Bitcoin Enables Variety Of Casino Payments

Mar 07, 2016
Bitcoin Casino Payments

Bitcoin Casino Payments

One of the reasons Bitcoin is so popular among online gamblers is its flexibility and convenience. Bitcoin crosses the international boundaries that online casinos often straddle with ease. There is no need to convert dollars to another arbitrary currency or to have to wait for an international transaction to push through.

Now, the only factor that players will have to consider is how they want to conduct their transactions. There is a wide variety of Bitcoin transaction methods that a Bitcoin gambler can choose from. This is because different Bitcoin casinos have different ways to process player deposits and withdrawals.

The old standard of deposits and cashouts

In the early days of Bitcoin, people did transactions by sharing out wallet addresses and QR codes. For many of the simpler Bitcoin gambling sites that do not want to add complications like Bitcoin Video Casino, players would sign up for an account and they are given a deposit address for their bankroll. A player who wants to make their bankroll larger will only need to send bitcoins to the assigned wallet address.

Bitcoin Payment Options

Some Bitcoin casinos and sportsbooks take seriously the cryptocurrency’s dedication to anonymity. This means that they do not require accounts for a player to bet on their Bitcoin games. An example of this is the sportsbook of DirectBet.eu.

When a bettor places a bet, they are asked to provide a wallet address and to deposit an amount at a specific address. If they win, his account automatically receives their winnings. The result is that the wallet address acts as both bankroll and account for players. It also ensures that a player is in complete control of their money.

New Bitcoin payment methods

The direct approach is simple enough that many people prefer it. Technology marches on, however, and some casinos are implementing other payment methods. These are mostly in response to Bitcoin’s increasing popularity.

Many existing online casinos want to integrate Bitcoin into their payment structure and some of the newer ones would like Bitcoin as another payment option, enabling their players to benefit from Bitcoin casino payments.

The problem is that when people need to convert bitcoins into fiat currencies, they usually turn to exchanges to facilitate the process. This adds another layer of complication to the payment process. Some casinos like FortuneJack completely took another approach by acting as their own exchange. Players deposit bitcoins into their bankroll and the site handles everything, even if they are altcoins.

Cubits

Not all gambling sites have the resources to be their own currency converter, though. Their main choice then is to contract a third-party processor. For instance, LimoPlay, through SoftSwiss’s partnership with Cubits, allows players to easily convert their bitcoins into wagering money.

It is not just Bitcoin that is receiving this treatment. CCPAYT, an online cryptocurrency converter based in Europe, allows Fun-Casino players to convert leading altcoins into US dollars, euros, or rubles. It also lets players deposit cryptocurrencies straight to their Fun-Casino account without leaving the CCPAYT platform.

Depending on a player’s preference, these choices will be enough for a player’s needs. All of them can ensure the security and convenience for the Bitcoin gambler.