With the rise in popularity of Bitcoin online casinos in the Philippines, now is a great time to get acquainted with this payment method. This article explores the reasons why Bitcoin casinos are so well-liked, the kinds of games they provide, and how to pick one. We also provide a list of the top Philippine Bitcoin casinos.
How Does Bitcoin Work When It Comes to Sports Betting?
Getting an electronic wallet, or digital wallet, is the initial step for Filipino players who want to use Bitcoin. Players must create and register an e-wallet through an app or website that has been specifically built to store, receive, or send Bitcoins.
Creating an electronic wallet is simple, but the wallet itself requires a high level of protection to guarantee that only the player has access to their funds. Everyone making a Bitcoin transaction must have their own Bitcoin e-wallet to receive, send, and store Bitcoins for future use.
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Is Bitcoin Safe and Secure?
In the Philippines, you can legally gamble at Bitcoin online casino without fear of repercussions. Transactions made using Bitcoin are completely untraceable and private. You will have to enter 34 random numbers and characters in place of your name and email address. Additionally, all transactions are decentralised and transparent.
There is an added layer of security when you use Bitcoin at your favourite crypto casino. The KYC (Know Your Customer) process and other forms of authentication will be required of you before you can begin playing in a legitimate crypto casino.
Bitcoin Limits, Fees, and Times
Bitcoin is a fast and reliable payment option, which is why many people are interested in getting started with Bitcoin betting. Unlike when using a third party, Bitcoin wallet management is straightforward, and the fiat currency costs for deposits are minimal.
To make a Bitcoin casino deposit, simply navigate to the “Cashier” tab and enter the desired deposit amount. Select your coin from the menu. When a player requests a withdrawal, they follow the same steps. Simply select the amount you wish to withdraw and the cryptocurrency you wish to use under the ‘Withdrawal’ tab. The cryptocurrency online casino will swiftly and safely handle both transactions.
1XBet is a Philippine sport betting platform launched over a decade ago. Aside from accepting Bitcoin deposits, 1XBet also allows players to complete deposits with alternate payment options like local payment options and electronic wallets.
Since the launch of the first-ever crypto casino in 2014, crypto betting has gained immense popularity worldwide. Offering the advantages of anonymity and transaction security, here are the steps for completing Bitcoin withdrawals from Philippine crypto casinos:
Create a Bitcoin Wallet: If you don't already have one, create a personal Bitcoin wallet. Then, proceed to the withdrawal section of your chosen crypto casino.
Select Bitcoin as Your Withdrawal Option: Choose Bitcoin as your preferred withdrawal method.
Enter Withdrawal Details: You'll be prompted to enter the withdrawal amount and your destination wallet address. Retrieve your wallet address from your personal Bitcoin wallet.
Confirm Wallet Address: Double-check the Bitcoin wallet address you entered, as all withdrawals to incorrect addresses cannot be reversed.
Submit Withdrawal Request: Once you've verified that all the information is correct, submit your withdrawal request. Your funds will typically be available in your personal Bitcoin wallet in under an hour.
How to Bet at a Bitcoin Casino
Cryptocurrency gambling sites are similar to fiat currency betting sites in that you must deposit to bet on your preferred casino games or sports. Follow the steps below to understand more.
Set up a Bitcoin wallet.
Cloud-based Bitcoin wallets are the safest, but you can also use software or hardware wallets. Whatever you do, ensure your Bitcoin wallet is working before moving on.
Fund your Bitcoin wallet.
Any reputable cryptocurrency exchange can help you fund your Bitcoin wallet. The currency exchange will convert your pesos into Bitcoins once you provide them with your Bitcoin wallet information.
Fund your sportsbook/casino account.
Next, transfer your Bitcoins to your preferred sports betting site. The betting website will contain a Bitcoin wallet and address. To send Bitcoin, link that wallet to yours.
Once your casino account is loaded with funds, you can start playing and betting!
Pros and Cons of Bitcoin
Privacy in casino transactions (anonymity)
Quicker and secure transaction times
Minimal fees comparatively
Lack of regulation
How to Withdraw Money from Bitcoin
Although Crypto deposits offer peak anonymity and security, it is impossible to dive into the world of cryptocurrency gambling without prior knowledge. If you are in these shoes, these are some alternate payment options you can check out.
Skrill: Powered by Paysafe Group, Skrill is a prepaid electronic payment method that allows users to seamlessly send uploaded funds. This payment gateway can be assessed via the official website or the mobile applications.
Neteller: Also run by renowned Fintech company, Paysafe Group, Neteller has been in operations for over 2 decades, offering its prepaid services to users worldwide. The platform is easily accessible via the website and mobile applications available on the play store and Apple Store.
GCash is a Philippine mobile payment gateway launched in 2004 and owned by G-Xchange, Inc. While the platform was initially designed to seamlessly pay bills and point of sale services, GCash has earned a spot as a secure and safe transaction option at Philippine online gambling sites courtesy of its impressive transaction conditions.