How To Play with Bitcoin at Online Casinos
The concept of Bitcoin gambling has been around since the beginning of 2021. Gradually, Bitcoin has become one of the most popular and sought-after payment methods, especially online gambling. Here are How To Play with Bitcoin at Online Casinos?
Table of Contents
Introduction
People started to realize the importance of Bitcoin when traditional online casinos start accepting Bitcoin cash for online casinos. This gave the affluent a chance to be more extravagant while putting less on stake.
This idea reached the mainstream really fast, and after this period, all gambling sites began to accept bitcoin deposits. Online casinos began launching new gambling games, casino games, and even Bitcoin wallets.
But do you find suitable Crypto gambling sites? If you cannot, relax if you’re here to find online Bitcoin casino sites. We’ve rounded up the list of some top-rated online Bitcoin casinos. Before that let’s find out how to start playing using Bitcoin at an online casino.
Getting Started with Bitcoin
There are a few key steps involved with setting up Bitcoin for online gambling. You’ll need a popular crypto exchange, a safe crypto wallet, and money to purchase Bitcoin. Nothing else is needed. Here are the steps to the process:
Step 1 – Open a Crypto Exchange Account
Crypto exchanges are online platforms where you can purchase Bitcoin, Ethereum, Litecoin, and other digital currencies using your fiat currency of choice (USD, Euro, AUD, etc.). There are a few great crypto exchanges out there that offer the best rates for purchasing Bitcoin, including:
- Coinbase
- Binance
- Kraken
It’s very simple to sign up with these exchanges. You just have to provide your full name, address, date of birth, and proof of your ID. Binance does have a longer verification period than Coinbase, but all of these exchanges are good places to purchase Bitcoin. These services offer desktop sites and mobile apps with 2-factor authentication to make sure your account is secured.
Step 2 – Buy Bitcoin
Be prepared to pay a small fee for Bitcoin purchases. Crypto exchanges have to make money somehow, so mostly, each transaction is hit with a very small percentage fee.
While Coinbase has a higher fee for each transaction, they also offer more options for payment methods, including links to your PayPal account.
To purchase Bitcoin you have to deposit funds from your credit card, bank account, or eWallet and use it to purchase Bitcoin. You must watch the price of Bitcoin closely as you prepare to buy because when you buy low, you’ll stand to earn more Bitcoin as the price increases. But, for small purchases, this doesn’t really matter as much.
Step 3 – Open a Bitcoin Wallet
After you have your new Bitcoin, it’s time to move it over to a crypto wallet. A crypto wallet is where you store your Bitcoin, and also how you use it to make deposits at online casinos or sportsbooks.
Crypto wallets are kind of complex, so we won’t go into much detail. All you need to know for now are that there are two kinds of wallets: software and hardware (sometimes called hot storage and cold storage). Hardware wallets are like top-secret USB sticks with enhanced protection, often used by investors or big-time crypto buyers.
Some exchanges have their own wallet service, like Coinbase Wallet, while other companies only offer wallet services. Some recommended wallets are:
- Coinbase Wallet
- Exodus Wallet
- Electrum
- BlueWallet
Signing up for a Bitcoin wallet is simpler than using an exchange, though there are a few things you need to know.
When you open a new wallet, you’ll be given a seed phrase (a group of words in a specific order) that is used to access your wallet in the event you forget or lose your password. Never share your seed phrase with anyone because it will allow them access to your crypto assets. Better write them on a piece of paper and store them in a safe place.
Step 4 – Fund your Bitcoin Wallet
To move your Bitcoin from your crypto exchange to your crypto wallet is simple. Your wallet has a long string of letters and numbers associated with it, known as your wallet address. To move your funds, simply provide your wallet address to your crypto exchange and transfer your Bitcoin.
You might have to pay a small fee to move your Bitcoin.
If you’re using Coinbase and Coinbase Wallet, the process is much simpler because the two platforms are already integrated. This is the preferred method for beginners.
Find a Gambling Site for Bitcoin
Now after getting your Bitcoin wallet set up to find an online casino or sportsbook you’d like to play at. There are plenty of sites online that offer great bonuses, superior customer service, and exceptional safety and security features. Here are a few of our favourites that accept Bitcoin:
How to Deposit & Withdraw at Online Casinos Using BTC
How to Deposit with BTC
Once you’ve got your money in your Bitcoin wallet, you’re ready to make your deposit onto the online casino or sportsbook and get to playing. All you need to do is navigate to the deposits page of the casino or sportsbook you want to play at and click on the Bitcoin option.
Here you will have specific instructions on how to make your deposit, but essentially you’re just giving the casino your wallet address and choosing how much Bitcoin to deposit.
It shouldn’t take more than a few minutes from when the transaction is approved for you to have your money on the site and be playing or betting.
Bitcoin deposits are all relatively fast, and most deposits are instant, though it could take up to 15 minutes, depending on the state of the Bitcoin blockchain network.
How to withdraw with BTC
After you’ve played and won, it’s time to withdraw your winnings. To process a withdrawal, you have to return to the casino cashier. From there, make sure you’ve met all the wagering requirements on any bonuses you’ve claimed and have submitted your account verification documents.
All reputable online gambling sites require you to validate your account by providing your photo ID and proof of address. Once this has been completed, you can process your withdrawal the same way you deposited it–straight to your Bitcoin wallet.
It may take anywhere from 1 hour to 24 hours, it all depends on the casino’s policy and the state of the blockchain. Usually, withdrawing with Bitcoin is much faster than waiting for a credit card or bank wire withdrawal. That’s all there is to it!
Pros and Cons of Bitcoin
Pros
Safe and Secure
Many people are scared to use their credit cards or banking information with online gaming sites. Bitcoin wallets act as a middleman allowing you to deposit and withdraw completely anonymously without ever exposing your personal information to the sites.
Instead of sending your personal information to tons of different sites, you only have to use it for the wallet, and then you are hidden and protected everywhere you go online. In the day and age of digital crime, this is a big security plus.
Cost
Due to the completely digital nature of Bitcoin and the need for banks, transactions are either free or have a negligible fee for making a transaction. This can save you tons of money especially if you are moving around larger sums of money or are making huge deposits and online purchases.
Speed and Flexibility
Due to the nature of how Bitcoin works, transactions (both withdrawals and deposits) are infinitely faster than other traditional methods. Usually, other methods are processed and sent in a few days whereas most sites process Bitcoin in a few hours. Not only are the transactions faster, but the limits are usually considerably higher on both deposits and withdrawals.
Transparency
All transactions done using Bitcoin can be seen by everyone. Although, there is absolutely no personal data attached to each transaction. There is only a transaction code that is only known by the sender and the receiver. This means it has a very transparent way of checking on their transactions and making sure things are done. This prevents a lot of scams and makes things a lot clearer for every party involved.
Cons
Uncertain Rate
All currencies are going to fluctuate up and down every single day. As Bitcoin is also a form of currency. The important thing to note, though, is that Bitcoin fluctuations have the potential to be a little bigger than with other more mainstream currencies.
Learning Curve
By now you would have a pretty good idea of how the currency works and how you can get started taking advantage of all the positives it brings to the table, not only for online gaming but also everything else you do online.
FAQs
1. Do I have to buy a full Bitcoin?
While Bitcoins are technically full units, you can buy them in extremely small pieces, basically for any dollar amount you want. A lot of people assume that a Bitcoin is like a bar of gold and can’t be split up. You can consider a Bitcoin like a jar of sand, where you can purchase the whole jar or just part of the sand if you want to.
2. Which Bitcoin wallet is the best?
The biggest thing we recommend is going with a reputable and established wallet. Coinbase Wallet is probably our favourite because it’s easiest for beginners to integrate into their Coinbase account.
3. Is Bitcoin safer than traditional methods?
Yes. With all of the cybercrime and identity theft, the less you can put your information out on the internet, the better. Bitcoin wallets allow you only to have to supply your information to one site and then you can complete all of your transactions 100% anonymously without ever having to disclose your name or any banking information to the other sites. It acts as a cyber security buffer for you.
4. Can I still make money if the exchange rate changes?
Yes, that’s certainly a possibility, but there is a caveat. Online casinos know that Bitcoin price fluctuations can happen at any time, so when you deposit, they lock in an exchange rate for you. This is a nice feature if the price of BTC plummets, but it can also be frustrating if the price rise. You can make money on your BTC winnings if you withdraw them immediately and keep them in your wallet.
5. How hard it is to convert my Bitcoin back to a fiat currency?
It is easy. You just have to move your Bitcoin back into your crypto exchange and sell it on the marketplace. Just keep in mind that you’ll have to pay additional fees for moving your crypto and selling it. In addition, you’ll have to report the earnings on your taxes.