Stories

Why is my Bitcoin deposit is taking so long to be confirmed?
2021-02-10
When Bitcoin was first introduced in 2008, not many people paid attention to its appearance. Today, with Bitcoin's rapid growth in popularity, so many users from different countries of the world prefer to use this cryptocurrency to pay for various purchases in online stores. The widespread tendency to use Bitcoin transactions has led to the emergence of specialized services that allow using the available digital money to participate in various gambling activities.


The online casino industry is one of the main areas in which cryptocurrency has made a big impact. Some players don't want to open new player accounts at online casinos and hand over their personal or banking details. Since Bitcoin is considered to be the most popular type of cryptocurrency, you can find many online casinos that allow you to open accounts in this cryptocurrency. It should also be noted that most of the popular casinos allow you to open accounts in both: real money deposits and Bitcoin. The number of Bitcoin casinos is growing every day. The specialized services make it possible to use existing Bitcoin coins to play various online games and online lotteries. Besides, users can use their digital money to make sports bets.

Bitcoin- Features

Online gambling is a huge business that follows the path of innovation and adapts to new technologies. Its growth rate is impressive - the online gambling industry makes an estimated 1 billion dollars annually. The basis of any online casino, regardless of what currencies it accepts, is a specialized software that allows users to participate in various online gambling activities.

Today, the vast majority of transactions in online casinos are conducted in major international currencies such as USD, GBP, and EUR, but more and more people are starting to use the cryptocurrency known as Bitcoin. In general, the online casino niche is so competitive that industry leaders can't afford to stand still and resist changes. Online casinos cannot ignore the growing popularity of Bitcoin. This cryptocurrency is already used by many people from all over the world to buy goods and perform financial transactions, and now it is beginning to enter the world of gambling.

Practice shows that the most popular bitcoin online casinos among users are those which use their gaming software. Other online casinos purchase or lease specialized software, configuring it to meet the company's needs. Since a huge number of potential users doubt the transparency of online casinos, some of the services reveal the features of algorithms that are the basis of specialized software. Thus, the online casino management tries to prove to potential players that the game process is fair and everyone has a chance to win.

How it works

Bitcoin is a decentralized digital currency where transactions are carried out instantly from peer-to-peer. The virtual currency can be used to both send and receive payments completely anonymously. Payments can be sent or received anywhere in the world. It's also worth mentioning that Bitcoin doesn't charge any additional fees to use it as your preferred payment method at an online casino. Sometimes if you use an exchange to purchase your Bitcoins, you may be charged a minimal fee for the transactions. Conventional electronic systems charge 3-5% for financial transactions, while blockchain technology provides highly secure transactions with a dynamic commission rate, the cost of which can be changed depending on the required confirmation speed. But fees don't apply when you make Bitcoin deposits or withdrawals at online casinos.

If you have never used Bitcoin before - you need to sign up and download a wallet. After this is done, you are going to get your unique wallet ID. The casino will generate a private deposit address that is unique to you and that you will then use to make payments to the casino. Now you can purchase Bitcoins from your preferred exchange and pay the going rate at that particular time. Log in to your online casino account, choose the Bitcoin payment option, and send money from your wallet ID. Once the casino acknowledges the funds, your Bitcoins are converted to poker chips in your account. The process should be completed very quickly, sometimes even within minutes. Sometimes, but very rarely, the process can take 24-48 hours.

Why Are My Bitcoin Deposits Taking Forever?

Bitcoin is faster than any other payment method. Usually, if you use Bitcoins for deposits and withdrawals at online casinos, you can forget about the long waiting time: there's no waiting for transactions to clear. All money transactions with cryptocurrencies take a matter of minutes.

The online casinos spend a ton of money making sure you can deposit easily and cash out quickly. Like in any other system, sometimes problems can occur. You have made the deposit and now you are waiting for your deposit to arrive and wondering why it takes such a long time? Let's see why your Bitcoin deposits and withdrawals are taking a little longer than normal.

Don’t forget that crypto transactions require multiple confirmations, and this means that deposits can take up to 10 minutes. Fees vary on transactions.

Cryptocurrency transactions are confirmed on the various Blockchains, which can sometimes be overloaded. When this happens, you have to include a higher transaction fee when sending funds for the transaction to be confirmed faster, otherwise, it is stuck in the Blockchain queue for long periods. Unfortunately, in such a situation when various Blockchains are overloaded, there is nothing online casinos can do.

Another reason for Bitcoin deposits to take longer time is larger amounts. In that case, transaction time can take 2 to 10 hours to deposit or cash out. Although this can happen, generally, transactions with Bitcoin take a few minutes to 2 hours no matter how many bitcoins you send/receive.

Advantages of using Bitcoin for gambling

Bitcoin has many advantages for online casino players. Using Bitcoin as your wallet is a much easier process than making debit card or credit card purchases that do not require a merchant account. That is possible to make payments through your computer or mobile phone application and use your credits to play your favorite casino games.

• Complete anonymity – Bitcoin has no direct connection to a personal bank account.

• Minimum transaction costs.

• Instant deposits.

• Bitcoin is accepted and regulated by many jurisdictions, including the UK Gambling Commission.

• Using Bitcoin can also be good for players from the United States who may not be able to make deposits at offshore casinos.

• No one can freeze your assets.

• You can make transactions 24 hours a day and 7 days a week.

• Players can receive extra bonuses and promotions just for using Bitcoin as their payment method.

Conclusion

Bitcoin is quickly becoming the currency of the future. Many online casinos are adding Bitcoin to their list of deposit options as an alternative. That is the reason why all online casino players need to do their research to know how to use all the benefits of this cryptocurrency. There may come a day when a Bitcoin-only casino becomes a reality.

Good luck!
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