With the increase of the presence of cryptocurrencies, some online casinos have introduced the option of making a deposit in Bitcoin currency. Bitcoin is the most famous cryptocurrency on the market and it is slowly becoming accepted in many online casinos but also other sites where you can buy things online. For this time, we have prepared a guide for making a deposit in this currency. We will cover the basic procedure as well as the steps that you should take to make this transaction successful. Let’s start with the guide!
What are the Bitcoin casinos?
Before we start, let’s explain the Bitcoin casinos. These are the online
gambling operators that allow their players to use this cryptocurrency as the financial asset to transfer money so they could gamble. This means that the players, regardless of their country or currency, can deposit money via Bitcoin currency, but since there is no central bank that would process the transactions, players have to do it on their own. This also means that you are completely responsible for the transaction on your own, as no one can guarantee you that money will be transferred. Still, you do not have to be afraid of anything, as the process of sending money is more than simple.
Find a reliable online casino first
You have to find a reliable online casino that does support using the cryptocurrencies so you could initiate the transfer and complete it successfully. There are a lot of online casinos that will accept Bitcoin, just try to find those that are approved, have a long tradition and approval from the official Gambling Authorities. Bitcoin gambling has become a normal way of gambling. For this reason, you can find a lot of hybrid casino places that do accept this form of payment. We highly recommend the following bitcoin casinos:
· mBit Casino
· 7Bit Casino.
How to deposit Bitcoin in an online casino?
Before you make a deposit, you need to buy Bitcoin. You can use Bitstamp, BTC or Kraken platforms where you exchange fiat money for the equal amount of these that you can use further. Upon paying for the bitcoins, you will receive your unique wallet for this cryptocurrency that you will use to send the coins from. You will use this address to send Bitcoins to the address you will receive on your online casino account. Therefore, make sure you differentiate these two addresses to avoid confusion or possible problems.
Upon registration of your casino account, you will, apart from other payment methods, receive a unique Bitcoin address that you will send the coins to. Among the deposit methods, choose Bitcoin and enter the unique address of the wallet where your bitcoins are stashed. Enter the amount and confirm the transactions. You should receive your coins in a couple of seconds when you can do whatever you want with it. Keep in mind that some operators offer exclusive bonuses for the deposits made via Bitcoin, so you can catch more money upon making the deposit!
Why should you use Bitcoin as a deposit method?
Even though more than 90% of the online casino websites are safe from third-party access or hacking, there is always a chance that someone will try to hack your account. For this reason, Bitcoin is perfectly safe as there is no private information displayed, but rather the long address of the Bitcoin wallet that consists of characters and numbers. It means you are 100% safe. No one will be able to get to the sensitive and confidential information unless you give them access.
Another great thing about this cryptocurrency is the lack of transaction costs. Regardless of the amount you want to send or receive, there is no fee for the processing of the transaction. It means no one will charge you for the deposit or withdrawal. At the same time, no bank, Government of entity owns Bitcoin, and therefore, the funds cannot be frozen or disappear as it can in banks or web wallets. You have the full rights of your funds and no one can take them from you!
How to keep your coins safe?
You can keep them online on some trading platform or in a wallet that is specially made for storing. Alternatively, you can store these on the offline wallet to eliminate any possibility of hacking or losing it. However, this method requires good technical knowledge. For your needs, especially if you do not have large amounts, you can store these in any online crypto wallet.