Bitcoin deposits and withdrawals to online casinos
So you have finally decided to play online games using Bitcoin – but, there seems to be a lingering concern you have about this whole idea of Bitcoin. You’re just wondering, how to make deposits and cash out your earnings – you can’t seem to wrap your head around how this works.
Since the introduction of Bitcoin to the online casino community in 2012, it took quite a while to catch on, but today, you’d find several reputable online gaming platforms accepting Bitcoin and also facilitating withdrawals using the digital currency.
So we wrote this article to help you understand the nuances of depositing and withdrawing your earnings using Bitcoin and how to navigate between bitcoin payment processors for online casinos.
Steps to Deposit using Bitcoin
Step One: Create a Bitcoin wallet if you don’t have one already.
First, understand that Bitcoin is a digital currency – the implication of this is that you can only use your Bitcoin on the internet – and it is stored in a bitcoin wallet. Hence, the step in depositing bitcoin to your online casino profile is to create an e-wallet.
Think of your Bitcoin wallet just the same way you would think of your bank account or the way you feel about your PayPal account. A quick search online will pull up several sites where you can create your wallet, and fortunately, most of them offer this service free, and yes, they are private and secure – they usually come with encryption technology that keeps both your personal and balance secured.
Step Two: Fund your bitcoin wallet
Just as you would load up cash on your bank account or PayPal, it’s the same here, but in this case, you’re instead exchanging one currency for the other. So to purchase Bitcoin, you are required to provide some basic financial details like name, credit card number, physical address, and your wallet address where the cryptocurrency will be deposited.
Step Three: Fund your online casino player account
Head over to your casino player account and add your wallet address and the BTC amount you want to load your account with, and within seconds the transactions will be completed. So from here onward, anytime you wish to fund your player account, you have to do is input your wallet address and the amount.
How to cash out with Bitcoins
So you have had some luck with your online and have won quite some stash. You have satisfied the site’s minimum earning requirement before cash out, and you now want to lay your hands on some of these pie.
Here is what you have to do to cash out with Bitcoins
Cashing out with Bitcoin is easy, just provide the operator with your Bitcoin wallet address and the amount you wish to withdraw and within seconds you will have it transferred to your wallet.
Quick cash out is one of the advantages of using bitcoin since most bitcoin payment processors for online casinos execute transactions within seconds also keep in mind that some operators might charge little to nothing as a processing fee.