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When you set out to gamble, you expect to make wins. It is the essence of it all. It then follows that you need to not only think of how to withdraw the money but also how the online casino you choose to play on facilitates the process.
Click Here to Visit Our Top Bitcoin Casino! Bitcoin was first introduced to the online casino world in 2012, but it has taken a few years for it to really catch on. Now, you will find that most reputable online casinos are beginning to facilitate both withdrawals and deposits via bitcoins.
These considerations apply nowhere else more than to gaming websites that accepts bets and make payouts in bitcoins such as BetChain.com, Bitcasino.io, and BitStarz.com.
We assume that you have already read our the page titled How to deposit bitcoins to an Online Gambling Site, where we explain the steps you need to take to deposit bitcoins into an online casino. If you have not, now is the time to do it.
Any fair gambling website should ideally provide easy and straightforward cash in and out processes. In withdrawals, this is both in making the funds available to you and having a friendly user interface. Indeed, as an online gambler who uses Bitcoin, you should know that picking a casino based on user experience and reputation is a key to seamless withdrawals.
It is not unlikely for you to place a bet and win fairly only to fail to cash out either because the house opts not to facilitate the process or simply disregards your win. And house dishonesty does not happen only with online casinos that do not use the Provably Fair (a technology that empowers the player to proof that the house does or does not manipulate a game). In particular, new and little-known gambling sites are likely to refuse to approve a payout even where the win is indisputable.
Do you really need to withdraw bitcoins?
When it comes to withdrawing bitcoins from an online casino, you also have to make critical decisions on whether you will withdraw, how you will do it and how long it will take (should you wait?).
Most of these are determined by your taste and preferences or the conditions that prevail around the transaction.
For instance, whether you need to withdraw the funds at all depends hugely on your personal preferences. If you are an avid gambler, you may need always to have funds ready for wagering. Thus in the case whereby your wins are not substantial, and you want to make higher bets in your next gambling, it would be your choice that you do not to withdraw at all. Indeed, by keeping the bitcoin winnings and bonuses in your casino wallet, you will cut down the cost of gambling (even though they are low with bitcoins). This is because you will not be re-depositing the same bitcoins you withdrew to continue playing.
However, you shouldn’t rush into withdrawing your bitcoins immediately, especially if you’re planning to convert or exchange them for a fiat currency. Make sure you have all the information, as it may be worth waiting a little bit – Bitcoin functions just like any other product on the market, so its price may increase and decrease regularly, depending on many variable and the overall situation; the differences in the value can be truly significant and, very often, they can occur in the short periods of time. So unless you are in a really tight spot, it’s probably better to wait.
Preferably, you would like to reach the moment when the price of Bitcoin starts increasing again – only then can you maximize your winnings. Knowing when to withdraw your bitcoins is just as important as knowing how to do it.
The length of the process of withdrawal will also depend on your chosen method. For example, some converters can take days to convert your bitcoins into the desired fiat currency. What’s more, many of them will charge a fee, so before you decide to do anything, make sure you know all the necessary details.
Moreover, leaving your winnings and bonuses lying in your casino account for a future wagering makes convenience sense. Nevertheless, at the end, even when you follow the above strategy, you will have to withdraw your bitcoins winnings. That is unless you lose the whole amount to the house.
To initiate the process of getting some or all the bitcoins that are under your name in the casino, you will go to your account and find a section known as the ‘Cashier’. It is the sections that keeps all the records of your deposits and win balances. Enter the amount you need, or all that you can get, and click on the Withdraw button.
At this juncture, you will need to be ready with the wallet to which you want the bitcoins to go. The wallet could be a cloud Coinbase or Blockchain.info or their app versions. Indeed, you are free to use any bitcoin wallet of your liking. They all perform the same tasks even when their functionalities and level of security differ.
The ‘Cashier’ of the gambling site will prompt you to enter the public address of your wallet either as an alphanumeric character string or scan its QR code. The latter you will do using a device camera. The former is done through the manual cut and paste. After confirming that you want to proceed with the transaction and hitting withdraw, the bitcoins will appear in your wallet in a matter of minutes. Just like with depositing, the cost of withdrawal is negligible. Only a small miners’ fee is deductible.
Spend wins as bitcoins or convert them into your currency
The process is complete and you don’t have to do anything else if you are planning to spend the money as Bitcoin – they simply come back to your wallet, usually within minutes. However, if you want exchange your bitcoins and get your money in Dollar, Euro, Sterling Pound or any other fiat currency, then you need to do more. And you may need to turn your strategic thinking skills on.
Just like you needed to buy bitcoins before you even started playing, you can now sell them in exactly the same way, or rather withdraw and then convert into your chosen fiat currency (the process and possibilities will depend on your chosen Bitcoin casino or convertor, so never neglect reading about the services you choose to use).
But it may be more beneficial to withdraw bitcoins and then exchange them through a cryptocurrency exchange website. As we have already mentioned before, make sure you know the current value of Bitcoin, because it may turn out that you can earn more by simply waiting a little bit.
All you need to do is simply go to a converter or cryptocurrency exchange website (e.g., https://www.xe.com/ or https://cex.io/), set up an account, and start exchanging. Make sure to read all the details concerning the fees and other costs of money transfers. In most cases, these websites work just like any other currency exchange bureau, only online, so you need to send the bitcoins you want to exchange and provide all the details needed for a successful transfer. Depending on the website, you may have several options to exchange or trade your bitcoins, so be sure to get familiar with all the possibilities in order to choose the best one.
However, converting bitcoins to fiat currency is becoming less necessary each day with more merchants choosing to accept bitcoins. Online stores such as Overstock and Rakuten are always more than ready to accept your bitcoins for goods they ship. Even Microsoft will let you pay for their digital products with bitcoins. Not to talk of buying an air ticket and booking a hotel room through travel agencies such as Expedia.
Within your neighbourhood, you will have to check sites such as Bitcoin Map to find businesses that accept the cryptocurrency. And if you live in a major town and city, the likelihood that there is a restaurant, bar or grocery store accepting Bitcoin, and other digital currencies are very high now than ever before.
Better still…convert through a bitcoin exchange
Online Casino Instant Bitcoin Withdrawal
However, if your location and other conditions will not allow you to spend the Bitcoins you have, you still do not have to worry. There are several ways you can convert them into the type of money that is acceptable in the places you shop. For example, you could sell them to friends and relatives who need them. However, if this does not give, you have Localbitcoins.com, where you find willing buyers within your town or city. In the event that you do not find acceptable deals there too, sign up to a Bitcoin exchange such as Coinbase or Bitstamp. They buy and sell bitcoins and reigning daily rates.
Using a Bitcoin exchange might take a day or two to complete the conversion (depending on the exchange and your banker). Nevertheless, in the end the money will show up in your bank account in the fiat currency of your choice. While the above description of withdrawal is for bitcoins, it also applies to any other cryptocurrency that is used for gambling online, commonly referred to as altcoins (alternative cryptocoins).
Depositing and playing with the Bitcoin cryptocurrency at your favorite online casino is all fine and dandy, but what about when it comes to withdrawing your funds and winnings? How easy is this process? How exactly do you do it? We created a guide for you to understand how Bitcoin deposits work, so we’ve also brought one to you that explains how to withdraw your Bitcoin, too. Not only that, but you’ll be able to understand what you can do with your Bitcoin once you’ve withdrawn it from the online gambling platform. So, if you’re ready to find out more about how to withdraw with Bitcoin, please read through this section of our site.| RANK | GAMBLING SITES | SIGN UP BONUS | MOBILE | GET STARTED |
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When playing at your favorite online casino, there will potentially be a point when you’re wanting to withdraw your funds. The process for doing this when it comes to Bitcoin is as simple as a standard withdrawal. In fact, in some cases, it’s simpler and swifter. If you’ve checked out the guide to depositing, you’ll already know that this process generally takes no more than 10 minutes to complete. The same is true of making a withdrawal via Bitcoin. It shouldn’t take any longer than 10 minutes for the withdrawal to fully complete.
So, getting this process started requires you to be logged into your casino or sportsbook account first of all. Once you’ve done this, you need to make your way over to the site’s cashier page. You’ll first need to insert the amount that you would like to withdraw from your account. This can be any amount that you like from your balance.
You’ll then be prompted to enter the address of the wallet that you would like to send the funds to. If you know about depositing with Bitcoin, then you’ll know how this looks. It’s usually a long piece of text that you can copy and paste into the casino site. If your wallet is stored on a mobile device, then you can alternatively scan a QR code for this information to automatically be entered into the casino’s cashier section.
After this, you need to hit the “Send” button, and this begins the withdrawal transaction. As mentioned, it shouldn’t take any longer than 10 minutes for the Bitcoin to appear in your chosen wallet. The great thing about utilizing the Bitcoin option is that if you have more than one wallet, you can simply enter the relevant address of the wallet you wish to send them to. This isn’t the case with standard withdrawal options, where, for example, if you deposit with a Visa card, you have to also withdraw funds in the same way.
From then onwards, with the Bitcoin in your chosen wallet, you can do as you like with it. If you have opted not to withdraw all the funds, then you can carry on using whatever is left to continue placing bets. But what about the funds that are now in your wallet? What can you do with them?
Turning Your Withdrawn Bitcoin into Cash
So, now that your Bitcoin is out of the casino or sportsbook, what do you do with it? Well, you have a few different options. For example, if you would like to continue using it for gambling, you can opt to deposit it at an alternative online platform. Otherwise, you may wish to convert the Bitcoin funds that you have back into fiat currency. There is also a process for doing this.
Once you have chosen the exchange that you would like to use, you need to log into your account. Following on from this, you need to navigate to the “Sell” section of your exchange wallet. From there, you can insert the details of the wallet from which you wish to sell your Bitcoin. This is, again, a process that requires you to insert the address of the wallet. After this, you’ll be required to enter the bank account that you would like the cash to be sent to. Of course, if this is the first time you’re using a certain exchange for withdrawing, you’ll need to insert the bank account details. Then, you need to insert the amount of Bitcoin that you would like to sell on the exchange.
This part is something that you can do by entering the amount of fiat currency you would like to withdraw, rather than having to enter a specific amount of Bitcoin. The exchange can then calculate the amount of BTC it costs to receive that amount in cash. Should you not have that much Bitcoin in your wallet, the exchange will notify you.
After this, you need to confirm the amount that you would like to sell and the amount of fiat currency that you will receive for this. Furthermore, make sure that you note and understand the transaction fee for doing this, and click on the “Sell” button.
Withdrawals will depend upon the type of payment method that you use. If you’re having funds sent to a bank account, then the process may be slightly longer than if you’re withdrawing to a card. Generally speaking, though, it shouldn’t take any longer than 12 hours for an online exchange to process the withdrawal and have it sent to your chosen account. From that moment onwards, the time that it takes for the funds to reach the account you’ve opted for depends solely upon the payment method.
It is important to know how Bitcoin transactions are done in both the case of depositing and withdrawing. However, it’s not something that you definitively have to do. Once you have deposited and started playing at your favorite online site, you may want to just leave the Bitcoin there to play with whenever you like. Furthermore, winnings aren’t specifically something that you have to withdraw from the casino or sportsbook and into your wallet. The simple two options are keeping the Bitcoin in your casino wallet and continuing to play or withdrawing it back to your external wallet to do as you like with it.
Some Bitcoin users prefer to withdraw funds when the exchange price is better. In this instance, fewer Bitcoin with a higher fiat currency return makes a greater sell for people. Therefore, unless you’re in desperate need of some cash, it’s sometimes advisable to hold on to the Bitcoin in your external wallet until the price for exchanging it is better. Ultimately, it’s your own choice. You can decide on how you would like to proceed with your own Bitcoin.
Even if you’re not ready to go for a withdrawal from Bitcoin to cash, you can store the cryptocurrency in your external wallet without being charged for it. This way, the funds are safe (especially if you’ve chosen a hardware Bitcoin wallet), and you won’t have as much of a compulsion to use them on placing bets at online sites. Then, convert it into cash funds whenever the price is right or whenever you’re ready.
So, now that you’re fully informed on how both depositing and withdrawing in the Bitcoin digital currency works, you can proceed to utilize such at your chosen online casino or sportsbook. Bitcoin can provide you with a great alternative to standard currencies and payment methods. So, take advantage of the guides and the tools that are at your disposal – and above all, have a safe, fun, and controlled time placing online bets.