It seems these days everyone is talking up Bitcoin. Is this good for Bitcoin, is this bad for Bitcoin? How to get it, where to spend it and more.
If you haven’t really been keeping up, it can all seem maddening. And that isn’t helped by the fact that the underpinnings of this currency are very technical and scientific.
But there’s nothing to worry about, once you read this guide you’ll be a true pro and you’ll know why using Bitcoin for withdrawals at online casinos is the best option to get some Bitcoin your way and fill up that wallet.
What is Bitcoin?
But of course, one step at a time. Let’s see what this newfangled way to pay online really is.
Bitcoin is what is called a cryptocurrency and that means it’s built on the science called cryptography. Cryptography is the study of codes and different ways to encode and decode them.
Currencies like Bitcoin use cryptographic methods to generate the coins themselves and also to process and verify transactions.
This process is called mining…
…and that’s how Bitcoin is made. Of course, it doesn’t involve any real shovels or pickaxes.
Anytime there is a transaction, miners duke it out to be the first to process it. Whoever manages to do it, gets a commission, and the others get nothing.
Advantages of Bitcoin
There used to be a time when people and businesses didn’t trust in cryptocurrencies. Bitcoin was thought to be something for hackers and shady traders on the dark web.
But all that has changed, many reputable places accept this currency and in the gaming world, there are more and more casinos which are happy to take Bitcoins.
The cryptocurrency’s main rival is called “fiat money”. This is the money we use every day, and it’s controlled by states and central banks.
Unlike them, Bitcoin is:
- Decentralized, meaning there is no central power over it that can dictate terms and conditions.
- Anonymous, as nothing links your real identity with the money you possess.
- Very safe, as it is practically impossible to counterfeit.
Start Your Bitcoin Journey the Easy and Fun Way
We’ve all been there, many spins deep in our favorite slot game when finally – the words big win come flashing on our screens.
What to do?
Gamble it all straight away or choose a more prudent tack and withdraw it? We won’t judge you either way, but if you choose to withdraw your winnings you should know there’s a great way to do it that also lets you take your first steps in the exciting world of Bitcoin.
There are some pretty great advantages to doing this, both in terms of getting your winnings out and starting your bitcoin wallet.
When using Bitcoin to withdraw your balance from a casino, you can expect:
- Fast transaction times.
- Almost no fees.
- Nearly anonymous transactions.
Because there are no middlemen in between you and the casino, the payment can be processed very fast. Sometimes even within 30 minutes! Even if you don’t get your money that fast, it will almost never take more than a day.
Unlike banking or e-wallet fees, which can often be exorbitant the fees associated with Bitcoin casino transactions are either very small or completely non-existent.
With standard card or bank account transactions, you need to leave a lot of info about yourself, including your name and your address. With cryptocurrencies, the only thing casinos need is your wallet address.
But those are not all the advantages…
…because withdrawing money from a casino is also a good way to fund your first Bitcoin wallet.
- You get to avoid complicated exchanges.
- You don’t need to use your credit card.
- You get your first Bitcoins with more privacy.
The standard way to get Bitcoin is to exchange fiat money at an online exchange. But this requires that you select one out of many, then learn the ins and outs of how to use them and finally use your credit card or your bank account to purchase the currency.
Then of course, there’s the issue of transaction processing times since there is a bank involved in the process.
All this means that the bitcoin purchase will take a long time and would appear on your bank statements.
But if you just withdraw your winnings from the casino, your wallet gets funded with Bitcoin very fast without anyone knowing – a great thing for those who value privacy.
What is a Bitcoin Wallet and How to Choose One?
We’ve used the term “wallet” a lot in this article, so let’s dive in an explain what it is exactly.
Simply put, a wallet is what holds your Bitcoin balance and is also used to receive payments from other people.
There are different types and different ways to classify them but the most important ones are:
- Hardware or software.
- Hot or cold.
When it comes to hardware or software wallets, the thing to keep in mind is that hardware wallets are more secure but software wallets offer more flexibility.
Also, with hardware wallets, there is the matter of an upfront cost of such devices while software wallets are mostly free apps or are offered as part of Bitcoin exchanges.
However, due to the possibility of hacking it’s generally not a good idea to keep a balance for a long time in a software wallet.
And this leads us into the hold and cold dichotomy. Hot wallets are those that are always connected to the internet, and cold ones are not.
A cold wallet is more secure, but hot wallets are always connected to the internet which makes them a bit friendlier to use.
The point is to choose a wallet that fits what you want to do with it, and that represents your desired balance of safety and convenience.
Withdrawing Your Casino Balance to Your New Wallet
Now that you have a wallet…
…it’s time to fill it up.
Taking into account that your balance is at a casino that allows withdrawals in Bitcoin https://lcb.org/banking/bitcoin, simply navigate yourself over to the “Cashier” section or its equivalent and begin the withdrawal process by selecting the Bitcoin option.
And that’s basically it. In as a little as half an hour, you’ll get your first coins.
What to do with them? Anything you can imagine. Shop online, gamble, keep it in the hopes that the exchange rate will go up.
It’s all up to you.