How to Withdraw with Bitcoin
Depositing and playing with the Bitcoin cryptocurrency at your favorite online casino is all fine and dandy, but what about when it comes to withdrawing your funds and winnings? How easy is this process? How exactly do you do it? We created a guide for you to understand how Bitcoin deposits work, so we’ve also brought one to you that explains how to withdraw your Bitcoin, too. Not only that, but you’ll be able to understand what you can do with your Bitcoin once you’ve withdrawn it from the online gambling platform. So, if you’re ready to find out more about how to withdraw with Bitcoin, please read through this section of our site.
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How to Get Your Bitcoin Out of the Gambling Site
When playing at your favorite online casino, there will potentially be a point when you’re wanting to withdraw your funds. The process for doing this when it comes to Bitcoin is as simple as a standard withdrawal. In fact, in some cases, it’s simpler and swifter. If you’ve checked out the guide to depositing, you’ll already know that this process generally takes no more than 10 minutes to complete. The same is true of making a withdrawal via Bitcoin. It shouldn’t take any longer than 10 minutes for the withdrawal to fully complete.
So, getting this process started requires you to be logged into your casino or sportsbook account first of all. Once you’ve done this, you need to make your way over to the site’s cashier page. You’ll first need to insert the amount that you would like to withdraw from your account. This can be any amount that you like from your balance.
You’ll then be prompted to enter the address of the wallet that you would like to send the funds to. If you know about depositing with Bitcoin, then you’ll know how this looks. It’s usually a long piece of text that you can copy and paste into the casino site. If your wallet is stored on a mobile device, then you can alternatively scan a QR code for this information to automatically be entered into the casino’s cashier section.
After this, you need to hit the “Send” button, and this begins the withdrawal transaction. As mentioned, it shouldn’t take any longer than 10 minutes for the Bitcoin to appear in your chosen wallet. The great thing about utilizing the Bitcoin option is that if you have more than one wallet, you can simply enter the relevant address of the wallet you wish to send them to. This isn’t the case with standard withdrawal options, where, for example, if you deposit with a Visa card, you have to also withdraw funds in the same way.
From then onwards, with the Bitcoin in your chosen wallet, you can do as you like with it. If you have opted not to withdraw all the funds, then you can carry on using whatever is left to continue placing bets. But what about the funds that are now in your wallet? What can you do with them?
Turning Your Withdrawn Bitcoin into Cash
So, now that your Bitcoin is out of the casino or sportsbook, what do you do with it? Well, you have a few different options. For example, if you would like to continue using it for gambling, you can opt to deposit it at an alternative online platform. Otherwise, you may wish to convert the Bitcoin funds that you have back into fiat currency. There is also a process for doing this.
Once you have chosen the exchange that you would like to use, you need to log into your account. Following on from this, you need to navigate to the “Sell” section of your exchange wallet. From there, you can insert the details of the wallet from which you wish to sell your Bitcoin. This is, again, a process that requires you to insert the address of the wallet. After this, you’ll be required to enter the bank account that you would like the cash to be sent to. Of course, if this is the first time you’re using a certain exchange for withdrawing, you’ll need to insert the bank account details. Then, you need to insert the amount of Bitcoin that you would like to sell on the exchange.
This part is something that you can do by entering the amount of fiat currency you would like to withdraw, rather than having to enter a specific amount of Bitcoin. The exchange can then calculate the amount of BTC it costs to receive that amount in cash. Should you not have that much Bitcoin in your wallet, the exchange will notify you.
After this, you need to confirm the amount that you would like to sell and the amount of fiat currency that you will receive for this. Furthermore, make sure that you note and understand the transaction fee for doing this, and click on the “Sell” button.
Withdrawals will depend upon the type of payment method that you use. If you’re having funds sent to a bank account, then the process may be slightly longer than if you’re withdrawing to a card. Generally speaking, though, it shouldn’t take any longer than 12 hours for an online exchange to process the withdrawal and have it sent to your chosen account. From that moment onwards, the time that it takes for the funds to reach the account you’ve opted for depends solely upon the payment method.
Is It Necessary to Withdraw Your Bitcoin?
It is important to know how Bitcoin transactions are done in both the case of depositing and withdrawing. However, it’s not something that you definitively have to do. Once you have deposited and started playing at your favorite online site, you may want to just leave the Bitcoin there to play with whenever you like. Furthermore, winnings aren’t specifically something that you have to withdraw from the casino or sportsbook and into your wallet. The simple two options are keeping the Bitcoin in your casino wallet and continuing to play or withdrawing it back to your external wallet to do as you like with it.
Some Bitcoin users prefer to withdraw funds when the exchange price is better. In this instance, fewer Bitcoin with a higher fiat currency return makes a greater sell for people. Therefore, unless you’re in desperate need of some cash, it’s sometimes advisable to hold on to the Bitcoin in your external wallet until the price for exchanging it is better. Ultimately, it’s your own choice. You can decide on how you would like to proceed with your own Bitcoin.
Even if you’re not ready to go for a withdrawal from Bitcoin to cash, you can store the cryptocurrency in your external wallet without being charged for it. This way, the funds are safe (especially if you’ve chosen a hardware Bitcoin wallet), and you won’t have as much of a compulsion to use them on placing bets at online sites. Then, convert it into cash funds whenever the price is right or whenever you’re ready.
So, now that you’re fully informed on how both depositing and withdrawing in the Bitcoin digital currency works, you can proceed to utilize such at your chosen online casino or sportsbook. Bitcoin can provide you with a great alternative to standard currencies and payment methods. So, take advantage of the guides and the tools that are at your disposal – and above all, have a safe, fun, and controlled time placing online bets.