically have downloadable mobile apps
- Payments can be made instantly from your mobile device
- Transactions are extremely secure because unique addresses are used to facilitate financial transactions
Disadvantages of using Bitcoin
- If you lose your crypto wallet or are hacked, you have no protection from a bank or financial institution
- Wallet operators vary greatly, and you need to do your homework and choose your wallet with care
The only support that is available for this payment method is via your wallet provider and this will vary from one crypto wallet operator to the next.
Typically, you should be able to get into contact with the wallet operator via email but in some instances, they may also offer live chat and telephone support services. You would need to check the operator’s website.
But be aware that the currency itself does not offer the same level of support that you can expect from a traditional financial institution or bank and if you choose to use Bitcoin, you are responsible for the safety and security of your own funds.
Deposits with Bitcoin
Before you can make Bitcoin deposits into your casino account you need to open a wallet for cryptocurrency.
Once you have a wallet, the rest is easy.
The casino will generate a private deposit address that is unique to you and that you will then use to make payments to the casino.
Be aware that crypto transactions require multiple confirmations, and this means that deposits can take up to 10 minutes. Fees vary on transactions.
Making deposits is often free but there can be a minimal fee that is typically a percentage of the value of the transaction.
Withdrawals with Bitcoin
Withdrawing funds from your gambling account is generally fast and simple with Bitcoin. As soon as you request a withdrawal, the casino site will transfer coins from your account to your wallet, but it can take up to 12 hours for the funds to reflect in your wallet because of the clearing process.
While some crypto withdrawals are free, there will typically be a small transaction charge, especially if you want an instant withdrawal.
Withdrawals from your casino customer account to your crypto wallet are secure because none of your financial information is shared with anyone during the process.