If you are a regular reader of gambling site reviews and have an account in one of the best online casinos sites anywhere in the world, then surely you have heard about bitcoins. The different USA & the UK Gambling sites accept bitcoin as payment and offer prizes in the form of bitcoins as well. This is not a new thing for the seasoned players, but newbies somehow get confused at the time of withdrawing winning.
Bingonice, as a source top online casino reviews, decided to provide with the simplest 3 tier beginner guide of withdrawing bitcoin winnings even from the topmost online casinos of the country.
How to Withdraw bitcoin winnings from online casinos?
Withdrawal or en-cash bitcoins need completion of the claiming process, including wagering clearance. The withdrawal request processes immediately, but takes up to 12 hours to complete. We have searched all the best online casinos and now suggesting to follow this 3 tier process if you are dealing with bitcoins.
Why Top Online Casinos advises you to opt for Bitcoins
Transactions are Fast- The funds are transferred quickly with a cheque or through bank transfer.
Information related to Transaction is Secure- In case of bitcoins, you only need bitcoin wallet address. All your card and personal info will be safe.
Transactions are cheap- Bitcoin transactions are cheaper than the other modes. Only a small fee is charged for it.
Privacy of Bitcoins
Bitcoins are private, and nobody knows where you the funds were spent. It fulfils the aim of private transactions.
Withdrawal process of Bitcoins from Casinos
In Top online gambling site reviews, experienced reviewers have mentioned 3 step process of bitcoin withdrawal.
Start with login into your casino account. Use username and password and then visit the Withdraw page.
Choose the withdrawal method in the bitcoin casino withdrawal section. Enter your wallet address and go for the next step.
Mention the number of Bitcoins you want to withdraw (depending on the wagering requirement clearance) and submit for processing.
Cashing out Bitcoins after withdrawal
Once you completed the bitcoin withdrawal process, you must opt for the right way to encash it. We have chosen these 3 options for you according to our experience in analyzing gambling site reviews. It assists you in encashing these bitcoins without any complications.
Third-Party Broker Exchange
If you are familiar with the concept of bitcoin and a reader of gambling site reviews, you might have been heard about cashing out Bitcoin with third party broker exchange(like coinbase). It takes almost 1-5 days to encash the bitcoins. After completion of the process, the money gets deposited to your bank account. Brokers use SWIFT payment for people who wants to sell their Bitcoin in US dollars. On the other hand, payments are done with SEPA (withdrawal converted to Euros) for the European customers.
In this whole process, you must consider the methods you choose, the knowledge of fees and the time duration when the payment will be converted.
Peer to Peer Exchange
In peer to peer exchange, the Bitcoins are converted with the help of buyer in face to face.
Cash Deposit: In this situation, you have to ask the buyer to deposit to your bank account. Make sure the person is genuine before you release your bitcoins.
Bank Transfer: Through bank transfer payments, get the amount deposited in the bank before you release bitcoins.
Cash in Hand: Meeting local buyers and take cash in hand is another method. In this situation, you can transfer the bitcoins digitally in front of them.
In some best online casino reviews, the experts have mentioned Kraken as one of the best alternatives of the bitcoin exchange. It permits deposit of fiat currency and the withdrawals. In this procedure, one must know the method, time of cashing out and fee.