In the past, players had to use wire transfers or debit or credit cards to fund their gambling habits. Of course, this did not always work out so well – there were cases where banks refused to loan people money because of their gambling patterns. Over time, casinos started accepting e-wallets which enabled players to keep gambling without affecting their loan applications. And this practice spread so much that when you look up the best online casino in India or any other region with high gambling rates, you will see an e-wallet option. Even so, there was still an imminent need to provide a secure yet even more anonymous way to deposit and withdraw money from casinos. And that’s what paved the way for Bitcoin as a form of currency.
We look at how you can cash out your winnings using Bitcoin and why using Bitcoin might be the best bet you can make in this digital age.
How To Cash Out in Bitcoin Casinos
As the name suggests, Bitcoin casinos accept Bitcoin as a form of payment. Thus, the same way you would fund your account using a wire transfer is how you can do so via Bitcoin. So, let’s look at it in two ways – how to deposit using Bitcoin and how to withdraw using Bitcoin.
Depositing Via Bitcoin
Most sites will only allow you to withdraw your earnings using your preferred deposit method. Assuming you want to withdraw your winnings in Bitcoin, you will need to make a deposit using the same process. How can you do this?
- Open an online Bitcoin Wallet: As Bitcoin is a digital currency, you cannot hold it in a traditional account. Instead, you must hold it in a wallet that allows you to fund and withdraw from your account. It’s like an e-wallet. There are many such wallets in the market, and you can do some due diligence to find a free yet reliable option. Most of them are safe because they rely on encryption to safeguard the transactions. But to be sure, review each option based on its privacy and security.
- Buy Bitcoins: You cannot transact in Bitcoins without buying some. Some people choose to find coins in the open market where they can find good deals. But if you would rather avoid the hassle, look at what the Bitcoin wallet has to offer and buy from it. It allows you to ensure that each aspect of the transaction remains secure. All you need to buy some coins is a name, a credit card number, and a physical address.
- Fund Your Account: You can then transfer your Bitcoins to your online casino account and use them to place wagers. To do so, all you need is to provide your Bitcoin wallet address, and the casino will accept the transfer.
See? You can get it over with in a matter of minutes. But don’t be fast in choosing a Bitcoin wallet – lest you select an unreliable option.
Withdrawing Via Bitcoin
As earlier mentioned, most casinos will only allow you to withdraw your earnings using your deposit method. And in this case, we will use Bitcoin. Follow the steps below:
- Log In: Use your registration details to log into your account.
- Select Cash Out: Depending on the casino, the cashier department can go by a myriad of names, including withdrawals, cash-outs, etc. Head to this section and choose Bitcoin as your withdrawal method.
- Select an Amount: In most cases, one Bitcoin is equal to more than $100. But you can choose a fraction of the amount by selecting a fraction of an equivalent Bitcoin. You can then enter your wallet number.
How long will you wait before receiving your funds? The time depends on the site. In some cases, it is instantaneous, and in others, you might wait up to a day. To be sure, check the withdrawal conditions on the site.
Why Use Bitcoin for Gambling?
Besides anonymity, Bitcoin has become a popular casino currency owing to:
- Speed: Since there are no middlemen, transactions take place faster and can be over in a matter of minutes, and
- Reduced Expenses: Some casinos charge nothing on the transactions, and those that do charge minimal fees.
It’s no wonder that more casinos and players are warming up to this form of placing wagers. What’s your take on it?
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