By now, you must have already heard about Bitcoins, and if you are an avid online gamer, you have already seen crypto casinos popping up across the internet. If not, then today is your lucky day. We are going to cover everything you need to know about this type of currency and why it is spreading across online gambling sites like wildfire. Feel free to share this post with your gambling buddies so that they can all be in the know.
What Is Bitcoin?
Bitcoin is a digital currency that was developed to revolutionize the traditional banking system. In essence, transactions through this means are processed much faster by the blockchain network. Additionally, the transactions have negligible fees as compared to the normal currency that is distributed by banks. The transactions are based on a blockchain technology that keeps a record of everything.
In the world of digital currency, Bitcoin was the first form of cryptocurrency to be created back in the year 2009. This currency was created for anonymous personal and business transactions, and over the past few years, it has been used in online gambling. It takes online gambling to a much higher level where everything is smoother, more secure and much faster.
Gambling with Bitcoin
Bitcoin casinos give unrestricted access to gaming from all corners of the world. There are no restriction policies restricting some countries from participating. Through this cyber currency, many more online gamblers can easily access the games that they like most irrespective of where they come from.
Before we go to the details of placing online wagers using this form of payment, let us first go through how you can actually acquire this digital coin.
How to Get Bitcoins
The most popular and perhaps most convenient way of purchasing cryptocurrency is to buy the Bitcoins at an exchange site. Some of the most reliable exchange sites include Coinbase, Bitfinex, and BitPanda. At these exchange services, you can send your money via regional payment vouchers, bank transfer, e-wallets and credit cards and you’ll receive the digital coin in your wallet. Before choosing where to purchase your bitcoins, ensure it is a trustworthy source.
Having chosen a payment method allowed, you are now set to go. You can then purchase Bitcoins as you desire. Take note that the bitcoin prices vary in the markets and Bitcoin transactions, therefore, take place at the current market prices. Here’s a breakdown of how you can purchase the cyber currency;
- Simply visit the site, create an account and create a Bitcoin wallet as well
- Fill in your banking details of your debit/credit card, e-wallet or any other payment option that you’d like to use.
- Select the number of Bitcoins you want to buy and proceed checkout.
- Copy your crypto-wallet address and paste it where required so that the crypto can be forwarded to you from the exchange
- You will receive your digital coin in a matter of minutes, and you are now ready to use your amount to place wagers at a crypto-casino
Just so you know, you’ll be able to purchase bitcoins at this exchange site as well as other cryptocurrencies (Ethereum and Litecoin).
What Are Crypto Wallets?
They are basically digital wallets that enable you to store your Bitcoins. You can either store your cryptos using hardware wallets or free software wallets. In most cases, the exchange sites offer proprietary or affiliated wallets to help you complete the purchase process easier and much faster. The software wallets are further subdivided into two main types;
- Hot Wallet: This wallet is connected to the internet and works via cloud services. Simply create your account online to be able to control and manage your currency transactions across different devices. So, just like e-wallets such as PayPal and Skrill, you will use hot wallets to make deposits and cash out at online gaming sites that accept the digital currency.
- Cold Wallet: This is a downloadable application that you can use to store your bitcoins. Take note that these wallets are not connected to the internet and therefore fewer risks of hacking.
How to Use Bitcoins in Online Gambling
To use bitcoins for gambling purposes, all you need to do is have an account at an exclusive Bitcoin casino or any other site that accepts cryptocurrency as a form of payment. After signing up, connect your wallet to the gaming account. Fill in the address details, and you’re done. All you need to do is make the first deposit into your account and start your gambling experience.
Loading Deposits and Cashing Out at a Bitcoin Casino
After completing the process of purchasing Bitcoins, you can now make a deposit at an online gaming site of your choice. Now, the question remains; How do you do that? You don’t have to worry about that since these deposits are almost the same as the ones that are done with regular money from banks or e-wallets. Indeed, there are a couple of differences, but they don’t really mean that it’s more difficult.
To load your gaming cash, go the cashier section after you log in to your account then pick Bitcoin. On the depositing window, you will see the wallet address of the gambling site. This is what you’re going to use while loading your deposits. Copy and paste the public address into the text to your wallet and the transaction will take place.
Mobile gamers have an option for using QR codes, and this eliminates the hassle of copying and pasting the addresses. Here, you are just supposed to use the camera of your smartphone to scan the QR code, and that’s it! From there, input the amount that you want to deposit then press the `send’ button. Once you click the send button on your wallet, it will take a couple of minutes at most, and the cash will be reflected on your gaming account’s website. After that, you’re now ready to kick off placing bets on the go via your mobile device or however else you like it.
Extra Notes for Transacting Alphanumeric Currency
- A word of advice from us, however, is that you should never to transfer your cryptocurrency directly to the account of the gaming site from an online exchange where you are purchasing the coins. First, send the cybercash to your personal wallet then load them to the gaming. Wondering why you shouldn’t do this? Well, the reason is that the exchanges could end up block your account at their sole discretion since it may not be allowed.
- It’s also vital to ensure that the amount you’re transacting includes the miners’ fee. This amount will go to the miners that maintain the peer to peer network that is responsible for support, verification, and confirmation of Bitcoin transactions.
Why Use Bitcoins for Online Gambling?
If you’ve been asking yourself the benefits of using this type of payment for your gambling, then here are all the answers that will help you realize that it’s an excellent idea:
- Anonymity: all bitcoin transactions are free of personal details hence ultimate privacy and security which is a big advantage to you as a gambler.
- Negligible transaction fees: Bitcoin transactions are also accompanied by little or transactions fees. This makes gambling much more cost effective as compared to the use of normal currencies in gambling.
- Global access: bitcoin casinos allow players from all over the world as there are no restriction policies restricting the participation of certain countries. This is because this monetary unit isn’t regulated by any government in the world.
- Full control of your money: You won’t go through unnecessary verifications or limits that are usually put forth by merchants
- Instant payments: bitcoin transactions are much faster and reliable as it takes a little time to process. You’ll enjoy a faster depositing of funds into your accounts as well as the withdrawal of your winnings, unlike the traditional currency where it takes a number of days to process and settle.
- Security: They the most secure cryptocurrencies ever developed. All you need to do is secure your account with a strong password to avoid hacking.
Our Take on Bitcoin & Online Gambling
Truly, the introduction of Bitcoin to betting activities is perhaps the most revolutionary development after the introduction of internet betting. Things are becoming faster, more efficient and more cost-effective for online gamers thanks to this single entity.
Having read the above brief, you now have a reason to start using bitcoins in your online gambling experience. The advantages that you get from using Bitcoins are undeniably impressive when compared normal betting technique of local currencies. Sign up for a bitcoin casino of your choice to enjoy faster deposits and withdrawals. Just make sure that you choose a reputable exchange site so that you can enjoy more convenient rates and to avoid any forms of scams as well. Additionally, ensure that you play at a registered crypto casino for100% safety and fairness as you game.