Bitcoin WithdrawalsThe world of gambling has changed drastically over the last 50 years. Withered cards and weary faces around the poker table were replaced by the calm, rested players sitting in front of their computer in the comfort of their living rooms. Online gambling sites have brought multiple possibilities to enthusiastic gamblers who cannot reach the brick-and-mortar versions of their favourite casino or sportsbook.

In an attempt to hold their attention, these gambling sites needed innovation. In this line of thought, some of these providers introduced the latest and most popular crypto currency as their payment method. The Bitcoin’s possibilities and advantages soon drew a multitude of interested players who were intrigued about these sites. Although there are still players who need some guidance, the Bitcoin trend has reached massive proportions in less than a decade.

About Bitcoin Gambling Sites

Despite fears of being rejected, bitcoin gambling sites were widely welcomed by the general player audience. The major characteristics of the Bitcoin have helped it reach its current popularity and gambling sites that help facilitate the process of withdrawal made it extremely accessible.

Playing at bitcoin gambling sites might be considered a pastime, but everyone’s ultimate goal is to win some money. Bitcoins are one of the safest and fastest payment methods that don’t cause many distractions to the players using them. With a steady increase in value over the past few months, players using bitcoins have the optimal chances to win.

Withdrawing Bitcoins from Gambling Sites

Once you have won enough bitcoins to increase your bankroll and withdraw the rest, you need to consider all the options for this process. The good news is that it is nearly identical with the process of depositing bitcoins which you have already gone through.

Most bitcoin gambling sites have a button named ‘cashier’ which is used to preview all your deposits, wagers and winnings, as well as the total amount of bitcoins on your player account. All you need to do is determine the amount of money you would like to cash out of the account and type it in the designated box. Bitcoins are not kept in physical wallets, which is why you will need to enter the address of your e-wallet before starting the withdrawal.

Most experienced bitcoin owners recommend using a different bitcoin e-wallet address for every transfer. This ensures that no one can track your transactions or hack into it and steal all your bitcoins. Some players even suggest bitcoin mixing services, also known as tumblers. These services are useful to any bitcoin owner who performs p2p purchases and exchanges or plays with them at their chosen bitcoin gambling sites.

After you send your bitcoins to the tumblers, they send you someone else’s bitcoins with almost the same amount. A small fee of up to 5% is all they charge for the service.

These services provide extra safety, but you are not obliged to use them. When you have finished withdrawing your winnings, you just need to decide what to do with your bitcoins. Some players decide to keep them in this currency until they reach a significantly higher value. This is a good strategy because the currency’s value is constantly on the rise.

On the other hand, if you don’t like taking chances, you could spend your bitcoin at the many merchants who have accepted it as a regular payment method. Nowadays, you can book a hotel and plane tickets for a trip, buy digital products from Microsoft and much more with this crypto currency. The third option is the simplest – convert them into your desired currency at a bitcoin exchange site.

Another interesting point you should know before you decide to withdraw your winnings in bitcoins is the withdrawal limit. The best bitcoin gambling sites set extremely convenient minimum and maximum withdrawal limits. Some tend to start from 0.002 BTC, roughly around $5, all the way to $9500. This depends on the currency’s value at the moment of exchange, but recent developments indicate that it won’t decrease significantly.

Other Important Considerations for Bitcoin Withdrawals

The Bitcoin in its entirety is definitely much more practical, functional and cheaper than other currencies, both crypto and fiat ones. Still, there are a few considerations which players should bear in mind in order to avoid anything unexpected.

For one, you should know that this is still an unregulated, experimental currency. There are multiple countries which have a bitcoin-friendly attitude, but there have been no official legalization procedures so far. The greatest consequence of this lack of regulations is reflected in the currency’s value which remains volatile and subject to sudden fluctuations.

Most people enjoy the anonymity, but it has been noted as another important consideration for all bitcoin owners. In cases when transactions fail and cannot be found, the lack of a paper trail as hard proof is definitely a disadvantage.

The currency’s digital nature is cause for yet another consideration. Hacker attacks are a common menace to all Internet users. Fiat currencies face the same danger when they are stored in e-wallets, but the fact that bitcoins cannot be stored anywhere else increases the risk drastically.

The final consideration is related to the withdrawal process’ speed. It tends to differ from the deposit speed due to added processing, as previously mentioned. Bitcoin gambling sites are often bound by law to decrease the withdrawal speed in order to conduct all kinds of fraud and anti-money laundering tests. You need to be aware that this is why bitcoin withdrawals can take a bit longer, maybe even more than older payment methods.

FAQs

Can I withdraw bitcoins from my chosen gambling site using a mobile phone?

Yes, you can. You just have to check if your chosen e-wallet and bitcoin gambling site have mobile-compatible versions. Most e-wallets offer an inherent mobile app, while the best sites allow you to choose between the app and the mobile browser version.

Which one is faster – depositing or withdrawing bitcoins from gambling sites?

Both of these processes are short, especially when compared to outdated methods like bank and check transfers. They normally take a couple of minutes, although the mining could cause withdrawals to take a bit longer before they are fully processed.

Will I need to provide any additional personal information when withdrawing bitcoins?

One of the reasons why bitcoins are an extremely safe payment method is the fact that it doesn’t require any personal information. You will not have to provide any additional info except for the email and corresponding password which you use to sign up at your e-wallet and gambling site.

I copied my e-wallet address incorrectly and clicked to withdraw the bitcoins. What can I do?

You need to be very careful with your e-wallet address. If you input the wrong alphanumerical sequence, it is very probable that you have withdrawn your bitcoins into someone else’s e-wallet.

Will I be charged a fee for the bitcoin withdrawal process and if yes, how much?

Bitcoin transfers are often said to be completely free of charge, mainly because the fees are so insignificant that you might not notice them. When it comes to withdrawals, the fee can be set at an average of about 2% at the most. It is used to pay off the bitcoin miners who have supported the transfer.

Conclusion

Bitcoin has still managed to incorporate many of its strongest features into the gambling industry. This has increased the crypto currency’s popularity and the sites’ player traffic at the same time. Some bitcoin owners even prefer the fact that it hasn’t been legally regulated by separate countries because it is still free from any tax policies. Those countries which tax their players’ winnings in any other currency have the most profit when they choose to withdraw with bitcoins.

There is still a lot to be done and improved both regarding the Bitcoin system and its legal status, but it has unquestionably made life easier for many bitcoin gambling sites and players worldwide.