For most punters, the most appealing thing about betting with bitcoin is that it promotes anonymity to a certain level. That means cash from your gambling activities won’t be directly traceable from your bank statement. Even better, bitcoin gambling promotes gamers’ security, although the systems can be a little tricky to use for beginners. This BTC crypto gambling guide will help you register a bitcoin gambling account to placing wagers and withdrawing your winning.
Using Bitcoin for Gambling Online
Bitcoin is cost-effective and convenient for anyone looking for a cross-border payment platform from anywhere in the world. For this reason, thousands of punters worldwide are buying bitcoin through different methods to wager in their favorite BTC casinos. However, it’s important to understand that you’ll need a bitcoin wallet before you can start looking for where to buy your bitcoins.
Step 1: Opening A Bitcoin Wallet
Bitcoin wallets are essentially online hubs that facilitate bitcoin transactions. Although there are different types of wallets, hosted wallets are our main concern for bitcoin betting. Hosted wallets mean that your bitcoins are stored with a third party, similar to what you do in banks. It means another company handles the storage and security of your bitcoin.
Using a bitcoin wallet is similar to using other third-party payment facilitators like PayPal or Skrill. As such, you can use your credit/debit card to load bitcoins in your wallet and use the digital currency to trade or deposit your stake in an online gaming site. Even better, opening a bitcoin wallet is very easy, using trusted sites like Blockchain.com and Coinbase.
Step 2: Depositing Cash in Your Bitcoin Wallet
Once you’ve set up your account, depositing your money is the next step to buy the bitcoin. Remember that bitcoin prices fluctuate easily, so keep track of the rates when purchasing the bitcoin. It might feel frustrating, but the prices are always fluctuating in one direction or the other.
You can link your online bitcoin wallet with a credit or debit card to deposit your cash easily. Some wallets might also allow you to deposit through other virtual wallets like Skrill, but the process is straightforward, whichever method you choose.
Step 3: Depositing Bitcoin to Your Online Casino
Once your money is in the bitcoin wallet, you are ready to deposit it to the online casino site and start playing. You’ll only need to navigate the deposits page on your sportsbook and select the Bitcoin option. You’ll find specific instructions on how to facilitate the deposit, but all you’ll need is to copy the casino’s bitcoin address to facilitate the payment. The transaction should take a few minutes to be approved, and you shall have your stake for betting.
Step 4: Withdraw Your Winnings
After depositing your cash, placing a wager is the same as betting in any fiat currency online casino. You’ll only need to worry about withdrawing your winning, although the process is very straightforward and fast. You only need to initiate the withdrawal process on the casino website, and the bookmaker will facilitate everything and put your money into your bitcoin wallet. After receiving your money, you can convert the bitcoin into fiat currency like the US dollar or use the money to transact online.
The Legal Aspect of Bitcoin Casinos
Due to bitcoin’s nature and challenges of transacting in bitcoin, running a bitcoin casino is illegal in most US states. However, there are thousands of bitcoin punters in the country, as you can place your wager from anywhere using sites set up overseas. Most of these casinos operate anonymously and accept wagers from all over the hard, making it hard for authorities to control, legalize and regularize transactions. That’s because lack of open information makes it hard to collect the data necessary to enforce such rules.
Why BTC Casinos Are Becoming Popular
Anonymity remains the biggest attraction to betting with bitcoin. Even better, most bitcoin casinos offer zero transaction fees and unlimited daily transactions, unlike platforms based on the traditional fiat currency. The business’s online nature also ensures that players access the games in huge numbers all around the clock.
Since online bitcoin games are beyond authorities’ control, lots of casinos have customized their games’ rules to make them more interesting for punters. Such game variations aren’t available in traditional currency-based casinos, and that has been a major contributor to the rise in popularity of bitcoin gambling.
While it might take several minutes to understand bitcoin gambling, the betting process is similar to wagering at any other online casino. However, bitcoin gambling is more safe and secure than other banking methods like using credit/ debit cards. Additionally, bitcoin casinos are highly transparent in how they operate, which confuses players looking for anonymity. Fortunately, the transparency of the games doesn’t compromise the anonymity of the casino.
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