Last Updated on March 11, 2021 by Janine Tan
Bitcoin is a digital currency or cryptocurrency which can be used by players to enjoy online casino games. Just as traditional currencies, bitcoin can be used for funding your casino account and clearing your winnings. Bitcoin was created electronically back in 2008 by Satoshi Nakamoto, an anonymous entity that may stand for a person or a group of people and the currency does not exist in a physical form.
This type of currency is highly appreciated among online gamblers for being totally secure and for providing its users with privacy. This is especially important for players living in countries where governments have not regulated online gambling yet or prohibit this form of entertainment. Being a stable currency with its value raising over time, bitcoin might be a banking option of choice when it comes to playing at online casinos Singapore.
How to Get a Bitcoin Wallet
To play at online casinos Singapore in bitcoin you need a bitcoin wallet to store your virtual money. There is a variety of bitcoin wallets available on the market and you can use one or more of them at the same time. Bitcoin wallets include hardware wallets, web wallets, desktop wallets and mobile wallets. There are also paper wallets and brain wallets. To understand the concept of a bitcoin wallet you should know that they actually do not store virtual money. Instead, they store public and private keys you need to access your bitcoins and make transactions using them. Bitcoins themselves are stored on the Blockchain, which is a virtual ledger keeping details of transactions made in the digital currency.
Popular bitcoin wallets include Bitcoin Core, Armory and BitGo, to name a few. These bitcoin wallets can be used for making transactions at online casinos, while bitcoin wallets for mobile casinos include Mycelium, Airbitz and Bitcoin Wallet among others. You will be offered to make a selection by the operating system that you use on your desktop or mobile device and you can choose from web-based bitcoin wallets as well.
Once you have chosen a bitcoin wallet and created your account by following a few simple steps, you need to get bitcoins. Bitcoins can be obtained by accepting them as a payment or by buying them from an exchange. If you opt for buying bitcoins, you will use traditional banking options to purchase them. You can also “mine” bitcoins yourself by using your computer’s processing capacities to solve complex algorithms also called blocks. However, this is the most complicated way of getting bitcoins as it includes certain technical requirements.
Make Deposits with Bitcoin
No matter how you acquire your bitcoins, you can enjoy complete anonymity while processing your transactions in bitcoins at online casinos Singapore. Some casinos list bitcoin as a payment option while others allow you to make your deposits in bitcoin via your Neteller e-wallet. If you opt to fund your account with bitcoins via Neteller, you need to create an account, log in to it, make a payment to your Neteller account via bitcoin and return to the casino to complete your payment via Neteller.
In you use bitcoin as a deposit option, you need a bitcoin wallet. In case you want to turn SGD into bitcoin you need an account at a bitcoin exchange. You should only follow the instructions given by the online casino and confirm the payment. You will be given a bitcoin address you need to provide to complete your transaction. Mobile users can scan the QR code given by certain casinos and get their transactions instantly processed.
Processing transactions in bitcoins is absolutely secure and you should not be worried about bitcoin value on the market as the currency is also split into smaller units so that beginners can use it too and make smaller deposits.
Make Withdrawals with Bitcoin
To withdraw your funds using bitcoin, choose bitcoin as a withdrawal option and enter the amount you want to clear from your account. In the instructions given by the casino, you will also get the Bitcoin address you should send your money to. The best way to complete your transaction is to copy and paste the address or scan the QR code if it is an available option. You should do it carefully as bitcoin transactions are irreversible. As soon as you confirm the transaction, the virtual money will be transferred to your wallet.
You can link your bitcoin wallet with your credit card or your bank account and cash out your winnings in SGD. You can also look out for bitcoin ATMs in your vicinity and withdraw your winnings in a physical form. Otherwise, you can always keep your bitcoins and buy products or pay services online with them.
Fees and Timeframes
Casino players prefer using bitcoins as all transactions carried out using the cryptocurrency are instantly processed. You can transfer your money in the blink of an eye from your wallet and vice versa which is not possible when using other banking methods. If you have been wondering how it is possible, the answer is simple. When processing transactions in bitcoins, there is no bank or other financial institution serving as an intermediary.
What’s more, you won’t be charged any fees when making transactions with bitcoin. Whether you fund your casino account or cashing out from it, it will be free of any additional charges. What you should keep in mind is that converting a traditional currency into bitcoin comes at a certain price. Exchange fees may vary from 0,8% to 1%. If you already own bitcoins, you don’t have to worry about the exchange fees though.
Advantages of Using Bitcoin Casinos
The advantages of using bitcoins include the processing of payments and withdrawals in a safe way and free of additional charges. In addition, you don’t have to reveal your identity to the casino you play at thus keeping your personal and financial data secret. It is impossible that a bank or an authority take away your money from your account as bitcoins are not a part of any central financial system nor they are controlled by any financial institution, which provides you with unique user experience.
When it comes to Singapore players, using bitcoins to fund their account or clear their winnings might be a perfect solution as it offers total anonymity. In addition, using bitcoins ensures instant transactions like no other banking option available on the Singapore market. As a currency, bitcoin is stable, so you don’t have to worry about an increase in the money supply and a decrease in its value.