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How to Cash in Bitcoin Casino Winnings
At one time, if you wanted to play at online casinos, you could only fund your account with bank transfers or debit/credit cards. Then came the various ewallets that offer a more secure way of making online casino deposits and receiving your winnings.
Today, thanks to advancements in both technology and our entire monetary system, you can now deposit, play and withdraw in your favourite cryptocurrency, with Bitcoin being the most popular option by far.
In this article, we'll explain in detail how to start using Bitcoin for online casino gaming, including how to make your first Bitcoin deposit, which games to play and how to withdraw your Bitcoin winnings.
What is a Bitcoin Casino?
As the name suggests, a Bitcoin casino is an online casino that accepts the cryptocurrency Bitcoin as a payment method and/or plays currency. With the increasing popularity of Bitcoin since its launch in 2009, many existing online casinos have realised the profit potential in offering players the ability to use their BTC to play casino games for the chance to win more.
Though it was slow to start, momentum picked up and today we're seeing many online casinos offering Bitcoin as a payment method, including a lot of the big-name brands. Now players can choose from a wide range of Bitcoin casinos that allow them to deposit, play and withdraw in BTC.
Why Play Casino Games With Bitcoin?
There are several reasons why it might be worth your while to use Bitcoin to play casino games. For example, you might be one of the lucky few who managed to make a killing off the volatile nature of the cryptocurrency and are now sitting on a stack of coins, wondering what to do with them all.
Of course, most of us aren't that lucky, but we can still take a shot or two at tasty wins while also benefitting from the other great reasons to use Bitcoin to play casino games.
One of the biggest attractions of Bitcoin as a payment method at online casinos is its inherent security.
While debit and credit cards and bank transfers are all secured using their own form of encryption and safety measures, depositing using these methods still involves typing in card or account details, which results in a potential vulnerability.
eWallets offer a bit more security in that your card and bank account details are not revealed during the transaction process, but nothing compares to the security of Bitcoin transactions.
Thanks to the blockchain technology on which Bitcoin operates, all transactions are cryptographically encrypted, no personal data is revealed at any point, and the chain of transaction blocks is virtually unhackable.
There are lots of reasons why people want their online activity to remain anonymous. Privacy is a big concern these days, with companies keener than ever to get hold of your data and spending habits so they can advertise their products to you.
Understandably, many people would prefer not to have the details of their lives available for all to see, which is another reason why Bitcoin is a popular choice. Because all Bitcoin transactions are condensed into a string of alphanumeric characters before they're even collected into blocks, the details of your spending habits never become public.
Online transactions can be unpredictable at times regarding how long you can expect it to take for them to go through. It's quite common for payments to be made quite quickly, but when you're on the receiving end of a transaction, sometimes you have to wait for a while, which is inconvenient.
Luckily, with Bitcoin, you generally don't have to wait long at all for transactions to be processed. Though times can vary a little depending on the transaction fees you pay, it's common for Bitcoin deposits to arrive almost instantaneously, or at the very most within 10 minutes. For withdrawals, once your request has been approved, you can expect your Bitcoin to arrive quickly too, usually within minutes.
How to Play at Bitcoin Casinos
Wondering how playing at Bitcoin casinos actually works? It's very simple. Your first step is to create an account with one of the many Bitcoin wallet options that are available these days. This is where you'll store your Bitcoin, much like a physical wallet, only it's just online.
You'll then need to get your hands on some Bitcoin. Most people buy Bitcoin using fiat currency via an exchange, kind of like how you would buy foreign currency at a Bureau de Change before going on holiday. You can then either keep your Bitcoins in your exchange account or you can transfer them to your Bitcoin wallet.
Once you've got your Bitcoin ready, the next step is choosing a Bitcoin casino at which to play. There are many to choose from, which can make the decision-making process quite tricky, especially if you're unfamiliar with the industry. Luckily, you can find detailed reviews of the many Bitcoin casinos right here on our website, so you can pick a winner right off the bat.
Playing at a Bitcoin casino then simply involves making your deposit, choosing which games to play, then withdrawing your winnings.
Depositing at Bitcoin Casinos
Here's how making a deposit at a Bitcoin casino generally works:
- Log in to your Bitcoin casino account
- Click Cashier or Deposit
- Choose Bitcoin as your payment method
- Copy the casino's Bitcoin address (or scan the QR code to be taken to a prefilled page)
- Enter the casino's Bitcoin address into the To field
- Choose your deposit amount and click to proceed with the transaction
Your Bitcoin will then be added to your casino account balance, usually instantly. Note that for some sites, your Bitcoin might be converted into one of the casino's accepted site currencies for gameplay, while others allow you to play the games with Bitcoin directly.
Bitcoin Casino Bonuses
In your search for a suitable Bitcoin casino, it's worth looking at the various casino welcome offers that are available, as many of them can be specifically for those depositing Bitcoin.
For example, lots of crypto casinos have welcome bonuses designed for cryptocurrency deposits, where your first deposit is boosted with extra funds or free spins to enjoy.
Various other promotions exist that can offer significant perks to Bitcoin players, such as cashback, reload bonuses, tournaments that give away prizes and plenty more, so it's worth having a look around rather than joining the first one you come across.
Bitcoin Casino Games to Play
The online casino gaming industry is filled with an incredible array of enticing slots, classic and modern table games, and real-time live dealer games to explore. Where once these games were restricted to those lucky enough to live near a casino, these days, everyone can get a piece of the action, anytime, anywhere, and the same goes for those looking to play with Bitcoin.
The same fantastic range of games is also available to Bitcoin players, so you can load up with BTC and spin the reels, pick your lucky Roulette numbers or face off against the Blackjack dealer to your heart's content.
However, there is another set of games that has emerged thanks to the rise of blockchain technology. Provably fair Bitcoin games use the transparent and verifiable nature of the blockchain as proof that their outcomes haven't been tampered with at any point, giving players added confidence that their experience will be a fair one.
Provably fair games come in all shapes and sizes and include such titles as Crash, Mines, Plinko, Dice and many others.
Withdrawing Your Bitcoin Casino Winnings
If you're lucky, your gaming experience might have landed you some wins. Once you've had enough, it's a good time to withdraw those winnings back to your Bitcoin wallet. Here's how the Bitcoin casino withdrawal process works:
- Log in to your Bitcoin casino account
- Visit the Cashier
- Choose Bitcoin as your withdrawal method
- Enter your Bitcoin wallet address and how much you want to withdraw
- Click the button to proceed with the transaction
Most online casinos are required to carry out various security checks to ensure you are who you say you are and that no money laundering activities are taking place. Though these checks tend not to take as much time for Bitcoin transactions, you might experience a short wait before your withdrawal request is approved.
Once that's done, you can expect your Bitcoin casino winnings to hit your Bitcoin wallet immediately.
Staying Safe at Bitcoin Casinos
While Bitcoin does offer a much more secure experience when it comes to online casino transactions, nothing is entire without risk. We've all heard stories of people ending up losing all their Bitcoin in one way or another!
To make sure your experience doesn't turn out to be another cautionary tale, here are a couple of tips:
- Keep your Bitcoin private key safe: If you forget or lose the private key to your Bitcoin wallet, there is no way to retrieve it, which would mean all your Bitcoin would be locked away forever!
- Only join reputable Bitcoin casinos: With the rise of Bitcoin has also come a rise in Bitcoin crime, with several unscrupulous operations setting up simply to scam unsuspecting players. Do your research and be sure to join a Bitcoin casino with a solid reputation, such as those carefully reviewed on our site.
Today it's very easy to buy some Bitcoin and start playing a wide range of awesome casino games. The online gambling industry is, in fact, one of the few where Bitcoin (and several other cryptocurrencies, for that matter) is readily accepted as a payment method.
Depositing in Bitcoin simply involves transferring some BTC from your Bitcoin wallet to your Bitcoin casino of choice and the withdrawal process is even easier, allowing you to get your hands on your BTC casino winnings faster than ever.
Choose your Bitcoin wallet and Bitcoin casino carefully and you'll soon discover what makes Bitcoin casino gaming the popular pastime it is today.
Want to know more about cashing out Bitcoin casino winnings? Check our FAQs.
Which casinos accept Bitcoin?
A growing number of online casinos are accepting Bitcoin as a payment method. For a great place to start, check out the casinos on our website.
Can you play games with Bitcoin?
Yes! While some online casinos convert your Bitcoin deposits into one of the site's accepted play currencies (eg. USD, EUR, etc.), other sites let you play their games in Bitcoin directly.
How do you withdraw Bitcoin winnings?
To withdraw your Bitcoin winnings, simply visit the Cashier when logged into your account, choose Bitcoin as your withdrawal method, enter your Bitcoin wallet address and how much you want to withdraw, then click the button to process the transaction. Once the online casino has approved your withdrawal request, your Bitcoin winnings will arrive in your wallet.
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