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Online Casinos Started Accepting Bitcoin Withdrawals

Avatar Yashu Gola 3 years ago

Since its invention over nine years ago by Satoshi Nakamoto, the Bitcoin cryptocurrency is starting to make major inroads in the global financial domain as now it is accepted as a legal medium of exchange by many establishments, including the online gambling industry in Australia, UK, US, and other countries.

Why is Bitcoin Becoming Used Worldwide

While its significance and potential were largely acknowledged only by the insular community, its viability as a way for making purchases and exchanging funds online is becoming increasingly evident, perhaps because the asset’s decentralised nature facilitates anonymous financial transactions over the Internet.

The gambling fraternity is set to benefit the most from this development, especially now that more online casinos are starting to accept Bitcoin both for deposits and withdrawals. This is true especially because many gambling enthusiasts who were previously limited by laws in their jurisdiction and the conservatives who don’t have bank accounts or just don’t like divulging their financial info now have an alternative payment method to use when registering to play in online casinos. If you want to choose the best Australian casino for your needs, you might really want to search for one that accepts Bitcoin for withdrawal means. Bitcoin might soon define what “best” means in all industries.

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This payment method is not only efficient but also anonymous. Even though many sites are yet to accept the cryptocurrency as a payment option, this number is reducing by the minute as more establishments are warming up to incorporating Bitcoin as a payment method into their systems.

Perhaps you don’t want to be left behind with all these technological inventions making waves in the financial sector, so here’s some basic info on how to use the cryptocurrency when making transactions to fund your gambling activities.

How to Make Bitcoin Deposits

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In order to make deposits for your gambling sessions, first, you need to have a wallet for your Bitcoin. Acquiring a Bitcoin wallet is not a complicated process, as there are many online agencies that provide this vital resource at the click of a button. The most popular Bitcoin wallets include Circle and Coinbase, and the advantage is that they not only give you a secure place to store your Bitcoin but also provide a platform for you to trade currencies.

After loading the right amount of Bitcoin to your wallet, which you do by trading your dollars (or preferred currency) to the value of Bitcoin, you can use it to make deposits at online casinos that accept the cryptocurrency. You only have to log in to your registered account and head to the cashier point where the Bitcoin option is listed as a deposit method. You’ll then be given a Bitcoin address where to make the deposit.

The address is usually a unique 30 character long statement consisting of both letters and numbers, and you can direct funds from your wallet to the given address. The transaction usually takes a few minutes to complete, and you’ll have your funds safely deposited into your account in the online casino, ready for some gambling action.

Why Use Bitcoin For Online Gambling?

Unless you are a beginner, then using cryptocurrency may not seem unusual considering that it has been in circulation for almost a decade now, and the longevity in the market is because of the many advantages the cryptocurrency has over other traditional payment methods such as bank wire or using credit cards to fund your gambling sessions. In addition, even studies back Bitcoin in the battle against typical banking.

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Firstly, payments made using Bitcoin are anonymous and not easily traceable, unlike other payment methods. Considering that new Bitcoin address is generated each time you want to make a transaction and that no personal details are attached to the address, connecting a transaction to an individual is almost impossible. No one can associate such transactions with your person unless you use the same Bitcoin address frequently. Therefore, if you are looking to protect your identity and cover your gambling activities, then using the cryptocurrency is the best way to do it.

Secondly, gambling is prohibited in many states and using real cash or credit cards to fund gambling activities in those areas is not accepted. The loophole for this is using the virtual currency. Many casino establishments have set up online sites that operate freely in states where gambling is prohibited, mainly because, unlike the regular currencies that are regulated, no central bank globally has control over the Bitcoin transactions. Moreover, the transaction costs for cryptocurrencies are next to negligible, which makes it quite affordable to fund your gambling sessions using Bitcoin.

Lastly, using the cryptocurrency allows for prompt payments that are usually finalised within a few minutes, unlike credit card payments or even bank transfers that often take longer to process. With Bitcoin, once the transaction is confirmed, the payment is reflected in your account instantly, and you can enjoy your game of poker or blackjack online.

Revolutionary things are always uncertain, but Bitcoin can definitely change history.

Final Thoughts

There you have it. Using Bitcoin to fund your gambling sessions is the best thing since the advent of the Internet. Now you can enjoy playing your favourite casino game online without having to worry about the payment methods. You don’t need a bank account nor do you need to divulge your credit card details to fund your account.

All you need is a Bitcoin wallet to store your funds and you can use it to direct funds to your preferred gaming site and for withdrawals. Now that many sites are accepting the cryptocurrency as a payment method, it is quite easy to choose a casino to enjoy a gambling session. If you want to protect your identity and cover your online gambling activities, this is the best thing you can do for yourself.

Cover Image Source: https://pixabay.com/en/bitcoin-digital-money-decentralized-2007769/

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN...

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