Bitcoin Casinos - Safe Deposit

How to Make a Deposit with Bitcoin

Bitcoin is a relatively new payment method, first launched in 2009. But despite its age, this digital currency is now a common sight at many of the best sportsbooks accessible to Ghanaians. Simply head to your chosen bookmaker, navigate to the “payments” section, and you'll find Bitcoin listed among the options.

Before you start betting with BTC, getting a Bitcoin wallet is essential. Think of wallets as your digital bank account. They're where you can buy, sell, and use coins for transactions. Popular Bitcoin wallets include Coinbase, Exodus, and Electrum. You can also use standard e-wallets like Neteller and Skrill to exchange your GHS for Bitcoin.

It's important to know that most Bitcoin wallets require a brief ID verification before you can purchase coins. Typically, this involves uploading a copy of your government-issued ID or driver's license and proof of address. Just follow the simple steps provided by the wallet service, which usually takes only a few minutes. Afterward, you can use your linked bank account or a credit/debit card to buy some bitcoins.

How to Gamble Online with Bitcoin in Ghana

Once you have some coins in your wallet, it's time to fund your betting account. This process is quick and easy. Simply open an account with your chosen sportsbook and copy their BTC deposit address. Then, go to your BTC wallet and transfer the desired amount by pasting the sportsbook's recipient address.

Deposits are usually processed instantly. It's also worth noting that many Bitcoin sportsbooks require minimal registration details. This means players can often maintain a good level of anonymity, even in regions where online gambling regulations are still developing.

Meanwhile, deposit bonuses are quite common among Bitcoin sportsbooks. These rewards mainly come in the form of a match-up percentage for the initial deposit. The objective is to encourage punters to bet using Bitcoins more often. Both the bookmaker and the player stand to benefit a lot from quick and cross-border Bitcoin payments.

How to make a withdrawal with Bitcoin

Now, this is the juiciest part of this guide. Assuming you’ve made a decent win after betting with Bitcoin. In that case, you’ll want to withdraw the funds as soon as possible. To do that, one must first move the coins from the bookie to the wallet. Simply log into your wallet and copy the address.

After that, go to the sportsbook’s cashier and choose to withdraw via Bitcoin. You’ll see a field to paste the wallet address and enter the withdrawal amount. Withdrawals mostly take around 30 minutes to 1 hour.

Once the coins have been deposited into the BTC wallet, you’ll need to withdraw them in FIAT currency. This can either be USD or EUR, depending on your jurisdiction. You’ll start by converting Bitcoin to the selected currency before cashing out via a linked bank account. Unfortunately, most Bitcoin wallets don’t support withdrawals via credit/debit cards.

Note: When making Bitcoin withdrawal from a bookie to a wallet, a facilitation fee is applicable. But on the brighter side, the fee is much smaller than what standard payment methods charge.

Safety and security at Bitcoin

So, is Bitcoin betting safe and secure? It’s an open secret that Bitcoin transactions are anonymous. As said before, Bitcoin bookmakers don’t ask for vital financial information like the ID number and bank account details.

So, unless you disclose your Bitcoin address publicly, nobody, including the most advanced hackers, can track your funds. This is definitely an outstanding technology for those who want to keep their online gambling activities secret.

But just because Bitcoin transactions are anonymous, it doesn’t mean you should play anywhere. In plain words, the safety of your digital coins is also your responsibility.

The thing is to always play at a licensed and regulated bookie, like the ones listed here. Make sure that the sportsbook is licensed by a legal local or international watchdog. All in all, Bitcoin gamblers have nothing to fear as long as they are betting on an approved website.

Something about Bitcoin volatility

One thing that Bitcoin traders and players must keep an eye on is volatility. Any long-term gambler will find it challenging to practice bankroll management with the volatile nature of Bitcoins. For example, in 2021, Bitcoin registered extreme fluctuations.

Back in April, BTC was flying high, trading at $64,000 per coin. A month later, it was trading under $30,000 before bouncing back to the initial rate in October. So, don’t buy a truckload hoping to make a kill.

Bitcoin customer support options

Players often face complex challenges when making BTC transactions. This can be inquiries about transaction fees, phishing websites, wrong payments, and so on. Given all these challenges, it’s common to wonder if Bitcoin offers customer support.

Sadly, Bitcoin doesn’t provide a centralized service desk where punters call and speak to support. This is much expected from an anonymous payment method.

But still, players can speak to their Bitcoin wallet providers about any queries they may have. Most of them will answer questions relating to mining BTC, exchange rates, tracking payments, and more.

In addition, players can join the many online Bitcoin communities and get a first-hand experience from other users. A great example is BitcoinTalk, where Bitcoin users gather to discuss mining and innovations in the industry.