The pursuit of online gambling success is like a coin; it has two sides. On one hand, people play casino games or bet on sports events because it’s fun. On the other hand, they’re waiting for the joyous moment of the withdrawal, when they finally get their hands on their winnings. In this regard, Bitcoin casinos have an advantage, since cryptocurrency payments are more secure than transactions using fiat money.
Besides knowing ways to place funds at Bitcoin casinos, it’s equally important to be aware of crypto withdrawal methods. Keep on reading to see how to withdraw at a Bitcoin casino effortlessly. You’ll soon realize that you don’t need a computer engineering diploma to control your crypto gambling funds.
Withdraw Bitcoin Winnings
It’s pretty easy to manage your payouts from a cryptocurrency casino. You’ll need an open and active Bitcoin wallet that you already use for deposits.
A software wallet is an app that you download and use to transfer Bitcoins. It’s a good choice for crypto safekeeping, since it allows you to oversee private data. Another widely used payment method is the web wallet, a network-based wallet that companies such as Coinbase provide to users.
Once you’ve created a cryptocurrency wallet, the following steps to make a casino withdraw with Bitcoin are straightforward:
- Log into your account on a Bitcoin casino site/app
- Go to the withdraw or manage balance menu
- Type in your crypto wallet address
- Enter the amount you want in the form of a payout from the casino
The entire process is the opposite of depositing at a Bitcoin casino; the online casino will transfer your winnings to your Bitcoin wallet. You start by logging into your casino account with the correct username and password.
Afterwards, click on the cashier, manage balance, or withdraw button. Under the withdraw menu, choose Bitcoin as a payment method. A valid online casino withdrawal in Bitcoin needs a payment destination, which you’ll have to provide with your receive address. This address is public to users you select, meaning they can send Bitcoins to your crypto wallet. The address is a string of letters and numbers that you either type in manually or copy and paste from your Bitcoin wallet to the casino’s withdrawal section.
Once you’ve provided all the data to receive payment from the casino, processing the transaction will take some time. Withdrawals with fiat currencies take longer than deposits, and the same goes for cryptocurrencies.
To withdraw Bitcoin to USD using an online casino takes anywhere from 72 hours to an entire week. After all, it often takes casinos 48 hours simply to process winnings. Instant crypto withdrawals are exceptionally rare; however, they are significantly faster than fiat-only payments. Prominent Bitcoin betting web pages usually offer instant withdrawals.
Pros of Using Bitcoin Withdrawals
We’ve already mentioned the transaction speeds that cryptocurrencies like Bitcoin provide. There are also a couple of additional benefits of using Bitcoins for withdrawals.
- Affordable Transactions
Since cryptocurrencies do not need bank regulation and therefore don’t incur additional fees and costs, Bitcoin is a more economical payment solution. Not only do you save up on funds on an online casino Bitcoin withdrawal, but specific online casinos will offer you bonuses for using a crypto coin. However, some gambling websites charge withdrawal fees on Bitcoin transactions. You also might have to report crypto winnings for taxation.
- Secured Transactions
The most significant benefit is that Bitcoin withdrawals are more secure than fiat payments. Thanks to the decentralized digital ledger and encryption protocols, picking up money from casinos is safe and anonymous. Only the receiving address of the crypto wallet is publicly visible.
- Transaction Transparency
Despite being anonymous, cryptocurrencies are wholly transparent, with public listings anyone can access. You can see a transaction code that only a Bitcoin receiver and sender understands. These listings have no private data, making them great for a safe Bitcoin casino withdrawal.
Cons of Using Bitcoin Withdrawals
Bitcoin payouts have two significant drawbacks that any online casino player should consider:
- Cryptocurrencies Are Difficult to Understand
We’ve explained how Bitcoin withdrawals from online casinos function. However, people who want to know everything about cryptocurrency have an arduous task in front of them.
- Constant Fluctuations
As with every form of currency, Bitcoin prices fluctuate daily. Since blockchain technology and crypto coin usage are new concepts, Bitcoin has more pronounced price fluctuations that are harder to predict.
Thanks to Bitcoin wallet technology, getting a Bitcoin withdrawal from a casino site is a smooth experience. And while it’s not a perfect payment option, crypto coins are much faster and a safer banking solution for gambling venues and betting sites. With the number of BTMs to use constantly rising, you can turn gambling fun into a potentially profitable career.
How do you withdraw money from a casino?
Once you log back, open the cashier or manage balance menu to access the withdrawal options. Select Bitcoin as a payment method, type in the amount you want to withdraw, then copy and paste your Bitcoin wallet address.
How do Bitcoin withdrawals work?
As we’ve explained in our “How to Withdraw at a Bitcoin Casino” article, you need to create a Bitcoin wallet to deposit and withdraw funds from the casino webpage.
How much can the exchange rate fluctuate?
The stability of the exchange rate depends on the long-term establishment of the currency. Currently, crypto fluctuations are high, as this is a relatively new form of money. However, these fluctuations should become less pronounced and more predictable over time.