The popularity of Bitcoin beyond being just a trading tool is rapidly rising. It is now commonly adopted as a means of payment across several industries, one of which is the gambling and casino space. The number of online casinos accepting Bitcoin and other cryptocurrencies is rising fast, and it will only get better.
A lot has been written explaining what cryptocurrency is, but there is limited information about what Bitcoin gambling entails. In this article, we take you through the process of using Bitcoin and other digital coins when playing online games.
Step #1. Opening a Bitcoin Wallet
A Bitcoin wallet is your online account for trading in Bitcoins. You can buy or sell using the wallet. There are different wallets, including software wallets, but our main focus is on hosted wallets for new users. A hosted wallet is like a bank or a method of storing your Bitcoins with a third party. All it means is that you are using another party to take care of your assets’ security through a hosted wallet.
A Bitcoin wallet allows you to use your credit or debit card to load your wallet, and then you can make purchases or payments or deposit into an online gaming site using the wallet. It is similar to PayPal, the international online money transfer system that allows users to load money to their accounts, then make payments or deposits across several platforms.
Opening a Bitcoin wallet account uses a similar procedure to opening a PayPal account. All you need to do is identify a reputable provider and follow the guidelines given.
Step #2. Depositing Money or Loading Your Bitcoin Wallet
The next step after setting up your Bitcoin wallet is depositing money and purchasing Bitcoin units. The value of Bitcoin is not constant and is subject to fluctuation as with all other forms of currencies. It is advisable that you look keenly at the value of Bitcoin at the time of purchase, but it should not be a subject of much concern as it will lose or gain value over time.
Deposits to a Bitcoin wallet can be made via a credit or debit card or by linking your wallet to your bank account. PayPal is also working out a structure to link Bitcoin wallets to widen user experience.
All the above methods of depositing work in the same way, so you can settle for one you are most comfortable with.
Step #3. Choosing Your Bookmaker/Casino
Even with Bitcoin casinos becoming more and more popular by the day, we still have a long way to go. There is a large number of online casinos still reluctant to incorporate Bitcoin gambling in their systems. Besides, it does not necessarily mean that you can register with any Bitcoin casino that comes your way.
Like any other casino, carry out some research to identify an online casino that meets your demands. For example, go for a licensed partner where your safety is guaranteed. To help you with that, check out customer reviews.
Step #4. Depositing Bitcoins into an Online Casino
Once there is money in your bitcoin wallet, you can successfully deposit to an online casino of your choice and start playing. The pages of casino websites are quite straightforward, but that depends on the company. You will be directed to the process of depositing, which gives you plenty of options. In your case, you’ll choose the Bitcoin option.
The entire process should not take you beyond a minute, and one benefit of Bitcoin gambling is that transactions are much quicker than bank transactions. Using cryptocurrency is also cheaper and confidential as there is no sharing of personal data.
Step #5. Making Withdrawals
The primary reason for playing online games is to have fun, but there are monetary rewards where there is real money involved. Once you have played and won, it is time to withdraw what you’ve won. Again, the process of withdrawal is as simple and straightforward as that of depositing. It should be one of the considerations before settling for an online sportsbook. Withdrawal involves transferring what you’ve won to your Bitcoin wallet.
Once your winnings have reflected in your wallet, you can easily convert them back to your preferred fiat currency then send to your bank if you wish. Today, there are several online stores where you can make purchases with Bitcoin, so you can still retain your winnings in your Bitcoin wallet.
There are so many benefits associated with cryptocurrency gambling. In an industry previously linked with all sorts of fraud and money laundering, the entry of blockchain technology could not have come at a better time. Players and casino owners are finding more value for their money as Bitcoin provides a more transparent way of doing things.