Nowadays, we see a surge of online casinos that accept deposits via Bitcoin. To that end, every Bitcoin deposit in an online casino is instantly converted into one of the standard currencies (Euro, USD, etc.). Afterward, the deposit is handled the same as it would be if the transaction was completed via debit card or e-wallet.
However, there are still players that look suspicious to the use of Bitcoin and the benefits that come with it. In case you are having the same doubts, you will find what follows to be extremely helpful. In it, there is a detailed description of the pros and cons of depositing and withdrawing with Bitcoin.
As it is clearly shown, there is nothing complicated about the use of Bitcoin. Each transaction is super secure and fast. But to be completely fair, and for you to see the full picture, we will also introduce the cons of using Bitcoin.
After you set up a wallet, you need to verify your account. For larger amounts, you need to use an encrypted wallet that can be easily downloaded and used on any mobile/pc device.
Next is adding some money to your wallet. You can use any standard money processor (bank wire, debit card, PayPal, etc.). After you transfer some amount of money you will be given a special key that is used for transactions.
Once you are all set in that department you need to make sure that you play with a reputable casino that has no problem accepting Bitcoins.
If you got that covered then you can make a Bitcoin deposit. When you select a Bitcoin as a mean to deposit, a string is generated. You will need to copy/paste the string and select the amount you want to deposit. If the amount is small, the transfer is instant. On the other hand, if the amount is bigger, you will need to wait for the transaction to be checked via the blockchain before it is approved. Once that is done the Bitcoins are automatically converted into a standard currency.
As far as the withdrawals go, some casinos that accept payment via Bitcoin don’t allow a withdrawal in the same way. Instead, they opt for paper checks as an alternative.