One of the great advantages of having a bitcoin wallet separate to your Bitcasino account is that you can freely and instantly move money back and forth within seconds.
This is a particularly useful tool when it comes to money management and gambling.
Separate Wallet – More Control
Let’s say you start with 200 mbtc on Bitcasino and after a couple of hours on the pokies (slots), you are up to 500 mbtc. You can immediately request the withdrawal of your 300 mbtc winning to coinjar, keeping in separate from your initial deposit.
It will be in your bitcoin wallet account within minutes of requesting a withdrawal through the Bitcasino, even if you are a new customer. Withdrawing to your bitcoin wallet is not only fast – it’s completely fee free.
Sure, if you wish to withdraw those winnings to your bank account, you can do so and the funds will usually be in your Australian bank account within 1 business day if you are using a wallet such as coinjar.
However, having an separate wallet to hold your winnings actually gives your much more control and money management than you may realise.
Online casinos benefit dramatically from delaying your withdrawals for days (and even weeks) because putting your pending withdrawal money back into play is a one click process. Moving funds from your bitcoin wallet back to your casino account is a (small) number of steps which involves logging into a separate website and processing the transfer.
This gives you some time and space to think rather than act impulsively. In turn – this provides you with a greater sense of control which facilitates proper money management. Self-discipline is required of course, but keeping previous winnings well and truly separate is a big factor in preventing your for redepositing with a single click.
Controlling amounts of winnings you redeposit
If you decide to redeposit some of your previous winnings, you can do so without having to put the entire profits back in play, as is required at most online casinos. This leaves your more open to accidentally blowing your winnings in one silly session rather than giving you proper control over how much you want to redeposit.
Furthermore, when you redeposit all your winnings then later withdraw some or all of those winnings, your withdrawal will then be delayed another five days because it is considered a new withdrawal request.
Consider this common scenario following a big win at a standard casino where you deposit and withdraw by standard credit card:
You deposit $100. You win $250, so your balance is now $350.
You withdraw $300 – your profit plus half your deposit – and leave $50 for a little extra play. You lose that $50 and now sit back looking forward to that big win to hit your bank account
After 5 days, the withdrawal hasn’t landed in your account and you feel like having a small gamble. If you cancel that pending withdrawal for $300, score a small $30 win and then make a withdrawal request for $330, you will be waiting at least another 5-7 days before that money is deposited in your account. In other words, you may have won $300 initially, but at least 10 days will pass before you actually get your hands on the money. In the meantime, your entire profit is dangerously and temptingly one click away from being redeposited again in full.
There is no reason why regular online casinos can’t process withdrawals within 24 hours. The delay is entirely deliberate and, in our opinion, disgraceful.
This is where Bitcasino is different. By allowing you to instantly out of your bitcasino account and into your wallet, you have properly isolated your winnings and have full control over how much you want to redeposit the next time you play.