withdrawing bitcoin - newbie - advice welcome

[RobbyN789]

Advice welcome from anyone in the know.

I have no clue about bitcoin  / wallets  / transferring bitcoin into real cash into my bank account.

But - the reason i want to know is because i have a couple hundred pounds at best in a online casino, played a few slots and won a few quid, but i cannot withdraw the monies despite depositing via Mastercard, I have to withdraw using Bitcoin. It was a bit of fun really, and didnt expect any winnings, so the fact i have some is a bonus.

So - I would like the monies, but I'm not really into the whole bitcoin way of things / long term.  I have looked at some advice on youtube etc..bit lost.

Create a wallet etc  /  or use paypal? ( i dont even have paypal )

All i want to do, a one-off really, is login to the casino and request withdrawal via bitcoin, then, get the bitcoin into my own bank account ( as real money  / i have no intention of saving it or using it for later / just want the cash really ).

So....can anyone advise?  I dont really want to pay charges etc...if i have too..so long as nothing hidden away, a couple of quid for the privledge of transferring etc...

Thoughts more than welcome.

Thanks for any advice given.

[d5000]

My advice would be to install an own non-custodial wallet, even if it's for a casino withdrawal. This is because if anything goes wrong with the withdrawal, you will know that the casino is the culprit, and can fix the issue with their support. If you withdraw to a centralized service or exchange directly, in the case something happens, you won't know which of the two services is to blame.

Bitcoin.org is a good source of information for that: https://bitcoin.org/en/choose-your-wallet

I like to have the wallets on a PC / notebook type device, so my recommendation is Electrum. Install it and let it sync a couple of minutes (it will not download the whole blockchain, only a couple of blocks) and then withdraw the coins. If you like a mobile wallet more you'll find a lot of good options on the bitcoin.org site.

Then you need an exchange to exchange your coins to fiat. This depends on your country. Binance is the biggest one and supports lots of countries, but it had some issues lately, so I wouldn't use it for big amounts. If your country is supported then Kraken is a good choice.

Another recommendation: Don't use PayPal to withdraw Bitcoin. They support it but sometimes there have been issues with payments from other persons/services.

[jossiel]

I agree that don't use PayPal in withdrawing bitcoin, you may have some problems dealing with it.

Aside from using Electrum, I can recommend Wasabi Wallet. It's also recommended or part of the list from the website of bitcoin.org.

You don't have to rush upon knowing about bitcoin, take each step at a one time and you'll enjoy the process of having your own bitcoin wallet, from downloading it and receiving that withdrawal of yours from that casino.

Tip: Don't withdraw directly that bitcoin of yours from casino > any exchange (ex. Binance, Coinbase).

[RobbyN789]

Thank you both for that advice.

Ok, well i wouldnt be surprised if i never saw the light of day re monies..but they took my deposit ok ( i know i know! believe me ).

I will give paypal a miss then, i dont think they mention paypal anyway ( just going from youtube videos  ), a european casino etc - so again, be surprised if get the cash. But, would like to try at least.

So, i will see if any other replies ( thanks again for promptness of them ), and try this Wasabi then...sounds familiar if nothing else.

Just, really, wanted to know, before dip toe in, that Im not going to be charged money i do not have etc! /  hidden costs etc / literally want to try withdraw the monies, and then..close any bitcoin app/account once in my bank account.   Do all banks accept it anyway...all legit ( assuming Casino does pay in properly ).

Feels like a World away to be honest, more of a chequebook person truth be told.

Thanks again for the advice.

Im hoping its simplier than it all sounds to be honest.

[digaran]

Hi there, unfortunately you have gone down the gambling rabbit hole, always read their terms and policies first, though I wouldn't encourage anyone to gamble at all.

Fastest way for you to cash out is to post a topic in this board and wait for a trusted member, then send the bitcoin to their address and receive your cash, make sure to check the trust page of anyone offering you a deal, you can also find the trust button under the names of forum members.

[BitcoinPanther]

All the important factors had been stated, you can follow their suggestion.  I would like to add another tip.  

Always double to triple check the destination address to ensure that you had it right. Remember crypto transactions are irreversible.
Upon creating a wallet always make sure that you have the back up of the seed phrase or private key at the moment you created the wallet.  We never know when you will need them.  
Keep those keys and phrases away from other eyes.  It is for your eyes only.  

[darkangel11]

Just, really, wanted to know, before dip toe in, that Im not going to be charged money i do not have etc! /  hidden costs etc / literally want to try withdraw the monies, and then..close any bitcoin app/account once in my bank account.   Do all banks accept it anyway...all legit ( assuming Casino does pay in properly ).

Feels like a World away to be honest, more of a chequebook person truth be told.

Sounds like you're the traditional type. Nothing wrong with that, but note that you'll feel like going from a landline all the way to a smartphone.

So, first things first, you can be charged a withdrawal fee by your casino and then, if you decide to sell bitcoin at an exchange, you'll again be charged a fee. Think of it like the spread between buying and selling foreign currency. They also charge fees.

If you know someone who's tech savvy, they could help you install a bitcoin wallet. Just make sure that you trust them because you'll essentially be setting up an electronic wallet to keep your money in, that requires you to set up recovery phrases and passwords.

You could also go the more dangerous route, but fine if you only want this to be a one time deal. You can set up an account at an exchange like Coinbase and send the coins directly to the deposit address on your account and that account will allow you to sell and withdraw USD to your bank account.

[Stalker22]

Im hoping its simplier than it all sounds to be honest.

I can certainly understand how all this may be confusing to someone new to cryptocurrencies. We have all been there at some point! Take your time and get things right. If you have any concerns along the way, ask for clarification before proceeding further.

As others have already said, you will need a Bitcoin wallet to get started. A Bitcoin wallet is a software program that allows you to send and receive Bitcoin. There are many different types of wallets available, ranging from mobile wallets that can be installed on your smartphone, to desktop wallets that can be installed on your computer. There are also hardware wallets that can be plugged into your computer and act as another layer of security for your Bitcoin. To get a Bitcoin wallet, you can visit bitcoin.org/en/choose-your-wallet and select the type of wallet that you want to install. The website will show you a list of wallets that are compatible with your operating system, and you can then download one of them onto your computer or mobile device.

Once you have installed the software and created a Bitcoin wallet (by following instructions carefully step-by-step) and familiarized yourself with the basic functions of the software, you will need to provide your Bitcoin address to the person or entity that wants to send you a payment. Your Bitcoin address is a long string of letters and numbers that acts as a unique identifier for your wallet. You can find your Bitcoin address by going to the "Receive" section of your wallet.

To receive a Bitcoin payment, the sender will need to send the payment to your Bitcoin address. You can then check your wallet to see the incoming payment and confirm that it has been received.

[serveria.com]

Advice welcome from anyone in the know.

I have no clue about bitcoin  / wallets  / transferring bitcoin into real cash into my bank account.

But - the reason i want to know is because i have a couple hundred pounds at best in a online casino, played a few slots and won a few quid, but i cannot withdraw the monies despite depositing via Mastercard, I have to withdraw using Bitcoin. It was a bit of fun really, and didnt expect any winnings, so the fact i have some is a bonus.

So - I would like the monies, but I'm not really into the whole bitcoin way of things / long term.  I have looked at some advice on youtube etc..bit lost.

Create a wallet etc  /  or use paypal? ( i dont even have paypal )

All i want to do, a one-off really, is login to the casino and request withdrawal via bitcoin, then, get the bitcoin into my own bank account ( as real money  / i have no intention of saving it or using it for later / just want the cash really ).

So....can anyone advise?  I dont really want to pay charges etc...if i have too..so long as nothing hidden away, a couple of quid for the privledge of transferring etc...

Thoughts more than welcome.

Thanks for any advice given.

It depends on what you're planning to do with your coins. If you're planning to HODL and keep it for at least several years - go the software wallet way (described above, Electrum is a solid wallet). If you'd like to spend it on Xmas presents (haha) you could just create an account on any reputable crypto exchange (like kh... kh... Binance kh.. I know I will receive a bashing for this from other posters) then order their debit card or just sell and withdraw to your account/card. 

[d5000]

Just, really, wanted to know, before dip toe in, that Im not going to be charged money i do not have etc! /  hidden costs etc / literally want to try withdraw the monies, and then..close any bitcoin app/account once in my bank account.

These are the costs you could face (in total, normally less than $5 or €5, more likely close to $1):

- The casino could charge a withdrawal fee to cover the costs of the transaction (and get a little profit). This is quite common, so nothing to worry about, but should not be more than ~0.0001 BTC / around US$1-2.
- Wallets do normally not charge a fee for its usage. You can be 100% sure if you use a non-custodial one like Electrum as it's free open source software.
- To transfer the coins to the exchange, you will have to pay a transaction fee, which is currently mostly under $0.10$ if you are not in a hurry; if you need the money fast you may currently sometimes (if you have really bad luck) pay up to $5. This amount will however be deducted from your bitcoin balance so you won't be charged "money you don't have". This is a fee charged by the Bitcoin network, so it's nothing "hidden".
- As others have written, the exchange will charge a fee to exchange the coins to dollars/euros/other fiat currency. The "normal" price is 0,2 to 0,5% of the amount of the transaction. Most exchanges (like Binance and Kraken) do not charge maintenance fees. You probably will have to do KYC/AML however, i.e. most likely a video verification. An alternative is a P2P exchange like HodlHodl, Robosats or Bisq; there you won't have to do KYC/AML but they are more difficult to use, and I recommend reading a bit about possible risks (mainly chargebacks) if you chose that option.
- To withdraw the money to your bank account, most exchanges also charge a fee. You can see Binance's fees here.

Do all banks accept it anyway...all legit ( assuming Casino does pay in properly ).

Normally yes, if the amount is not too large. Most people having problems with banks are those who regularly withdraw amounts of over ~1000 $ from exchanges, i.e. from trading, DeFi or gambling profits; or those wanting to withdraw tens of thousands at once.

[Solosanz]

@OP there's many ways to withdraw your coins and convert it to fiat, I will tell you the ways and it's up to you to choose which way you're want:

1. Using CEX
Casino > centralized exchange > trade BTC/fiat pair > send to your bank account (the risk is you need to KYC your account, it will ruin your privacy).

2. Using DEX
Casino > decentralized exchange > trade BTC/fiat pair > send to your bank account (the risk it's more slower, but you will achieve a good privacy (as long as you didn't KYC your account in your casino)).

3. P2P trade in this forum (you can post in Currency exchange section)
Casino > user's wallet (the risk it's very slow if you only accept unpopular payment and you must use escrow).

[Poker Player]

So....can anyone advise?

How is the ATM bitcoins issue in the UK? From the way you write I understand that you are from there.

What I would do would be to install a wallet on my phone, like Electrum or Mycellium, which are free, withdraw from the casino to your Electrum or Mycellium address and if you want to change the funds to cash, the easiest thing would be to go to a Bitcoin ATM and change them for cash there, although some time ago there was a crackdown in the UK Bitcoin ATMs and I do not know if they are operational now or if they ask KYC, but for low amounts it is usual that they do not ask for it.

[BlackBoss_]

my recommendation is Electrum. Install it and let it sync a couple of minutes (it will not download the whole blockchain, only a couple of blocks) and then withdraw the coins.

Please advice the member to verify Electrum wallet too.
[GUIDE] How to Safely Download and Verify Electrum

If you like a mobile wallet more you'll find a lot of good options on the bitcoin.org site.

Electrum wallet is available for mobile too.
Google Play: https://play.google.com/store/apps/details?id=org.electrum.electrum
Download page: https://electrum.org/#download

It has a portable version too but some security advice must be read.
https://download.electrum.org/4.3.2/electrum-4.3.2-portable.exe

[Bobrox]

You have several ways for withdrawing your assets trough Bitcoin by using cold wallet or withdraw to decentralized exchange market like Binance, Kucoin or Huobi. I think most recommended for withdrawing your Bitcoin to cold or personal wallet because you have own controlling with all your assets.

Have different cases when withdrawing to decentralized exchange like exchange market collapse you will loss all your Bitcoin assets without any guarantee can get refund back, using exchange market acquired with KYC and some exchange market not allowed trading or withdrawing without success KYC document ID.

[bittraffic]

Check out the local wallet in your country where you can trade your BTC for cash. Or you can use Binance and sell your BTC in p2p going to your bank account.

The way to do this is to sign up on binance and send your BTC from casino to your Binance account. You can find BTC deposit address in your Binance account.

[noorman0]

-snip-
All i want to do, a one-off really, is login to the casino and request withdrawal via bitcoin, then, get the bitcoin into my own bank account ( as real money  / i have no intention of saving it or using it for later / just want the cash really ).

So far I am more comfortable dealing with local exchanges to cash out bitcoins to fiat banks. Just check if there is a local exchange nearby and use it(you have to pass KYC). This at least sums up sending to multiple wallets and unnecessary fees, and there are usually no hidden fees.
Be careful, there are some exchanges that do not accept funding from casino companies, please read carefully their T&C or contact support for more details.

[RobbyN789]

Thank you for all the replies and info, I will take time to read through. Still not a World I want or can afford to delve into..I know spending my pennies on gambling! Hopefully it will be a simple enough process if casino comes good  but it would be a one off.  Thanks again. Popular forum clearly bitcoin is the hot potatoe..rarely seen much activity on a forum as this.

[Lucius]

~snip~
But - the reason i want to know is because i have a couple hundred pounds at best in a online casino, played a few slots and won a few quid, but i cannot withdraw the monies despite depositing via Mastercard, I have to withdraw using Bitcoin. It was a bit of fun really, and didnt expect any winnings, so the fact i have some is a bonus.

I won't say that there is anything strange in all of this, but which online casino accepts fiat, and at the same time, as the only option for withdrawing funds, gives its clients the only option to do it in Bitcoin? If I were a little paranoid, I would say that in this way they want to make it difficult for their clients to withdraw money and lose it instead, or they will try to deceive them in the withdrawal process by claiming that they sent BTC, and blame all the problems on the clients.

My recommendation is that you take a sample screen of each step that you will do when it comes to sending a transaction from their site, and that you once again try to request that your winnings be paid out in the same way as the deposit was made.

[RobbyN789]

STALKER22 - your paragraph makes it sound simple enough.

Still very hesitant, and i can easily see the casino simply saying 'wrong address' etc /  as you say, 'irrevesible' ..words like that i do not like at all!!  and all these charges!!!

LUCIUS - indeed - i will copy every shot of the way.

I have no interest in holding onto the bitcoin if received.  I want rid of it the second i have it too be honest for cash in my account.

Stalker - so, what youve said, seems ok...'they' send my the bitcoin.

SO...once..i have that in my 'desktop' wallet...its there...it cannot be taken off me by casino etc?    casino part is done..they correctly paid me the bitcoin ( assuming no high hidden charges for privledge ).

So, this casino is in Euro...paying on mastercard transfers via dollers or whatever - to be honest - conversation rate -  Yen anyone!

SO...once i have bitcoin in my wallet....i can then shop around / or look for a way to then get it into my bank account.

For example Danska bank do not deal with bitcoin ( in the headline blurb at least ) , does my 'wallet' transfer that across?



Worse case i lose what..well..is mine...but give it a go?  dip toe in...so long as follow a few simple steps ( this is not simple at all ) .

But thanks once again for the time and replies.

[Stalker22]

Stalker - so, what youve said, seems ok...'they' send my the bitcoin.

SO...once..i have that in my 'desktop' wallet...its there...it cannot be taken off me by casino etc?    casino part is done..they correctly paid me the bitcoin ( assuming no high hidden charges for privledge ).

Yes. Once you have bitcoin in your wallet, it is yours  to spend or transfer as you see fit, and no one can take it away from you. There are some fringe cases where hackers or malware attacks can potentially gain access to your wallet, but I don't want to go into too much detail here. The most important thing is that you keep your private keys or backup seed phrases for your wallet secured from unwanted access.

So, this casino is in Euro...paying on mastercard transfers via dollers or whatever - to be honest - conversation rate -  Yen anyone!

I am not sure I understand what you are trying to say here.

SO...once i have bitcoin in my wallet....i can then shop around / or look for a way to then get it into my bank account.

Yes. Once you have bitcoin in your wallet, you can use it to buy products and services from any company that accepts the cryptocurrency, or you can send it to a bitcoin exchange like Coinbase or Binance and then withdraw fiat currency into your bank account. Most bitcoin exchanges are only available in certain countries, so check to see if yours is supported before opening an account with them.

For example Danska bank do not deal with bitcoin ( in the headline blurb at least ) , does my 'wallet' transfer that across?

Bitcoin is a decentralized system, so your wallet does not rely on any central banks or government institutions. That means your bitcoins are yours, and only yours, to spend as you like!

Worse case i lose what..well..is mine...but give it a go?  dip toe in...so long as follow a few simple steps ( this is not simple at all ) .

But thanks once again for the time and replies.

No problem, happy to help. If you have any more questions, do not hesitate to ask.