Bitcoin as a digital currency was launched publically in 2009. You can check our bitcoin section for more details on how the currency functions. The last year or so has seen considerable growth in bitcoin transactions. The number of online merchants accepting bitcoins has increased almost ten-fold in a year. More and more US online casinos are accepting deposits in bitcoins. Quite a few of them will convert your bitcoin deposit into US dollars and credit your account in US dollars. When you want to withdraw your winnings they will remit it in US dollars. These are not true bitcoin US online casinos. Our recommended bitcoin casinos will conduct the wagering in bitcoins and also remit your winnings in bitcoins.
Bitcoins is a new concept. You should thoroughly understand at least the practical aspects of it before opting for it as the currency of your choice.
Advantages of bitcoin banking method
Bitcoin is the only banking method that can be used for both deposits and withdrawals at US online casinos. So you will need only one option. If you do not go with bitcoins you will need one method for deposits and another for withdrawal. Another important advantage is that bitcoin withdrawal instantaneously delivers the amount to your bitcoin wallet after the pending period. All other withdrawal options at US online casinos take considerably longer. Incidentally bitcoin deposits are also instantaneous.
Bitcoin withdrawals are free and are carried out in a secure environment. US online casinos have higher maximum withdrawal limits for bitcoins than for US dollars.
Disadvantages to bitcoin banking method
The disadvantages of using bitcoins as a withdrawal option are the same as using bitcoins as a deposit option. These are briefly mentioned again. Because bitcoins is a new concept there is considerable mystery about it in the minds of most online casino players. They would rather wait and see how things pan out. If after cashing out the bitcoins you are constrained to convert them to US dollars for want of other options, then you might as well wager in US dollars.
How to use bitcoin banking method at online casinos
In order to withdraw your winnings using the bitcoin banking method you have to select bitcoins as your currency and make deposits in bitcoins. While requesting a withdrawal you should first log in to your bitcoin wallet and copy the account code. Then log in to the US online casino and access the withdrawal section of the cashier. There you choose the bitcoin withdrawal option. In the field provided paste the address of your bitcoin wallet and also enter the withdrawal amount. Complete the transaction as indicated. Your withdrawal request will be put in the pending period and the amount transferred to your bitcoin wallet as soon as this period is over.
Some words of caution are in order. It is inconvenient to log in to your bitcoin wallet to copy and paste the code. But do not try shortcuts. It is not a safe practice to store the code on a file on your computer that is not password protected. Also do not try to enter the code character by character from paper document. Even if one character is entered incorrectly then the funds will go to some other wallet and you will not be able to recover them. Then there is the usual care to be taken for making withdrawals. Make sure that the amount requested falls between the minimum and maximum limits for bitcoin withdrawals. Also make sure that it is less than the withdrawable balance in your casino account. These are careless errors that result in withdrawable requests being rejected.
What do you do after withdrawing funds from your online casino to your bitcoin wallet? The best option would be to make a deposit at another bitcoin casino. If the amount is biggish then you may be able to find stuff that you can buy online paying in bitcoins.