Currently, about 15% of the online casinos that are available in the UK and Canada will accept Bitcoin as a means of exchange for online casino gambling services. That number is starting to grow and within the next couple of years, it’s quite possible that Bitcoin will be universally accepted by online gambling sites. There are even rumors that the online gambling community might develop its own coin.
The Benefits of Using Bitcoin as an Online Casino Banking Option
Since the crypto concept is still rather new to most individuals who love to gamble online, not a lot is known about the benefits that using Bitcoin provide. Let us explain.
The wish of most online gamblers is that they could enjoy their online gambling activities without having to provide a lot of personal information. Anonymity is hard to come by when someone needs to fund a gambling account or make withdrawals. Good news! Bitcoin as an online casino banking option provides a lot of anonymity. How?
All Bitcoin transactions are recorded on a decentralized registry with no need for transaction parties to give their personal information. Each party only needs a crypto-wallet, access to a top crypto exchange, and some money to buy Bitcoin. As parties transact business, the only information they will need is the transaction ID of each transaction.
Aside from getting a high level of anonymity, Bitcoin casino players also benefit from:
- Not being charged transaction fees for deposits or withdrawal
- Faster transaction processing
- Online casinos tend to offer Bitcoin players higher banking limits and better bonus promos
- Each transaction has a permanent record that can never be removed or lost
How to Play Online Casino Games on a Bitcoin Casino Site
You will be amazed just how easy it is to use Bitcoin to fund an online casino account. Here is the step-by-step process.
Step 1: Find a reputable crypto exchange through which you can buy and sell Bitcoin.
Step 2: Open a crypto-wallet and link it with your exchange.
Step 3: Fund your wallet and purchase some portion of a Bitcoin
Step 4: Find your online casino of choice, an online casino that accepts Bitcoin for deposits and withdrawal.
Step 5: Secure the crypto-wallet address of your online casino
Step 6: Transfer some portion of a Bitcoin from your crypto-wallet to the online casino’s crypto-wallet.
Step 7: Convert the Bitcoin to casino chips and start gambling. Most top Bitcoin casinos will be offering you access to popular video slots, video poker, table games
(blackjack, roulette, baccarat, etc), bingo, live casino games, and arcade-style games of chance.
Step 8: Making withdrawals. At any time, you might want to withdraw some or all of your online casino money. When that time comes, you can request a withdrawal. When your casino processes your withdrawal request, they will convert your casino chips to Bitcoin and transfer that from their crypto-wallet to your crypto-wallet. From there, you can keep your money in Bitcoin or sell it and cash out.
For what it’s worth, this is a look at how the online casino world will be operating in the future.