Choosing A Bitcoin Wallet
The use of Bitcoins as a payment option has taken over the online casino industry, and many casino players now wonder what the appeal is to using Bitcoins at online casinos. However, to use bitcoins, casino players will need a Bitcoin wallet. A Bitcoin wallet is a place to electronically store bitcoins. There are also physical paper wallets which can be used to store this digital currency. However, it is harder to send or receive using a paper wallet. For the purposes of playing in an online casino, it is better to have easy access to your Bitcoin wallet for payouts or deposits.
Understanding Bitcoin Currency
As a form of digital currency, Bitcoins is one of the first examples of a type of cryptocurrency. There are others such as Litecoin, Darkcoin, and Ethereum, but Bitcoin continues to be the most popular. Many online casinos offer Bitcoin as a payment option in the Banking section of the casino. Casino members will have the option to either purchase bitcoins or mine this currency using a very powerful computer. As you can probably guess, most people will decide to purchase Bitcoins as opposed to mining them. The purchase is completed by a currency exchanger which converts regular currency such as dollars into Bitcoins.
In the same way, a person would require a purse or a wallet to hold their money, Bitcoins require a Bitcoin wallet for the same purpose. The coins can be stored there until this currency is sent to an online casino. It is for this reason that someone should think carefully about the Bitcoin wallet they choose, as this is where your Bitcoins will be sent from. The wallet should be safe and secure and able to handle your transactions.
Choosing a Bitcoin Wallet
Depending on which currency exchange you choose, a casino player can see they are able to obtain a Bitcoin wallet just for signing up and selecting Bitcoin. Some of the most popular exchangers include Coinbase, Binance, Kraken, Bitstamp, Bittrex, Poloniex, and many others. Coinbase is commonly the more popular, and players can use this to obtain a Bitcoin wallet and purchase bitcoins.
It is also essential to know if your online casino allows you to send coins directly to them. Some casino players might add a second bitcoin wallet that they use only for online casino transactions. These currency exchangers will accept bank wire transfers or credit card deposits to fund your account. From there the money can be used to obtain bitcoins which are stored in an electronic Bitcoin wallet for further use.
The Bitcoin wallet is a distinct wallet address. In the same way, your credit card might have a number, a Bitcoin wallet is a long string of letters and number and there are no duplicates. Your bitcoin wallet address and private keys should be stored in a place that is easy for you to remember. Casino players can send coins from their address to the Bitcoin address of the casino.
Bitcoin Wallet for Casino Bonuses
Another reason to obtain a Bitcoin wallet is for casino bonuses and bonus promotions. Players are not able to directly withdraw bonus money without adhering to the playthrough or wagering requirements. This means a certain amount of money must be wagered before any bonus money is withdrawn. Some online casinos will only allow casino players to withdraw the winnings or implement a max withdrawal for any Bitcoin bonuses. Regardless of the policy at an online casino, you will not be able to send a deposit to receive bonus money until you have a Bitcoin wallet, and likewise, the online casino will require you to have a Bitcoin wallet to send any payouts of bonus promotions back to you.