Saturday, 22nd October, 2016

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Is There A Minimum Deposit for Bitcoin Casinos?

If you thinking about dipping your toes into the waters of bitcoin casinos, there are undoubtedly a lot of questions that you will have, given the fact that bitcoins and bitcoin casinos are such a relatively new marketplace. In fact, with the number of bitcoin casinos growing almost on a weekly basis, things can become confusing to the novice bitcoin user, or bitcoin casino player.

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One of the biggest questions that seems to come up on a regular basis is – is there a minimum deposit for bitcoin casinos?

The short answer is: no, there is no minimum deposit for some bitcoin casinos.

Because right now, in dollar terms, the value of 1 bitcoin is relatively high, most people tend to deal in fraction of bitcoins. Like most currencies, bitcoins can be broken down into smaller units, in the same way a dollar can be broken down into cents, or a pound can be broken down into pence. For bitcoins, they are simply called ‘units’. So, one-tenth of a bitcoin is called a decibitcoin. One-hundredth of a bitcoin is a centibitcoin. One-thousandth of a bitcoin is a millibitcoin. And one-millionth of a bitcoin is called a microbitcoin. So these are the units that the general public is dealing with when it comes to bitcoins, simply due to the fact that there is a small amount of this electronic currency and it has to cover the entire world’s population.

As an example, we could say you have 1 bitcoin in your bitcoin wallet. If you would like to play at an online casino that accepts bitcoin deposits (for example, mBit Casino), you do not have to transfer the entire bitcoin out of your wallet and into the casino, in the same way that if you walked into a real casino, you would not have to empty your entire wallet at the cash desk to play. You can choose to deposit any fraction of your bitcoin you so wish, and then bet with it accordingly.

Conversely, there is also no maximum deposit amount when it comes to depositing at a bitcoin casino. While it may not be the greatest bankroll management strategy, there is nothing to stop you from emptying your bitcoin wallet into a bitcoin casino should you feel the desire to.

Once your deposit has been made, the longest period of time you may need to way for confirmation that the deposit has been accepted is approximately 30 minutes, although this may vary depending on the casino. For example, mBit Casino puts confirmation time at around 30 minutes, although tends to be instantaneous for smaller deposits. The same is also true for 365 Bet Bit.

And that is the beauty of depositing at a bitcoin casino – instantaneous deposits without the hassle of providing identification and bank details, because everything that you need to do is done electronically, which tends to happen in the blink of an eye.

The instantaneous deposits and withdrawals, along with no minimum deposit at mBit Casino makes it an appealing place for bitcoin users to place a wager. When you take into account the security and anonymity of using bitcoins to play at an online casino, there is no reason you should not give bitcoin casino gaming a try. In fact, if you are new to the whole world of bitcoins, mBit Casino guides you through the process, and does a good job of actually explaining the whole concept of bitcoins to you. They essentially hold your hand throughout, which is important when dealing with such a new marketplace as bitcoin gambling.

All you need to do is get yourself a bitcoin wallet (and there are many bitcoin wallets out there, so find one that suits your needs), and then purchase some bitcoins (or a fraction of a bitcoin) from a bitcoin exchange. Again, do your research on bitcoin exchanges, as there are several out there and they have various pros and cons depending on what part of the world you are in. The most important thing to remember is that your bitcoins are secure, but it is up to you to keep them secure. So never give out any security certificate information to a person (or persons) you do not wanting knowing about the transaction – it should be kept between you and the other party involved.

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