In 2009, bitcoin the first cryptocurrency made its appearance and was released to the public. At first, many considered this a fad. But things had changed in 2011, cryptocurrency became so popular and it gained support from tech giant companies like Microsoft. It didn’t take long for online casino operators to follow the company’s footsteps.
Right now, a number of online casino sites added cryptocurrency for deposits and withdrawals. There are also websites that exclusively accept bitcoin as payment. These websites are called bitcoin casinos and their numbers are consistently increasing every year.
Cryptocurrency as the perfect alternative payment
One of the advantages of bitcoin and other cryptocurrencies is the privacy for both players and online casino operators. As bitcoin and other cryptocurrencies are using the decentralized network, there will be no third-party involved in the transaction – not even banks or government bodies. This is very appealing to players who are living in countries that are yet to legalize online gambling. In countries like this, some bank institutions do not proceed with transactions to and from gambling websites.
Thailand is the best example. In this country, using บิทคอยน์ ( bitcoin ) for payment is completely legal, however, the country has one of the strictest gambling laws worldwide. If you are caught gambling illegally, you could face a punishment of THB 1000 (approximately $ 33) as fine and one-year imprisonment. The interesting part is that despite this, online gambling in Thailand is rampant despite the ban.
The availability of bitcoin casinos could boost the industry further. Bitcoin transactions are not processed via a third party. The users also don’t need to link a credit/ debit card in order to make a payment. What’s more, users don’t need to reveal identities. Cryptocurrency transactions are completely anonymous. This is clearly an advantage to players and may entice them to play more online.
Faster payment transaction
Right now, payment using cryptocurrency remains to be the fastest in the online casino. Deposits using this method is almost instantaneous. Withdrawing, on the other hand, will take within a day or maybe less if the casino operator is able to verify the withdrawal request faster. To compare, withdrawals using online banking will take a few days before the amount finally reaches your account. You also need to consider holidays in withdrawing. Here, cryptocurrency is clearly a better payment option.
Security and transparency
Perhaps the biggest benefit of bitcoin and other cryptocurrencies to the online casino industry is the transparency of every transaction. All the bitcoin transactions are recorded in the blockchain ledger permanently. This includes payments made to online casinos. Every transaction including wins, losses, and payouts are recorded and can be verified by anyone. This promotes provably fair online gambling.
Using cryptocurrency for casino payments
Using cryptocurrencies for casino payment is straightforward than it seems. Obviously, you need to have a casino account and cryptocurrency wallet to do this.
When you already have an account, you only need to go to the cashier page of the casino site and chose the cryptocurrency you prefer to use for deposits. When you selected a cryptocurrency, the crypto address will flash to your screen.
What you need to do is copy this address to your crypto wallet then transfer a fund to your casino account. You can also scan the QR code of the casino address using your phone for faster transaction. Once you transfer the funds successfully, it will instantly reflect in your casino account.
For withdrawals of winning from the casino, the process is almost the same but here you need to enter your wallet address to the casino’s cashier page for you to receive your winnings. Again, you need to choose your preferred cryptocurrency for withdrawals.
On the tab that will pop up, enter the amount you wanted to cash out. You also need to copy or enter your wallet address. Make sure that all characters are correct for you to withdraw successfully. After reviewing the details you entered, you can now hit enter to finalize your transaction. Once the casino processes your requests, it will only take a few hours for you to receive the amount.