Deposit and Withdrawal with Crypto

Since the launch of Bitcoin, the world’s first cryptocurrency, the popularity of this alternative method of payment has increased exponentially. Tech experts and novices alike have become accustomed to the fact that they no longer need to store money in centralized banks and, recognizing this, retailers have reacted.

The use of crypto as a primary means of banking for deposits and withdrawals has particularly increased in the online casino and gambling sector. Generally, gambling is heavily regulated by a particular country or state’s government and as such, there are certain restrictions in place that often frustrate players. Cryptocurrency is the ideal solution to those problems.

Here, we’ll take a closer look at cryptocurrency deposits and withdrawals, including some of the advantages it brings, how to make a deposit and withdrawal with crypto and the main differences between crypto and traditional banking. Keep reading to find out more.

Advantages of using crypto for deposits and withdrawals

When it comes to crypto transactions, there are many advantages that it offers over more traditional banking methods. The advantages of depositing and withdrawing with crypto include:

• Faster transactions - one of the main advantages of using crypto as your primary method of banking is that both deposits and withdrawals are processed instantly. 
• Lower transaction fees - a frustrating trait of more traditional banking methods is the high transaction fees associated with them. Crypto transaction fees are far lower and, in some cases, none existent.
• Enhanced levels of security - crypto deposits and withdrawals are processed using blockchain technology, which offers enhanced levels of encryption to ensure that your transactions are as safe as possible.
• Anonymity and privacy - with online casino gambling, a common complaint from players is that they have to give so much personal information in order to set up an account. Crypto casinos solve this issue, by ensuring you can simply sign up with just an email address and password, so you don’t have to worry about your information being stored on a server.
• Decentralized currency - crypto is, of course, decentralized and, as such, it is not regulated by a governing body or a country’s government. This means that your cryptocurrency is yours, and cannot be taken away from you or your access restricted or denied.

These are the most popular reasons that more and more people are choosing to use cryptocurrency for their online transactions.

Step by step guide on how to deposit using cryptocurrency

The first thing to note is that, when making a deposit with crypto, you'll need to have your crypto wallet open in a separate tab or window from your Cryptocasino account that you’d like to make the deposit to. So, to make a deposit into your account using crypto, you login to your Cryptocasino account, click on the blue, rounded deposit button in the top right hand corner. If you have just created a new account, you will be given the option to choose your deposit bonus.

Once you’ve done that, you can then move onto confirming the amount of crypto you want to deposit into your account. Check over your details and, if you’re happy to proceed, click on the blue, rounded deposit button. You will then be presented with a QR code and a unique address, which you can copy.

Now, go to your chosen e-wallet and paste the deposit address in as the ‘receiving address’. You’ll then need to confirm the amount of crypto that you would like to deposit in this particular transaction and confirm to start the deposit process. Your transaction is then sent to the blockchain, where the deposit is processed and confirmed, before successfully being deposited into your online casino account. More often than not, this process is seamless and the deposit is processed instantly.

The withdrawal process

When you’d like to make a withdrawal back to your crypto wallet from your Cryptocasino account, you more or less follow the deposit steps in reverse. When logged in, click on the account button, which is the little silhouette in the top right hand corner next to the deposit button. You’ll then get a small drop down menu, from which you can select the withdrawal option which is available below the wallet header. At this moment, it’s best to make sure that you also have your crypto wallet open and logged in on another tab or window.

Once you’re in the withdrawals section, select the cryptocurrency and specify the amount that you’d like to withdraw and click the blue confirm button. At this point, head over to your crypto wallet and copy your unique blockchain address, return to the other window or tab and paste this into the designated field.

You’ll then have the option to confirm the withdrawal, before doing so, just go over the information you have entered and ensure that it is all correct. If you’re happy, click submit and wait for the confirmation message to appear.

Now, you just have to wait for the transaction to be processed through the blockchain before it arrives into your crypto wallet. This is generally done instantly, but can take up to a few minutes for the withdrawal to go through and the funds to appear in your wallet.

The differences between crypto and traditional banking transactions

As with all things, there are pros and cons to making cryptocurrency transactions and traditional banking transactions. The main differences are:

• Crypto transactions are processed far quicker than traditional banking transactions
• Crypto transactions have lower transaction fees that traditional banking methods
• Crypto transactions offer an enhanced level of security that cannot be matched by traditional banking methods
• Crypto allows for anonymous transactions, while traditional banking transactions are tracked and logged
• Crypto transactions are decentralized, while traditional banking is overseen by national governing bodies

Essentially, the key to all of these differences is the last point, that crypto transactions are decentralized and, therefore, are not overseen by any particular country’s government. This means that a government has no power to restrict your access or take your crypto away from you, it is truly yours. The same cannot be said for traditional methods of banking, which are regulated and centralized and, as such, governments do have the power to restrict access to your accounts in this way.

Crypto is by no means perfect, there are some risks involved with choosing cryptocurrency over traditional banking and you must be extra vigilant to ensure you do not fall victim to any scams or fraud. Luckily, there are systems in place that provide security for your assets so, while there is a perceived extra risk to crypto, it can be managed quite easily. Overall, the decision to use cryptocurrency or traditional banking transactions is one that purely comes down to one thing - personal preference.