Guide to Bitcoin Casino Deposits and Withdrawals

Guide to Bitcoin Deposits and Withdrawals

We all know that casino gambling is full of entertainment and fun, especially when we win. The buzz of landing awesome slot reel combinations, or a super poker hand, or a 21 blackjack hand can be surreal and makes your time at the online casino all worthwhile. But gambling does not only involve the playing of the games, it involves positioning yourself to be able to gamble, as well as being able to benefit from the pay out of the gamble.  

In short, you need to know the ins and outs of depositing funds and withdrawing them. 

Standard online casinos boast various different methods of transacting money to and from the casino vendor, but crypto currency works in a slightly different way, even though most of the same principles are applied across the board. 

WHAT IS A BITCOIN CASINO DEPOSIT? 

Before being able to play for money at a casino, you need to load money to your casino profile or account. Only once here, can you use it to bet on the various online casino games with it. The process of loading your funds is called a Deposit. 

Bitcoin casinos, such as VegasCasino.io, take deposits in Bitcoin from verified and valid BTC digital wallets only. These wallets automatically make Blockchain edits to transfer funds across from one party to the next. Once you have registered an account with the casino, you will be able to link a Bitcoin Wallet address to handle all of the fund transfers. 

The nature of transacting with Bitcoin is extremely fast. It is simply a data transfer. As such, it is easy to verify and should therefore be really effortless. With a majority of casinos, you will run into minimum deposit requirements in order to load your account. VegasCasino.io, for example, offers you gaming fun for a low 0.001 BTC (mB1)! 

Advantages of Speedy Deposits 

  • No delay to play: In this world of instant noodles and fast food service expectations, players want to be able to enjoy the product once they have paid for it, and not hours later. Bitcoin deposits take mere seconds to go through and as such you should be up and going in no time at all. 
  • Maintaining currency value: Bitcoin is a very volatile currency that can change its value from one day to the next. Fast deposits ensure that you are able to play with coins at the value you had when making the initial payment. 

WHAT IS A BITCOIN CASINO WITHDRAWAL? 

Of course, when one plays casino games, the aim of the session is to win money while having fun.  

Why win money, if you can’t retrieve it and increase your wealth? The processes of retrieving funds from a casino is called a casino withdrawal. Like with deposits, withdrawals come with terms and conditions; one of which is the minimum withdrawal limit.  

At VegasCasino.io, the minimum that you can draw at a time is 0.002 BTC (mB2). Likewise, a maximum limit may be imposed per day/week/month. 

Normal fiat cash withdrawals are usually done by bank transfer or via one of several banking methods. The only way to retrieve Bitcoin is via your Bitcoin Wallet. Once funds are released to the digital address of your wallet, they will reflect within seconds.  

Bitcoin withdrawal methods are often the fastest form of online transfer available to casino gamblers. Fast withdrawals are important in this day and age, for a number of reasons. 

Importance of Fast Withdrawals 

  • Maintain value of currency: As stated in the section under ‘Deposits‘, Bitcoin values change all the time. Its volatile nature might mean that the value from date of the withdrawal request to the date that the funds are released may be quite different. It is therefore important that the request is carried out speedily. More often than not, Bitcoin pay outs are concluded within 5 hours. 
  • Bankroll Management: It is better for bankroll planning when your funds are in your possession. It’s never good planning with cash that is supposedly on the way. 
  • Cash in hand is King: In this case, its virtual cash, but the principle is the same. Why should you have to wait prolonged periods of time for your returns from a casino, when they took your funds from you with no hesitation? This argument is purely an ethical one. 

IF THE TRANSFER IS INSTANT, WHY MUST I WAIT A FEW HOURS? 

Often the question remains, “Why must I wait for funds, when the withdrawal has the potential of being instant?” There are a few good reasons for the delay in receipt of Bitcoin: 

  • Most reputable casinos, like VegasCasino.io require the blockchain to clarify your deposit amount 3 times, before the casino will pay you out. This is just a protection measure and fully within acceptable practices. 
  • If you deposit with a small mining fee, the confirmations can take a few hours, therefore the casino will not release Bitcoin back to you, until the amount has cleared. 
  • For big amounts, casinos may conduct extra KYC (know your customer) checks before releasing pay outs. VegasCasino.io will do this on any pay outs exceeding 1 BTC or 2,300 Euro (whichever is lowest). 
  • Some casinos may limit the amount of BTC they will pay out to you in one lump sum. VegasCasino.io supports a high pay out of 50 BTC per week. Therefore, if your withdrawal is 100 BTC, you will have to wait two weeks for the full amount to be paid out to you. 
  • Of course, your tiered status at a casino has a lot to do with how quickly you are paid. VIP tiered players will receive their pay outs in record time. This is simply because they have proven track records with the operator and have an assigned account manager streamlining all of their affairs. This is the level of player that you should strive to be, so that you can benefit from a vast array of privileges.  

ADVANTAGES OF BITCOIN DEPOSITS AND WITHDRAWALS 

You may be asking yourself why you need to bother with playing on Bitcoin casino platforms instead of fiat currency ones. Well, there are several advantages of Bitcoin Casinos. These are: 

  • Fast and Speedy Transfers: There is potentially no faster method of payment than via Bitcoin wallets. 
  • Safe and Secure Transactions: Bitcoin wallets are heavily secured via multi-level encryption and are very difficult to tamper with. 
  • Traceable records: The blockchain records every movement of Bitcoin around the globe via many different decentralised registers. If any dispute arises around whether payments were made or not, a brief investigation of the blockchain will settle it. 
  • Anonymous Gambling: You need not gamble with your own identity, as Bitcoin is not tied to people, but rather to an account correlating to the transfer. This may assist some people in the level of privacy they wish to maintain while gambling. 

BEST BITCOIN WALLETS FOR ONLINE BITCOIN CASINOS 

Without a good Bitcoin wallet, you will struggle to deposit and withdraw from most BTC casinos. Of course, certain wallets may have better configured software and support over others. For your sake, we have listed some of the top Bitcoin Wallets that are compatible with most Crypto Casinos. 

  • Election.org: This is a world-class desktop digital wallet to manage your Bitcoin with. It is extremely user-friendly and reliable. 
  • Greenaddress.it: This awesome wallet gives the account holder their own private keys to the account, offering an extra layer of security. 
  • Breadwallet.com: This is a free online wallet with great security and some top customer reviews. 
  • Trezor: This is a digital Bitcoin wallet that comes with a cost. For about $100, it is one of the most secure and easy to use wallets around. 

Do not delay nor dither. Make use of a top digital wallet today and begin your Bitcoin adventure at VegasCasino.io!