In recent years Bitcoin gambling has become the new trend in online gambling and sports betting all over the world. Bitcoins are the most widely used form of cryptocurrency and you can use them to gamble in sports as well as casinos. Gambling with Bitcoins has many advantages over traditional payment methods and so punters were quick to shift to Bitcoin gambling. In this short guide, you will know how to use Bitcoins for gambling and the benefits of Bitcoin gambling.
The most popular digital currency, the Bitcoin, before the first Bitcoin casinos appeared, was first introduced in 2008. Back then, only a handful of people took this new currency seriously, and had doubts about the entire payment system that involved Bitcoins. Nowadays, the success of the Bitcoin gave way to dozens of other cryptocurrencies to be created. However, none of them managed to reach the value that the Bitcoin holds even today.
Regardless of the skepticism against Bitcoin, the currency quickly found its way because it was perfect for numerous transactions that would otherwise be blocked by government authorities.
Bitcoin transactions are impossible to block right now primarily because it’s a decentralized currency, which means no one owns it. Furthermore, it’s not recognized by governments, so it’s practically nonexistent to them. All of this provides anonymity for the payee and lighting fast withdrawals without the meddling of financial institutions.
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Bitcoin is an interesting banking method to leverage owing to the buzz surrounding it. However, before you proceed with using this banking method, the important question to answer is: what is bitcoin? Bitcoin is virtue money developed with complex mathematical process and that can be produced through a method known as mining. However, not every casino uses this banking method but there are few that use it.
Benefits of Bitcoin Gambling
Bitcoins have many benefits in online gambling over other payment methods and some of them are as follows:
- Nominal Fee
If you use online payment methods then you will have to pay a large transaction fee for every payment. But if you use Bitcoins for gambling then you will not have to pay any extra money. Bitcoins is a decentralised form of cryptocurrency so there are no third parties involved. Thus you will not have to pay any extra charges both for making deposits and withdrawing money from sportsbooks and casinos. You will have to bear nominal fees for Bitcoins mining but it is very less than other payment methods.
- Super-Fast Payments
Since punters have to deposit money to gamble they should have a fast payment process. But unfortunately, most of the payment methods take lots of time to complete the deposits and withdrawals. Conducting payments with Bitcoins is super-fast as they use Blockchain technology. So your payments at the gambling sites will take 15 minutes but sometimes it may take a few hours. Sometimes the online casinos take some time to process the payments hence the extra time. You will get the same high speed while withdrawing your money from your gambling accounts.
- Security Features
Using Bitcoins is the most secure way of making online payments as it is not maintained by any government or organisation. Since it is a decentralised digital currency, you will not have to worry about hackers stealing your money. Bitcoins have also upgraded their technology several times so it is completely free from bugs. You will not have to share your financial details with the casino or sportsbook operators while making payments with Bitcoins. So you can gamble with Bitcoins without any worries.
Bitcoin and Online Casinos
Almost a decade later the Bitcoin has grown to a degree that casinos are beginning to massively offer it as a payment option across the online gambling industry. An increasing number of online casinos are adopting it every day. There are even online casinos that specialize in only Bitcoin gambling and where no other payment options are available.
Bitcoin and online casinos go perfect together. As you may know, online gambling is forbidden in many country across the world. As a result, countless players from different parts of the world have troubles registering at online casinos because they come from a country where gambling is forbidden. Or, even if they do manage to open a casino account, their transactions get blocked by the state authorities because standard currency is easy to follow.
There is no such possibility when it comes to transactions involving Bitcoins. No government has the power or authority to block a Bitcoin transaction or seize your Bitcoins. They can’t even track it because it’s not possible. Remember, Bitcoins are not regulated with any law anywhere in the world, so legally they are grey area untouchable by law until such law is passed.
How to Get Bitcoin
Mining
There are two ways in which you can get your hands on some Bitcoins. The first, and the harder way is to mine them. Mining can be time consuming and you also need to be a tech savvy to a certain degree in order to mine your own Bitcoins. On top of that, you need several really powerful computers that can do fast processing. So, unless you are an IT expert with monster computing machines, mining is not an option.
Exchange Market
The second and easier way is to simply buy them. Buying Bitcoins works just like buying other currency i.e. exchanging currency for currency at a set exchange rate. While the exchange rate of standard currencies like dollars, Euro etc. is regulated by governments and financial institutions based on factors concerning the economy, the Bitcoin exchange rate is determined similarly. However, other factors are considered such as widespread acceptance, technology etc. Thus, the price for one Bitcoin constantly changes, sometimes significantly.
The internet is filled with websites where Bitcoin owners gather to sell their Bitcoins to people that need them. Not all of these websites are recommended though. But, if you do a small 10-minute research, you will find a couple of the biggest and safest Bitcoin exchange websites.
Keeping Your Bitcoins
When you want to become the owner of Bitcoins, you have to own a Bitcoin wallet. A Bitcoin wallet is the same as a bank account. It can be a software wallet or web wallet. A software wallet is a wallet that you have to install on your computer. So, basically the Bitcoins are on your computer. A web wallet is often much easier to use because it’s maintained by a third party. But, always choose a trustful web wallet provider.
How to use it
Bitcoin is increasingly getting popular and a lot of attraction in the world today. More so, it can be acquired through a number of means including visa, Mastercard and so forth. The other way to acquire bitcoin is by mining. Unlike other casino banking method, bitcoin is a currency on its own. With its virtue nature, Bitcoin can be easily transferred and transaction with it is pretty easy. More so, there are lots of bitcoin online casinos you can make the most of for your gambling experience.
Bitcoin goes a long way to eliminate fraud. It is controlled by complex mathematical process that is not managed by any single person. In addition, it is pretty easy to use this banking method as you can load your casino account with the amount of bitcoin you want to deposit and play the game with ease. However, as mentioned above, this currency is not accepted by every casino, this is why you need to first of all find out casinos accepting bitcoin and then take advantage of them by using it as your banking method.
Just like every other account, Bitcoin is quite secure but much of the security lies in your hands. It is important that the user takes the required precautions to ensure that his wallet is secure. Once you have protected your wallet and account information, you obviously have nothing more to worry about security in the platform because the platform has robust and strong encryption protocols and policies that can ensure the security of your account. It is also advised that you regularly backup your account, change your bitcoin address, keep offline wallet, update your software, ensure multi-signature protection and cold storage, to mention a few in order to make the most of banking method and keep it quite secure.
How to Gamble with Bitcoins?
Gambling with Bitcoins is the easiest way to make fast payments while betting and that you can concentrate on the games more. There are many ways to buy Bitcoins like mining or you can also trade them through online vendors. If you want to bet or play gambling games using Bitcoins then follow these steps:
- Open the sportsbook or casino where you want to gamble.
- Select Bitcoins as the payment method. Although on some websites you may find BTC since it is short for Bitcoins.
- Enter your e-wallet and select the amount you want to deposit.
- Your transaction will be complete within a few minutes.
Thus you can see that if you use Bitcoins for gambling is a wonderful way for hassle-free betting. So shift to Bitcoins and enjoy all kinds of betting games and sports matches as much as you want.
How to Deposit and Withdraw Bitcoins at Online Casinos
The moment you came into possession of Bitcoins, you become ready to use them at Bitcoin casinos. Making Bitcoin deposits and withdrawals is much easier and safer compared to transactions involving standard currency.
Moreover, registering at a Bitcoin casino takes 5 seconds tops and you don’t have to reveal your identity at all. Just choose a username and password, and you can start loading your Bitcoin casino account with Bitcoins without having to provide proof of your identity such as ID, utility bill etc.
To make a deposit all you need to do is enter the Bitcoins amount you want to deposit and provide your wallet ID. Your wallet ID is a unique string of more than 20 letters and numbers. It’s like an address where your Bitcoins are sent to or from. And that’s it. Your transaction is verified in moments and you can start wagering.
Withdrawals are also simple. What’s even better compared to standard currency is that Bitcoin withdrawals are processed within minutes. The procedure is practically the same. Enter your wallet ID and the Bitcoins amount you want to withdraw.
Bitcoin is Friendly for USA Players
How weird it is to live in a country known for its glamorous and legendary land casinos, but not being able to gamble online. That’s the story of USA players. In 2006 they got robbed of their right to gamble online. In fact, they can, but online casinos won’t accept them in order to avoid repercussions. Plus, the players themselves may get their gambling money seized.
This is why Bitcoin is perfect for disadvantaged players like those residing in the USA. With Bitcoin they can gamble freely wherever they want on the internet without fearing for their money. The USA government has no power over Bitcoin, thus it can’t take action against Bitcoin players.
Although there are still some online casinos that accept US players and give them options to deposit in US dollars, in order to capitalize on this, many of the casinos have turned to Bitcoin too. The US players base is huge, which means lots of potential for new customers.
Conclusion
You will really enjoy the fun of casino banking with bitcoin. It is an interesting virtual currency that gives you a lot of freedom. It is high time you begin playing your favorite bitcoin casinos and enjoy the whopping bonuses and features they offer. Making real money online has never been easier than with bitcoin casinos. You can take advantage of them with ease.