Using a Bitcoin to play at poker sites was a dream for many a few years ago. But, with the wider use of cryptocurrency for all purchases and transactions, many online gambling houses now provide this option as the most preferred payment option. One of the most significant advantages that you get by using this option is a safe and secure online payment and that too anonymously. Whether you are looking to play at NetEnt bingo sites or the top-rated American poker websites, many allow cryptocurrency usage for hassle-free deposits or withdrawals.
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It makes things very easy for the player as well as the bingo and poker rooms. The biggest advantage of this mode of payment suits the American poker fanatics. Many restrictive gaming markets would charge them with surcharges for other payment modes and take a long time to process payments. They can place deposits at the casino quickly and start playing their favourite games using cryptocurrencies.
Why is Cryptocurrency a Big Phenomenon?
Cryptocurrency shot to fame in 2017, and it became a global spectacle. There was talk at that time that it was a big thing and would rule over the physical currency. It has not gone to that extent, but it has the potential to be the money of the future. The blockchain technology that has come out with the cryptocurrencies is a whirlwind invention that can transform everything. It has brought a new lease of life to the casino slots and bingo players. They can now withdraw their winnings from the casino account anonymously. No one will know which account the money is credited to. The same thing works for other businesses and transactions using Bitcoin, Litecoin, Ethereum, etc.
What Exactly is Cryptocurrency?
It uses the cryptography process to convert the information into a code. This cannot be cracked. In simple words, it is digital money that you cannot see or feel. The blockchain technology is used for this process, and it is completely decentralised. The blockchain is a virtual ledger you can program to record the monetary transactions or anything that has a value. It all started with Bitcoin that came into existence in 2009. Now, you have more than 1300 cryptocurrencies. The various coins can be traded on the Binance, Bitfinex cryptocurrency exchanges. Its growth is phenomenal.
The main attraction is its anonymity. This is why it is widely used in the betting and gambling circuit. If you have plans to play at NetEnt bingo sites or try out reliable poker sites with real money, then cryptocurrencies are a hassle-free option. You can deposit and withdraw payments instantly without any processing charges.
Depositing Using Cryptocurrency
You are wondering how to deposit money in your online casino account to play poker or bingo games using cryptocurrency? It might look intimidating to use this payment option. But it is effortless. Using this option ensures smooth and swift money exchanges.
The process to deposit using cryptocurrency is as follows:
- Before you look to use the various cryptocurrency options to make deposits, you should have registered for the crypto wallet.
- Look for a reliable crypto wallet online. Register for an account by providing your personal information. Once done, you receive a digital ID. This will open up the account.
- You should find this wallet now. It has different coins you can buy. You have the option to choose the currency to purchase the coins. Buy coins using payment options like credit or debit cards, eWallets, or wire transfer.
- After the purchase, the coin balance will reflect in your crypto wallet account.
- Visit the site where you have opened a casino account. To make the deposit using Bitcoin or Litecoin or Ethereum, visit the cashier page.
- Choose the cryptocurrency option and enter the crypto wallet’s address.
- Choose the amount you want to deposit. Press transfer to see the money reflect in your gambling account within seconds.
- The coins you deposit will reflect in the form of USD or EUR based on the casino site chosen.
Advantages of Using Cryptocurrencies to Gamble
This digital payment option is gaining popularity among the public. Many people still ask why they should use this payment option on poker or bingo sites. The following are the benefits you get by using this payment option to play poker and bingo games at online casinos.
Safety and Security
The biggest attraction is that your deposits to gambling sites are placed as a record all over the world. Hence, there is no trace from where the money has come into the account. All are anonymous transactions, and no third-party can access your financial or personal information.
Instant Deposits and Withdrawals
Choosing this payment option to gamble allows you to make or withdraw money within seconds. This is a significant advantage for all the gamblers. Under normal circumstances, they need to wait for at least 2 to 3 days to get the withdrawal process completed. The withdrawal of funds to your bank account is made instantly through Bitcoin or other cryptocurrencies.
No Processing Fee and No Taxation
Most of the counties have not considered cryptocurrency as a real-money currency. Hence, you do not have to worry about taxation. The deposits or withdrawals through this payment method do not attract any kind of bank fees or processing charges. This is another benefit for the gamblers looking to place bets within a budget. Also, there is no need for players to reveal their identity when transactions take place.
When you are using cryptocurrency to gamble online, you should be certain of the exchange rate of the currency you are using. It seems like you are betting infractions using the cryptocurrencies. But, you might be wagering with higher limits. Hence, managing the bankroll for this payment option is also a good idea. With some casinos offering the gamblers bonuses for making cryptocurrency deposits, it is not a bad idea to try it.