Bitcoin is rapidly becoming the only viable option for USA gamblers
As we can see in a report about fastest payouts, the processing time for check withdrawals is getting worse while the processing time for bitcoin withdrawals is getting better – and is getting cheaper. Follow the link to read a detailed report on the payout times for different payment options with US-facing brands, and we’ll give the big picture here.
Traditional withdrawal methods
It’s a known fact that deposits and withdrawals are a huge problem when you’re in USA and want to gamble online. Even when it’s perfectly fine for you to gamble online, the intermediary will screw you as the banks will decline withdrawals. This forces the online casino to be cunning and to find alternative ways to process the deposit (and the withdrawal), and one of the most popular options is a cashier check.
In all possible scenarios, even the one where you successfully use your debit or card, it will take time for the withdrawal request to be processed. Money order, bank wire, money transfer, debit card – all these traditional options will take between 5 and 15 days to get processed. With checks it can get worse, up to 17 or 21 days with some brands. This is bad for you as a player, as you must plan your withdrawals carefully and will likely not withdraw your money when you should have, which will then hurt your game and profit.
Bitcoin is the perfect solution for this problem. Recently the miner fees (the fees you pay when making a transaction) have been reduced to virtually nothing, something like $0.20 per transaction, and the transactions have also become much faster. Nowadays a bitcoin transaction will be fully received on the blockchain within an hour or two, sometimes even less. And you get that for the price of $0.20.
Operators also don’t have any additional costs or additional hassle associated with bitcoin transfers, other than the fact that they must convert BTC back and forth to USD. This means that most operators don’t charge any fees for bitcoin (and sometimes other cryptocurrencies). Zero, nada, zilch.
Bovada and Bodog are the largest and most well-known US-facing operators – and this includes the Ignition Poker Network – and in Q2 2018 for the first time it was possible to get your money in less than 1 day. Of course, using bitcoin withdrawal. Now the withdrawal speed is closer to 8 hours, which is superb. Other operators have similar processing times (though some still need 2-3 days as they haven’t caught up with bitcoin’s improved efficiency and speed), and Nitrogen Sports even processes the payment within 2-3 hours.
The market is moving towards instant withdrawals, and one day – soon – this dream will become reality. Money orders and checks won’t get us there, but it will be bitcoin.
How and where to buy bitcoin?
Just go to Coinbase and follow the directions, or if you’re a more advanced user you can use Local Bitcoins which is a P2P network and the prices are significantly higher than at Coinbase. You can also use one of the other exchanges that match your preference. VirWOX has the highest fees (you’ll lose about 15% of value) but you can use PayPal to buy bitcoins almost instantly so this is your emergency backup solution.
Regardless of which bitcoin exchange you choose, you will have a certain amount of bitcoin in your wallet and can send it to your bitcoin address that’s provided by your online casino. You’ll make a withdrawal to your personal wallet. Then, when you want to use your money you’ll convert BTC back to USD. This part can be a bit tricky, as in ideal cases you’ll have a debit card. The debit card can be in USD (which means you’ll have to convert BTC to USD and fund your card in that way), or it can do a dynamic conversion (which means you only have BTC and the USD equivalent is deducted from your balance upon POS purchase or ATM withdrawal).