Quick Guide to Bitcoin Casino Withdrawals: Hidden Traps to Avoid
We at Cryptogamba know that players who are just starting their Bitcoin gambling journey may face several challenges when cashing out winnings. Although the process is pretty simple, there are several things to consider before loading the cashier to ensure a successful withdrawal.
To help you get started, our expert team has prepared an easy-to-follow guide with all BTC withdrawal steps explained in detail. Moreover, we’ll also explain some of the common issues you may face along the way.
How to Withdraw Winnings Using Bitcoin: Step-by-Step Guide
Withdrawals can be frustrating for casino players. This is true both for players using fiat currencies and those who prefer cryptos. However, gamers who are not as familiar with digital currencies as other seasoned crypto gamblers can really feel overwhelmed when it’s time to cash out. If you’re one of them, don’t worry. We’ve got you covered. Follow these steps to cash out winnings without stress.
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Load Your Wallet
The first step is to open your wallet. The wallet page is easy to find as it’s most often in the top right corner of the screen. Some casinos have the Deposit button, allowing you to access other services. Once there, choose the withdrawal section.
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Enter the Withdrawal Amount
If you meet the casino’s predefined withdrawal requirements, like minimum or maximum withdrawal amount or wagering requirements, you’ll be able to proceed with the cashout.
How will you know whether you can cash out? It’s simple – the casino will clearly show you if there is a problem. For example, if you want to withdraw less than a set minimum, the casino will display a warning message informing you that the sum is not okay.
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Check the Fees
One of the great things about crypto gambling sites is that they are transparent about everything, including fees. When you load the withdrawal page, you will see all the details, like minimum and maximum withdrawal amounts and potential transaction fees.
In most cases, you’ll pay a minimal amount to miners who verify Bitcoin transactions and include them in the blockchain. However, keep in mind that the sum can change depending on how busy the Bitcoin network is and the size of the transaction. Despite that, these costs are minimal, and you won’t even notice them.
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Provide Your BTC Wallet Address
This is the trickiest step when cashing out casino winnings with Bitcoin. Pay special attention to this part of the process, as crypto transactions are irreversible.
What does this mean? If you type your wallet address and miss one of the letters or symbols, the transaction will be lost, and you won’t be able to do anything about it.
Therefore, we always recommend you copy-paste the address and double-check it to ensure it’s 100% correct.
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Confirm the Withdrawal
Once you’ve checked your wallet address and confirmed it is correct, the final step is to submit your withdrawal request. When you do that, you’ll need to wait for the funds to appear in your wallet.
This can happen immediately if the Bitcoin network is not too busy. But even if there’s increased activity on the network, you won’t wait days like with standard payment methods.
Most Common Bitcoin Withdrawal Issues
Now it’s time to highlight the most frequent problems you may need to deal with when cashing out with Bitcoin. Some of them are not issues at all if you understand how the casino and crypto transactions generally work.
- Wrong Wallet Address: We’ve already mentioned that you’ll lose money if you enter the incorrect address. If you use a mobile crypto wallet, simply scan the QR code to enter the address automatically into the casino’s cashier. But, if you use a browser extension or a standard desktop wallet, be careful while copying the address.
- Waiting Time: Although Bitcoin transactions are fast, these transfers also depend on other factors. The main one is called casino pending period. The pending period is a time the casino needs to verify your withdrawal request and release the funds. Typically, casinos process withdrawals within 24 hours, but some sites need up to 72 hours. However, the good news is that more and more new crypto casinos offer instant withdrawals.
- Casino Withdrawal Fees: Some online crypto casinos may charge additional withdrawal fees for handling transactions. However, this is not as common as with standard fiat casinos, but it can happen. Most often, casinos will state in their Terms and Conditions that they “reserve the right to deduct an administrative fee to process a withdrawal.” If the transaction is subject to a fee, the casino will notify you in advance.
- Withdrawal Limits: Online casinos set up minimum and maximum withdrawal limits to ensure smooth operations. These limits also provide a fair gaming environment to all players. It is important to learn these amounts before you request a cash out to avoid problems. For example, if you want to cash out less than a preset minimum, the casino may reject the request or even charge you for such a transaction.
Biljana Lukovic
Casino Reviewer
Biljana is a seasoned casino reviewer who is also passionate about cryptocurrencies. Her enthusiasm for innovative digital payments and the exciting realm of online casinos drives her to delve into both, sharing practical insights and firsthand experiences. While fascinated by the online casino industry, she doesn’t hesitate to point out the downsides when she sees them. Her goal is to provide objective and honest crypto casino reviews, so she leaves no stone unturned in her quest to help gamers enjoy the best possible gaming experience.
