Using Bitcoins At US Online Casinos

Published: October 28, 2016

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The payment options for US online casinos are getting tougher. You can still deposit using credit cards, but the only way that you can withdraw funds is through a check payment. It can take two weeks for you to get your money. This is why bitcoins are becoming more and more important at US online casinos. The bitcoin option can be used for both deposits and withdrawals and the transfers are instant.

Bitcoin is a digital currency. It does not exist in physical form and there is no central repository that controls its supply in the market. The bitcoin payment system was created by a person known as Satoshi Nakamoto, though that is believed to be an alias. It was released as open-source software to the public in 2009. The transactions take place between users directly over the Internet. Bitcoins were originally created as a reward for activity known as data mining. This activity is still carried out, but almost all online casino players simply buy bitcoins at online currency exchanges.

Players wanting to wager using bitcoins at US online casinos need to go through the following steps. First they have to register for bitcoin gaming at their US online casino. Next you have to sign up for a bitcoin electronic wallet. Then you buy bitcoins online. Today 1 bitcoin is worth just under 700 US dollars. From your electronic wallet you can deposit at the online casino and wager in bitcoins. You can withdraw your winnings in bitcoins as well. There are a fair number of online merchants that sell goods and services against bitcoins. So you need not reconvert your bitcoins to US dollars but can spend them directly. Many bitcoin wallets store the balances offline in what is known as bitcoin vaults. This is as an added precaution against unauthorized access to your bitcoin account. When wagering at US bitcoin casinos you must be vary of one issue. Some online casinos accept deposit in bitcoins but convert it to US dollars immediately. So you incur the conversion charges twice and lose on the arbitrage as well.

There are several advantages of wagering in bitcoins. The biggest advantage is that bitcoin deposits and withdrawals at the best US online casinos are absolutely free. There is usually a fee charged for deposits and withdrawals in US dollars. In addition bitcoins offer complete anonymity leaving no link with any third party. Since bitcoin transactions are not regulated by the US government, they are more convenient and hassle free.


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