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Introduction to the Bitcoin Payment Method for SA Casinos
Aside from the types of casino offers and games available, payment methods at online casinos are one of the most important factors that will influence the operator’s popularity and success. Credit and debit cards are usually the most prevalent payment methods at online casinos, but as technology progresses, cryptocurrencies are being utilised more frequently than ever in internet gambling.
There are many top online casinos in South Africa that accept Bitcoin deposits and withdrawals (more commonly known as Bitcoin casinos) and their number is increasing almost every day.
Making transactions with Bitcoin on online casinos is distinct from the traditional methods in that, the user’s personal information will not be attached to the transaction, which is not the case with regular credit or debit cards or any type of bank transfer.
Thus, it becomes a highly private payment method to use.
In this article, you’ll learn the basics of how to start transacting with Bitcoins at online gambling sites in South Africa.
What is Bitcoin and how does it work on Online Casinos?
Bitcoin (BTC) is a currency, similar to the Pound (GBP), Dollar (USD/CAD/AUD), Rands (ZAR) and other currencies out there, but what makes the fundamental distinction between BTC and the more traditional currencies, is that it is only available in digital form. In other words, it is not fiat money, it is a decentralised cryptocurrency and, not only does it not exist in the actual world like physical cash, but it also lacks a central bank.
Bitcoin is only active in the peer-to-peer market. To be able to do transactions, one can use only Bitcoin addresses. These addresses are made up of a string of letters and numbers that can be between 27 and 34 characters long.
It is used by over 10,000 people and enterprises around the world, including South African Bitcoin casino sites.
How Does BTC Work for Online Casino Transactions?
If you have ever made payments at online casinos, you won’t have much difficulty making transactions with Bitcoin. There are a few differences, but everything is easy to learn:
The first step in starting using Bitcoin at online casinos is to acquire BTC and create a digital wallet. Numerous online websites can assist you with these procedures; read on to get a few starting pointers on crypto-wallets.
You can then go to a casino that takes Bitcoin as a payment method after you’ve acquired your BTC.
There are now many crypto online casinos that accept Bitcoin in South Africa. To find one, you can start with our selection at the top of this page. Once you’re on your preferred Bitcoin Casino, all you have to do is go to the Cashier (or banking) page and select the Bitcoin option.
Lastly, the casino will send you a wallet address. Return to your own crypto wallet of choice, enter the casino’s address, and confirm the transfer of Bitcoins.
It may take a few minutes to go through these steps, but it’ll only take seconds until the funds are added to your casino account and available to be wagered with.
Types of Wallets to Store Your Bitcoin
Although there are many different types of Bitcoin wallets, there are four that are the most commonly used:
Software Bitcoin Wallets
Software wallets can be loaded onto your mobile device or computer. The downside is that you need to have some fundamental computer skills and the disc space it takes up is significant.
The security of a software wallet is only as high as the device on which it is installed.
Some popular examples of Software Wallets are Exodus, BRD, Armory, Electrum, and Bitcoin Core
Hardware Bitcoin Wallets
Bitcoin hardware wallets are USB devices – like an external drive or USB flash drive – that must be plugged into your computer to load or cash out from your gaming account. This makes them one of the safest methods to store your crypto.
If the wallet is disconnected, it is fully safe from virus attacks, and it also serves well as a backup wallet. Because the hardware is removable, you can carry your wallet with you at all times.
Examples of popular hardware wallets are Ledger and Trezor One.
Online Bitcoin Wallets
The simplest and quickest type of Bitcoin wallet is an online wallet. Any third-party digital wallet that you may access from your PC or mobile device is involved. The major disadvantage is that, as compared to the other three wallet kinds, online wallets are more vulnerable to unauthorized access and cybercriminals.
A popular example of an Online Wallet is Blockstream Green.
Paper Bitcoin Wallets
In this case, both your personal and public Bitcoin keys are scrawled or printed on a piece of paper with Bitcoin paper wallets. As a result, they’re considered incredibly safe, thanks to the fact that they’re completely off the network. This implies that no one can obtain your information on the web, and your piece of paper will never be stolen or lost if you protect it.
Fun fact, Paper Wallets are the oldest type of crypto wallet out there.
How to Choose the Best Bitcoin Wallet for Bitcoin Casinos in SA
The sort of crypto wallet you choose to store your Bitcoin in is determined by a number of things. If you are funding your account at an online casino with Bitcoin, software or an online wallet is the best option because it’s quick and easy. Most probably, you will be looking for a crypto-wallet that allows:
- Fast and effortless transactions: if you are going to fund your Bitcoin Casino account, you will probably want to make small and frequent transactions; therefore, look for wallets where any potential fees will come as a percentage of the transaction to be made.
- Desktop and Mobile availability: if you like to gamble both from your mobile and desktop, you will want to look at an option that offers you this mobility.
- No KYC: there are some online crypto wallets that will ask for identity confirmation and this may not always come as comfortable, especially if online gambling is frowned upon in a region you may be. Reportedly, there have also been some online crypto wallets such as Coinbase that have shut down players’ accounts when transactions to online casinos were detected.
Take your time to study and choose the crypto-wallet of your liking. Depending on your experience with Bitcoin and Bitcoin Casinos, here are a few starting ideas for crypto gambling that you can further study in your own time:
- If you are a complete newbie to the crypto-world and thus the Bitcoin Casinos in South Africa, choose an easy to use crypto-wallet, such as Exodus. Starting out with this wallet is as easy as it gets.
- For more seasoned crypto-gamblers, you have Blockstream Green.
- Other Bitcoin Wallets that are generally considered secure: BRD, Mycelium or blockchain.info.
- Lastly, we’d like to add that if you have a large quantity of BTC and want to keep it safe, you could, alternately, use a paper or hardware wallet such as Trezor One.
Whatever Bitcoin wallet you use, remember that the more you protect and safeguard your data, software, devices, passwords and usernames, the more secure your Bitcoin will be. Never keep your private and public keys out in the open.
Is the Bitcoin Payment Method safe to use at South Africa Casinos?
Bitcoin users have total control over their transactions at all times. No casino or merchant can impose unwelcome or unannounced costs, as is the case with other payment options. Additionally, Bitcoin transactions can be done without revealing any confidential information. This gives excellent security against identity theft. Furthermore, BTC users can secure their funds using both encryptions and backup, making it even more difficult for a criminal to gain access to their wallets.
However, keep in mind that it is your duty to make sure you have the maximum level of protection for your wallet.
Deposits and Withdrawals At Online Bitcoin Casinos
Depositing At Bitcoin Online Casinos
Your Bitcoin address will be sent to you after you sign-up at the casino. When you make BTC payments with the casino, you’ll need to utilise this address. While depositing funds into your casino account is immediate, the transaction must be validated by the blockchain, which usually takes just under an hour.
When you make a transaction, your Bitcoin software executes a computation involving the casino’s public key and your private key, as well as the number of Bitcoins you want to send. The outcome of this operation is broadcast across the decentralised Bitcoin network, allowing non-participating Bitcoin software clients to verify the transaction.
Once that is complete, you can play as soon as the Bitcoin is reflected in your account.
Cashing Out From SA Bitcoin Casinos
When it comes to cashing out with Bitcoin, you usually have two choices. You can transfer your coins to the address of your exchange provider, where you can sell your Bitcoins and ask for a bank transfer or another mode of withdrawal. If you want to save your bitcoins, you can move them to your Bitcoin wallet, but bear in mind that the price of BTC fluctuates. Transactions, like deposits, happen immediately.
Because Bitcoin transfers do not involve a bank or clearinghouse, the major portion of Bitcoin casino banking transactions are fee-free. However, if there is a charge, it is usually quite modest. In general, the cost of processing can be as low as 0.0001 BTC, for any amount you deposit or withdraw at online Bitcoin casinos.
Pros and Cons of Bitcoin
There is only one main downside of cryptocurrency (and consequently the Bitcoin), and that is the fact that the crypto casino industry is unregulated in the vast majority of countries throughout the world. As a result of the lack of competition, setting and improving standards is a daily challenge. Think about what would happen if countries regulate and promote competition in the online gaming market, where the technology and use of cryptocurrency are already remarkable.
Bitcoin Online Casinos in South Africa – How to Choose One?
Seeing that it’s a safe and popular to use payment method, South African casinos are also part of the global trend of operators who have already adopted this form of payment.
Note that on our website you will find proposals of casinos that either accept only Bitcoins but also casinos that accept other forms of payments besides BTC.
Should you decide to give Bitcoin gambling a go, you can start by choosing one of the casinos on our website. All our top picks have gone through a rigorous selection and rating process to ensure that you have access to regulated recommendations in South Africa.
Can I Get a Bitcoin Casino Bonus In South Africa?
Online casinos are constantly coming up with new and innovative ways to lure in new players and keep current players involved and engaged, and using cryptocurrencies such as the Bitcoin to gamble makes it no different.
Should you choose to use one of the casinos on our list, you will find lucrative welcome offers, such as match bonuses up to a specified amount, no deposit bonuses, and promos on specific slot games that include hundreds of free spins.
You can also get cashback to spend on a game of your choice, or you can compete in tournaments for table games (such as Blackjack, Roulette or Poker), with great cash prizes or prize pools.
Some ZAR casinos even offer lotteries, depending on where they are based. You can find these and other specials that happen during the week on the casino’s promotions page or on the home page banners.
Bear in mind that sign-up offers may have wagering requirements (sometimes up to 70x), and there are terms and conditions that must be adhered to in order to be eligible for these casino bonuses.
Make sure you read and understand them thoroughly.
Other Similar South African Casino Payment Options to Bitcoin
|Payment Option||Pros and Cons|
|Bitcoin Cash (BCH)||There are high maximums and low minimums Transactions are completed quickly Improved privacy Bonuses and promotions are available Used globally|
|Ethereum (ETH)||Faster than Bitcoin No Fees Privacy when online gambling|
|Ripple (XRP)||Cheaper and faster money withdrawals No verification needed Low volatility|
|USD coin (USDC)||No exchange rate loss with fiat money High speed and low cost of transactions Compatible with Ethereum|
Our Final Thoughts on Bitcoin Casinos
Bitcoin Casinos are here to stay and they only continue on developing and growing. There are plenty of Bitcoin casinos that accept players from all over the world including South Africa, and having the possibility of making anonymous deposits is a trait to keep in mind when it comes to Bitcoin Casinos.
Should you decide to browse for such a casino in your region, you can start with our toplist suggestions above.
Frequently Asked Questions About Bitcoin Casinos
What Bitcoin-accepting online casinos are there for South Africans?
Although the number of casinos that accept payments using Bitcoin is still small, a growing number of Bitcoin South African online casinos are popping up, so it’s worth checking your favourite casino’s payment page to see if they’ve joined the group.
Are there any fees involved?
Bitcoin transactions themselves have no fees, but the casino may charge a processing rate. Always check that out at whatever casino you choose.
Is it necessary for me to open a wallet to use Bitcoin?
Bitcoin is kept in a digital wallet, which can be found on your phone, tablet, or computer.
How do Bitcoins stack up against other forms of payment?
Bitcoin is gaining popularity, even though it is still relatively young. At the moment, finding Bitcoin-accepting online casinos can be difficult, but that is expected to change soon.
Is utilising Bitcoin as a payment method safe?
Bitcoin is an excellent solution for gamers who want to remain anonymous online; while each transaction is recorded, the participants’ identities are not.
What are the advantages of Bitcoin gambling?
Bitcoin allows you to gamble and deposit anonymously, which helps to protect your online identity.
Is it safe to pay using Bitcoin at an online casino?
Bitcoin is a safe and anonymous payment method that can be used in place of traditional methods.
What exactly is Bitcoin, and how does it function?
Bitcoin is a type of cryptocurrency, which is a virtual or digital currency that may be used to make payments online. It may be used for online gambling, too. Bitcoin casinos are still uncommon, but they are becoming more common by the day, especially amongst South African players.