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How Fast are Crypto Withdrawals at an Online Casino?
July 22, 2022
How Fast are Crypto Withdrawals at an Online Casino?
July 22, 2022
Crypto vs Fiat Currencies: How Fast Are Crypto Withdrawals Really?
Online crypto casinos claim to have instant deposits and withdrawals, but is this really the case? How fast are crypto withdrawals really? And is crypto the better option for playing online casino games?
Keep on reading to find out how fast the Bitcoin cashout time really is compared to other cryptos and traditional fiat currencies, and why crypto offers many other benefits for online gambling.
Is crypto really the instant withdrawal option?
It’s true that withdrawals have become much faster since the integration of cryptocurrencies in online gambling and the speedy crypto withdrawal time after cashing out, but they still aren’t quite instant – at most other crypto casinos, at least.
Okay, it’s not that long! But in order to be processed, your crypto withdrawals must go through 2 essential steps: processing time, which is done by the casino (we’re quick on the ball!), and the actual withdrawal transaction, done by a payment system.
What does the “processing time” refer to?
When it comes to bitcoin cashout time, first, the casino processes your withdrawal to verify that your withdrawal request is within the limit and to detect potential fraudulent acts or other infringements on the casino’s terms. It’s also to confirm that your account has not been hacked, ensuring that you, the real owner, receive the funds.
The casino also has to make sure that you have met the playthrough requirements on casino bonuses such as welcome packages and deposit bonuses (if you have claimed any.)
Occasionally, this phase is also used to gather additional documentation about you (for example, the source of funds or photo I.D.) but this is not always required at Punt Casino.
All in all, this step’s purpose is to establish whether you’re eligible to withdraw or not. It’s for both the casino’s safety and your own. Crypto withdrawals at online casinos could take from a couple of minutes at the most user-friendly platforms such as Punt, to a week at other casinos, in extreme cases.
And the crypto withdrawal time from payment methods?
After your withdrawal has been processed, the casino hands control of the transaction over to the payment system as it’s been confirmed from their side. The casino sends the funds you’ve requested directly from the casino’s account to your trusted bitcoin gambling wallet using the same payment system.
The time required for your withdrawal to reach your account varies greatly depending on your chosen payment system. It could be instant, or may even take up to a few days. But this is rarely the case with crypto, if ever. What is the crypto with fastest transaction time? Hold tight, we’re getting there!
Crypto withdrawal time is closely related to the concept of block time, which refers to the time required for crypto miners to verify transactions within one block, and to produce a new block. This means the bitcoin cashout time, or any other crypto transaction time is ‘set’ or designed by each system alone.
Block time for each casino payment method:
Fiat/traditional currency withdrawal times:
- Bank transfer: 1 – 5 days
- Credit and debit cards: 1 – 5 days
- Prepaid cards: 1 – 5 days
Withdrawal times for other online payment service providers:
- E-wallets: 0 – 15 minutes
What crypto has the fastest transaction speed? Here are some of the top cryptos and their transaction speeds 👇
- Bitcoin: 10 minutes per block
- Ethereum: 16 seconds per block
- Litecoin: 1.5 minutes per block
- Bitcoin Cash: 10 minutes per block
- Ripple: 2-5 seconds
- Dash: 2.5 minutes
- Monero: 2 minutes per block
- Tether: 5-7.5 minutes
Crypto withdrawals vs fiat currency withdrawals at online casinos
As you might have noticed, the crypto withdrawal time, including e-wallets, are much faster than fiat payment systems. For example, a transaction in Ripple casinos or even Litecoin and Ethereum can take only seconds to complete. This means you can start playing online casino games almost instantly.
Crypto withdrawals also come with noticeably smaller transaction fees – some don’t even have fees! You’ll be happy to know that at Punt Casino, we don’t charge any fees on crypto transactions. However, these minuscule blockchain fees do apply, as with all crypto transactions.
It’s also important to note that if the blockchain is congested, the transactions with higher fees will typically come through first, which could affect your bitcoin cashout time and that of other cryptos.
Cut the wait with speedy crypto withdrawals at Punt today!
So, what have we learned? If you want to prioritize fast withdrawals – choose crypto deposits at Punt! Your withdrawal won’t exactly be instant, but it will still be much faster than those fiat withdrawals you’ve been struggling with all this time.
Not only that – crypto casinos, especially Punt, generally offer a much bigger casino welcome package than most fiat casinos, so if you want to grab yours today – you’re welcome!
