Depositing & withdrawing Bitcoin
If you got to this stage, you’re probably familiar with crypto currencies, you might even own some Bitcoin already. In case you’re quite new to the concept of crypto currencies and want to test the waters, there are a lot of good resources available, like this thread on Reddit.
In short, the way Bitcoin casino transactions work is quite similar to traditional cashiers using fiat money. What makes using Bitcoin even more attractive is the added simplicity. Some casinos don’t even require you to verify you identity or address – since the blockchain implies the security which formally was at the responsibility of the casino operator. This brings us to the next point.
While not as common as in other online casinos, some Bitcoin casinos will ask you to verify your identity and address when making deposits and withdrawals. Although this is not strictly necessary for the Bitcoin casino to do so, it does add an extra layer of security. Also with legislation in some countries sharpening their anti-money laundering laws, some Bitcoin casinos might consider gathering player data as a preparation for future regulation.
One of the main advantages of using a crypto currency like Bitcoin is the security and speed of transactions. The blockchain technology reduces transaction speeds to roughly 10 minutes for a 100% confirmed transaction. Compare this to dollar transactions that take hours or days and you’ll quickly see why Bitcoin, and other crypto currencies are preferential.