a circular golden representation of bitcoin with electric wires emanating from the circle to the large B

Crypto Has Revolutionized Online Casino Banking

Slotocash Casino was one of the first of the casinos we have reviewed and recommend to have advanced in the online casino area to where they allow gamers to deposit and withdraw funds in bitcoin and other crypto currencies.

We have a lot to explain here so let’s get started!

a circular golden representation of bitcoin with electric wires emanating from the circle to the large B

What Do We Mean by Online Casino Banking?

The term banking might seem a bit out of place here simply because we think of banks as places where people save money, where people deposit money so they can write checks, places where people go to borrow money to buy a house or a car or furniture, places where people go to borrow money to start a small business or to acquire a credit line so they can maintain their small business and many other functions we conventionally associate with banks.

If it Seems Like a Bank…

The online casino bank is the place where the money you have deposited in your casino account stays waiting for you to come back for another session of online casino gaming.

As such, the “bank” at an online casino is not a real bank in the general sense but there is no better term for the place where gamers’ money stays safe.

Thus we talk about online casino banking.

Online Casinos Bank Gamers’ Money but Land-based Casinos Don’t

Keep in mind that land-based casinos don’t have a “bank” even in the non-conventional sense we are talking about here. A gamer at a land-based casino might leave some money in their player’s card but why would they if they won’t be coming back to that exact land-based casino for some weeks, months, years, or ever?

We wonder how much real money was tied up in shuttered land-based casinos players’ cards during those long months when all casinos were closed because of the corona virus!

What is Bitcoin?

This is one of the most asked questions among people who are just becoming acquainted with the term bitcoin. To be sure, it is not easy to get one’s head around the concept of a bitcoin, how it comes into being, and why it is slowly but surely becoming acceptable as a medium of exchange and as a banking method at Slotocash and other reputable online casinos.

Bitcoin is a Cryptocurrency

We don’t like the term cryptocurrency since it implies that bitcoin are somehow false as a medium of exchange when demonstrably it is a recognized medium of exchange. It is as a medium of exchange that online casinos accept bitcoin for deposits and many online casinos such as Slotocash also accept bitcoin for withdrawals.

Why is it Called a Cryptocurrency?

Bitcoin was established only in 2009! Governments have been issuing the coin of the realm for hundreds, even thousands of years. Many products have over time been used as currency meaning as a medium of exchange but for thousands of years the main elements that were used as currency were gold and silver.

The reason is simply that gold and silver are relatively rare as opposed to sand and rocks for example; gold and silver are durable as opposed to a delicious pie or cake; and gold and silver are relatively easy to store as bullion.

Many governments produced gold and silver coins and they were used as the local currency.

These days, no government backs its currency with gold or silver. Government money is backed by the goodwill and honesty of the governments which is exactly why bitcoin and the many other cryptocurrencies were developed. Cryptocurrencies have become an accepted alternative to government money.

Will Cryptocurrencies Ever Replace Government Money?

It is impossible to speculate on this matter but as an alternative to government money, cryptocurrencies certainly have a place. Bitcoins are produced in a process called mining which has no real relation to the kind of mineral mining people have been doing for millennia.

Why Do Many Gamers Prefer to Bank with Bitcoin?

Because bitcoin are totally digital, they offer a level of privacy and autonomy that no regular banking method can provide. Credit cards provide relatively little privacy and most gamers are okay with that and bank with credit or debit cards.

Bank transfers go directly from your bank to the casino so they offer no privacy from the bank itself. Ewallets were established to effect trade that was more private than credit and debit cards and bank transfers and they do offer a much broader level of privacy.

Cryptocurrencies offer the most privacy of all of them!

Why is it a Big Deal that Slotocash Allows Withdrawals in Bitcoin?

There is one weakness in online casino gaming and that is in the area of withdrawals. A lot of gamers get frustrated that the banking method they use for deposits is not supported by the casino for withdrawals.

In addition to Slotocash Casino which allows deposits and withdrawals in bitcoin, let’s take a look at the casinos we recommend and see which ones do the same.

As we looked through our information on these casinos, we saw that ALMOST ALL allow withdrawals in bitcoin! The more important list is which casinos don’t allow withdrawals in bitcoin!  Here is that list:

Black Diamond Casino
Box 24 Casino
Desert Nights Casino
Miami Club Casino
Slots Capital Casino
Spartan Slots Casino
Golden Euro Casino

We suspect that after we publish this article, these casinos will all get with the program and arrange for bitcoin to be accepted as a method for withdrawal as well as a method for deposits. So check back frequently.

How Do Online Casinos Protect Gamers’ Money?

Online casinos protect gamers’ assets the same way any online bank, investment house, pension fund with internet access, or business selling its products online protects their customers or clients: with the most powerful and sophisticated encryption software available. Encryption software scrambles information so hackers can’t read it. This is how your money is protected when you buy anything online or when you look at your bank account online.

Bitcoin is one aspect of good online casino banking in that it provides the most privacy and encryption completes the picture by not letting anyone see your assets or access them without your knowledge and agreement.

That is also why online casinos ask for proof that you are who you say you are when you ask for a withdrawal. The casinos want to make extra sure that they are sending the money to its rightful owner!

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Author: Janice Mason