Analyzing Payment Methods: Bitcoin

Bitcoin logo

If you are a passionate casino lover, then I got something to tell you. Did you know that you can use Bitcoin as a payment and withdrawal method in online casinos?

Yes, it is true. Now, let me show you some secrets about this cryptocurrency, and why you should start using it.

If you do not know yet, bitcoin is a digital currency that made huge waves throughout the world. It is so desired by many, that it even cost $20,000 per 1BTC at some point!

Transaction Costs and Fees

2 Transaction Costs and Fees

If you play with cryptocurrency, you have to treat it like money. However, you can only acquire BTC from cryptocurrency exchanges. The first thing you need to have is a so-called bitcoin wallet.

You need to register for one, and then from there, you can buy bitcoins using your bank account or credit card. But wait: There are transaction charges that you need to know about.

If you buy bitcoins, the organization where you registered for a wallet will charge a fee. There is no standard fee to pay, and each wallet network charges differently. But do not worry too much about this. It only costs cents, and the average fee is $0.30.

Before we move on, remember that you should never tell anyone the password to this wallet. If people get access to it and sent the money to someone else – it is gone, and there is no way to retrieve it!

Payment Terms

3 Payment Terms

Once you have a bitcoin wallet, the next step is to register in an online casino that accepts this currency. To transfer funds, you need to know the Wallet ID of the casino, and you can do this in the deposit and withdrawal area.

Remember, some casinos will charge a fee for depositing and withdrawing, so read the terms carefully!

After you transfer your bitcoin, it will be turned into a real currency, and you can choose if you want to play in USD, EUR, YEN, or any currency that the casino uses.

Once you cash out, your currency will again be converted to BTC, and you may pay withdrawal fees as you do this.

Some casinos will let you play in cryptocurrency, so there is no need to convert it into dollars.

It may seem that there are too many fees, but wait until you see all the benefits of using bitcoin. They are worth it!

Advantages and Disadvantages

4 Advantages-and-Disadvantages

Here are some advantages of using bitcoin for gambling in online casinos.

  • Completely anonymous: your activities cannot be traced.
  • Fast transactions: all find movements are instant.
  • Increasing value: this currency can go up and down in price, and you can make a profit from these changes.

And here are the disadvantages:

  • Lots of fees to pay;
  • The value fluctuates according to market movement;
  • If you make a mistake of sending your money to the wrong wallet, it is gone!

Casinos That Accept Bitcoins

And of course, this guide will not be complete without a list of the acceptable casinos. Here are a few examples:

It Is Time to Start!

Get yourself up to speed, mate! Use bitcoin now, and maybe you can get more bang out of your buck. Win money, convert them back and hold them until they grow in value.

Try this now, and you can earn profits that definitely outweighs the fees you pay!

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