Bitcoin casinos have started popping up in the last few years and while initially met with some trepidation, more and more online gamblers have chosen these casinos as their sites of choice. But how does it work?
The software is at the core of it all. Bitcoin casinos use service providers such as SoftSwiss, Microgaming and CoinGaming.io, to name a few. Some of these service providers will publicize their algorithms in order to maintain a relationship of trust between the player and the casino.
Some casinos are multi-currency whilst others will only accept Bitcoins. The multi-currency sites mandate that the currency you use for your deposit will be the currency you will receive in your withdrawal.
Purchasing & Withdrawing
To begin, you must create an e-wallet. This can be done on one of the following sites: Bitcoin Core Wallet, Electrum, Multibit Wallet or Hive, to name but a few. Purchase Bitcoins, bearing in mind that the value of Bitcoins fluctuate so you may need to keep an eye on the rate.
You then sign up for an account with your preferred casino. When using Bitcoins, you are only required to provide an email address and password, thereby preserving your anonymity. Once you have done so, you may transfer funds to your casino account from your e-wallet, using the casino’s address. It may take up to 10 minutes for the funds to appear in your casino account. Some sites offer a no-deposit bonus to new players, normally in the form of free spins, which will allow you to play and determine if you’re satisfied with that particular casino without risking any of your own currency. Others provide a deposit bonus by offering a 100% or more bonus on the amount you have transferred.
Most casinos do not charge a processing fee but may have a minimum or maximum deposit requirement. The advantage here is that your funds are available to you almost instantaneously as opposed to other currencies that may take 1-3 days to clear.
Once you have played to your heart’s content and are ready to make a withdrawal, you merely ‘cash out’. The funds will be transferred to your e-wallet instantly. There are normally no processing fees for this transaction however, there may be a minimum or maximum withdrawal requirement.
In terms of security, most casinos will store your Bitcoins in a cold wallet which is encrypted and isolated from online systems. However, you should still follow the security measures prescribed by your e-wallet site.
Bitcoin casinos have endeavoured to make the registration and deposit process as painless as possible in order for the player to achieve maximum enjoyment.