For today’s generation, casino games have been an exciting and enthralling source of entertainment. Games like Roulette and Blackjack increase the intensity among the gamblers relating to the outcomes and probable chances.
Increasing audience and intensity for casinos and gambling is also due to the rise in online casino gaming websites. There has been a huge surge in reputed online crypto casinos such as SatoshiHero. People have started getting involved in such websites due to enhanced security systems and measures.
However, there have been many problems online gamblers are facing. There are many people who lack knowledge regarding the cashing of Bitcoin crypto winnings. There are many aspects pertaining to the withdrawal and depositing of cryptocurrencies in online casino games. The following comprehensive guide describes the process of withdrawing winnings (in the form of digital currencies) and converting the same into cash.
Complete Guide On How To Convert Crypto Casino Winnings Into Cash
There are various points to keep in mind and follow while cashing in Bitcoin casino winnings. These points are outlined and detailed as follows:
Using An Authentic Digital Currency Exchange
The most common and effective way to sell bitcoins or cash in cryptocurrencies is using an external party, which is called a cryptocurrency exchange. This party (exchange) will need the seller to pay a small amount to convert the digital coins into cash. There are many such exchanges available in the market. Some common parties include Binance, LocalBitcoins, and LocalCryptos among many others.
There is a simple process to be followed by people to convert crypto coins into cash. People are required to withdraw their currencies. Although the entire process is very simple, it takes 5 to 6 days to get cash in the account. Out of all the ways to withdraw cash from bitcoins, this method remains the most reliable as it provides an extra layer of protection.
Using A Bitcoin ATM
Bitcoin ATMs are no different than the normal and traditional ATMs. The only difference is the presence of cryptocurrencies (bitcoins) in place of cash. In the US, there are many such Bitcoin ATMs to facilitate the conversion of digital currencies into cash.
These electronic kiosks require a person to have an existing Bitcoin account. They insert cash or debit cards to process or convert the same into cryptocurrencies and vice versa. However, not all the ATMs are used for withdrawing cash. ATMs are also utilized for sending bitcoins to friends and family. There are numerous advantages and disadvantages of these ATMs, which are listed as follows:
Advantages Of Bitcoin ATM
These are very simple to use. These kiosks act like traditional depositing systems, which do not require any rocket science. Moreover, this system of conversion is more streamlined and systematic. They provide exchange at a fair value and affordable rate.
Secondly, these ATMs are very modern and do not require a crypto card to process the transaction. In other words, a person can withdraw money from these machines even if the person does not carry a Bitcoin-related card. There are QR code scanners in these kiosks that identify the account holder and process the transaction.
These networked kiosks give people more confidence to trust cryptocurrencies. ATMs can help people save a lot of time and offer the much-needed streamlined processing of different digital currencies.
Demerits Of Bitcoin ATMs
The logistical constraint is one of the most debatable disadvantages of these ATMs. Since the concept of this technology is new in the crypto world, the presence of these ATMs is comparatively lesser. The number of these technological machines is increasing. But people cannot depend only on these for cashing in their Bitcoin winnings.
The other downside of using crypto ATMs is that they charge lucrative transaction fees from the withdrawer or depositor. The percentage of these charges varies due to different factors. Normally, around 8% is charged per transaction by these kiosks. In some countries, this rate may climb up to 9 and 10%.
Lastly, since these are still booming, there is infrequent customer support and guidance provided if someone gets stuck in processing their transaction. Whenever, these ATMs face any problem, or experience any sort of malfunction, there is inadequate support or feedback provided.
Considering the aforementioned plus points and negative side, it offers a promising option to convert Bitcoin casino winnings into cash form.
Peer-To-Peer Exchange
One of the safest options to cash in Bitcoin winnings is to sell or transfer the winnings to a friend or family member. In exchange, they can get cash. This way is more of a hassle-free experience for the online gambler.
One can enumerate the different benefits and disadvantages of this conversion method. One of the biggest advantages of this transaction is that it does not involve a high transaction or processing fee. Additionally, there is no involvement of a third party here.
Coming to the disadvantage is there is a high risk of fraud involved in such transactions. If the seller does not know the buyer well, there are chances of getting trapped in a fraud. On the other hand, if an online gambler is transferring their casino crypto coins to a known person, there are fewer chances of any online fraud. It also facilitates a smoother transfer of digital currency.
Key Takeaway
In today’s world, the crypto world is still in its booming stage. Security in transactions involving cryptocurrencies has improved a lot. However, it is preferred to cash out the Bitcoin casino winnings in order to prevent any future loss of value.
Many people have major doubts regarding the processing time for cryptocurrencies. It involves time required for verifying the account, technical issues (if encountered), etc. Generally, a transaction can take a few minutes to several hours, majorly depending on the volume. Lastly, gamblers should choose withdrawal methods carefully to avoid any loss in the future.
