How to Create a Bitcoin Wallet and Use It to Make Withdrawals from Online Casinos? It’s Easy as One, Two, Three!
At first no one believed that Bitcoin and cryptocurrencies will make such an impact on global financial markets, but it did happen, and it’s still happening… People didn’t really care much for Bitcoin and other cryptocurrencies, and there are still hordes of Doubting Thomases who make fun out of these, but recent years have seen massive changes.
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Do you value your anonymity? If the answer is “yes”, you definitely have some catching up to do, especially when cryptocurrencies are concerned. Those who indulge in online gaming really do care about their anonymity and cryptocurrencies allow them to satisfy their needs without giving away any private info.
It was iGaming industry that actually helped boost the popularity of Bitcoin and all other cryptocurrencies, as punters really enjoy the possibility of making transactions without compromising their anonymity.
All of this lead to Bitcoin slowly becoming one of the mainstream options among online betting venues and their customers, due to many perks and niceties it provides.
So…
What Is Bitcoin?
Why Should You Use Bitcoin?
As you’ve probably realized so far, anonymity is the most important reason to switch from cash to cryptocurrencies, but there are actually other compelling reasons, as well. In most cases, people get obsessed with the utmost anonymity so much that they fail to see that the security and speed that comes with Bitcoin transactions is currently unmatched.
How many times did you score some cash at an online casino only to be left waiting for your money to arrive, due to numerous pending procedures?
We feel your pain…
and we know how annoying it can be. With Bitcoin, you don’t have to wait, and all the transactions are fully secure.
When you use Bitcoin, there are no conversions between currencies, and, what’s even more important, there are no fees involved! All the transactions are secure, as all cryptosystems come with state-of-the-art security standards, and there is no chance for your account to get hacked.
Nowadays, there are a number of online casinos that accept Bitcoin and other cryptocurrencies, and this is mostly due to the fact that a growing number of punters prefers these. Often there is no need for tedious validations of your account.
You simply need to provide your wallet key, and you’re good to go. This shortens the time spent on different procedures and keeps thing significantly simplified.
There are casinos that do accept Bitcoin but will not allow you to make any withdrawals by relying on cryptocurrencies. All things considered, online casinos that accept Bitcoin are a growing trend.
Still…
…there is nothing perfect in this world, so Bitcoins do have the cons for their pros, as well.
Is It Really All That Perfect?
This is very important to grasp, because when such inconvenience occurs, you will lose everything you had on your wallet!
Bitcoin Pros and Cons
In order to summarize things, here’s a short list…
Pros:
- Anonymous transactions
- Many layers of encryption
- Safe and secure transactions
- All transactions are lightning-fast and involve no fees at all
- No need for any conversions
Cons:
- No password recovery available, if you lose it, you lose it all
- Not supported by all online casinos
- Some casinos with only allow for Bitcoin deposits, but no withdrawals
So, now you’re probably impatient to figure out how it all works and use it to play your favorite video slot or a hand of blackjack.
Let us guide you through the process!
How to Create Your Bitcoin Wallet and Use It To Play at an Online Betting Venue?
As cryptocurrencies grow more popular by the hour, the wallet scene grows bigger and bigger, so choices are stupendous. Still, you do have to choose between desktop and mobile wallets.
There are much more desktop options than their mobile counterparts, but we suggest you try one of the free, simple ones, that are proven to be secure and won’t complicate things for you. One of the most popular ones is called Electrum.
If you choose to go the mobile route, the good news is that transactions are even faster, and some of the best mobile options include Blockstream Green or Mycelium.
Whichever way you go, you will realize that this choice is a fairly personal affair, so make sure you snoop around before deciding where your money should go.
#2 – Buy some Bitcoin
Now for the hot part! Once you’re all set with a proper wallet, you will need to add some funds to it. In order to do that, you will need to make an account with a reputable exchange, such as Coinbase. Another option you can try your luck with is to pick a peer to peer service.
What’s this for? Well, that’s in case you wish to purchase Bitcoin from another individual. This might come off as a bit too advanced, so we suggest you stick with reputable exchange services until you learn your way around.
#3 – Placing Deposits and Making Withdrawals
Now that you have a wallet and some Bitcoin, you are all set to place some deposits or withdraw funds from any online casino you choose. An online casino that accepts cryptocurrencies, that is…
We urge you to only play at reputable casinos. The process of linking your wallet to an online casino account is usually fairly simple and smaller amounts will be deposited or withdrawn in virtually no time, but keep in mind that larger sums sometimes do not get processed instantly. This may vary from venue to venue…
Final Word
All things considered, it is pretty safe to say that Bitcoin is here to stay, as it has become one of the most popular banking methods among many players around the world. The number of institutions that formally recognize it as a fully valid financial tool is constantly on the rise, but we still can’t really say whether Bitcoin is the future of currencies.
