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.
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 the length of that process. 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.
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 if you are going to spend the money as Bitcoin. If you need the money in Dollar, Euro, Sterling Pound or any other fiat currency, then you need to do more.
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
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).
- Provably Fair: a Bitcoin feature that makes online gambling transparent
- 5 Critical Ways Bitcoin Makes Gambling Online Better
- Is it legal to gamble with bitcoins?
- How to withdraw bitcoins from online casinos
- How to deposit bitcoins to an online gambling site
- Introduction to Bitcoin and online Gambling