What Is Bitcoin Casinos & How Do Bitcoin Casino Deposits Work?
Bitcoin (BTC) has seen a massive rise in popularity and value in recent years. Following its invention in 2008 by a mysterious figure under the pseudonym Satoshi Nakamoto, this crypto-currency lay dormant for a long time. It was in 2017 when its historical price went from around $1,000 in January to a staggering $25,000 in December of the same year that bitcoin gained worldwide fame.
This historic price increase led to the creation of a vast array of other cryptocurrencies that compete for market share. However, bitcoin remains the benchmark and has become a popular method of transaction for online activities, including gambling websites. At slotxo, it is now possible to play all kinds of casino games like slots, roulette, blackjack, baccarat, and others using bitcoin as the currency of choice.
There are many reasons for the popularity of bitcoin as an online casino payment method. Let’s take a closer look at what those reasons are, how this newly established currency works, and why it might be a good idea to consider using it for your next casino deposit.
How do Bitcoin casino deposits work?
Using bitcoin for payment at online casinos that accept it is a simple process. If you already have bitcoins in a wallet somewhere, this is especially the case. If you don’t have them yet, don’t worry, we’ll see how to acquire and store bitcoins a little later. For now, we are going to get into the process of using your bitcoins at an online casino.
To play at the online casino of your choice, all you need to do is follow four simple steps:
Step 1 – Open an account at an online casino that accepts bitcoin as a form of payment.
Step 2 – Choose bitcoin as your deposit method.
Step 3: Send your bitcoins to the wallet address provided by the casino, or use your cryptocurrency wallet to scan the QR code provided.
Step 4 – Enjoy your welcome bonus and start playing once the bitcoins are in your casino account.
That’s all it takes to be able to use bitcoin for internet gambling. Some casinos offer the option to use other cryptocurrencies as well, and the process will not be much different in those cases either. It is also possible that some casinos will automatically convert your bitcoins into a fiat currency of your choice. This is fine too, as casinos will usually give you a fair exchange rate, but it might be a good idea to check before making your deposit.
In most cases, however, your bitcoins will remain as they are in your account, and all your bets will be placed using BTC instead of local currency.
When you want to withdraw BTC from your สล็อต account, you will have to follow a similar process. You can expect the transaction to be very fast, as bitcoin transactions are almost instantaneous. However, some casinos may take 24-48 hours to process your withdrawal request, regardless of currency, so there may be some waiting.