How Do I Use Bitcoin For Online Casinos
Today, there are more gambling sites and betting sites accepting Bitcoin than ever before. If you’re wondering how you can begin using this popular cryptocurrency to gamble online, well, that’s precisely why we’ve created this guide.
On this page, we’re going to be showing you exactly what Bitcoin is, how you can buy and sell it, and how you can use it to play at your favourite crypto casinos. To kick things off, we’re going to look at what Bitcoin is and how it works.
- Step 1: Buy Bitcoin From An Exchange
- Step 2: Move it to a compatible wallet
- Step 3: Play at the best crypto casinos.
Getting Started with Bitcoin
Today, there are hundreds if not thousands of different websites telling you all about Bitcoin, how it works, and how to purchase it for yourself. But few of these guides tell you how to use Bitcoin with online casinos, and that’s why, in the section below, we’re going to show you how to buy, deposit and play with Bitcoin so you can enjoy all of your favourite online casino games using this popular cryptocurrency.
While Bitcoin may seem pretty complex and technical at first, it’s a lot easier than you probably think, and you don’t need to know any techy stuff to begin buying Bitcoin to use at Bitcoin casinos and betting sites.
Join a Bitcoin Exchange & Open a Bitcoin Wallet
The first thing you need to do to buy and sell crypto (and send it to your chosen Bitcoin gambling sites) is set up a crypto wallet. While there are dedicated apps that offer you a wallet and nothing else, we highly recommend using a crypto exchange. This will allow you to keep your coins, send them to your chosen online casino, and buy crypto.
One of the most popular crypto exchanges for buying Bitcoin for use at online gambling sites is Binance; this heavily-regulated company has been around for many years. Their strong regulatory requirements mean that your funds are safe and secure at all times. One of the most significant benefits of Binance is that they allow you to join their crypto exchange without undergoing a know-your-customer (KYC) check. However, if you choose to buy crypto using debit and credit cards or your bank account, you must upload ID documents.
Once you open a wallet with Binance or any other crypto exchanges, for that matter, you’ll automatically have a wallet address created for you, and this acts much like a PayPal account would for you. Next up, it’s time to buy some Bitcoin to add to your wallet.
Most major crypto exchanges allow you to buy Bitcoin using debit and credit cards or by making a bank transfer. It’s usually a pretty quick process; you just choose how much crypto you want to buy, select your preferred payment method and confirm the purchase. Once the site has processed it, the Bitcoin will be automatically added to your wallet, and you can then trade them, sell them, or hold them as you wish.
There are tons of crypto exchanges around today, and some of the other popular ones you may see talked about for use at an online casino includes Kraken, Luno, Bittrex and Ramp.
Deposit Bitcoin to Your Chosen Online Casino
Once you’ve funded your wallet, it’s time to begin playing your favourite casino games at Bitcoin casinos. But first, you need to deposit money at the gambling site where you’re registered, so that’s what we’re going to be covering in this section of our post.
First things first, you’ll need to head to the cashier section at the casino where you want to play. From here, select Bitcoin as your payment method; you’ll then see a Bitcoin wallet address appear on your screen. Carefully copy this address and head back to your wallet.
You’ll then want to head back to your crypto wallet and start the process of starting a new transaction. Paste in the crypto wallet address you just copied, select how much money you want to deposit and confirm the transaction. The Bitcoin will then show up in your online casino account within just a couple of minutes, and you’re then ready to begin playing your favourite casino games!
Withdraw Your Winnings!
If you’re lucky enough to hit a nice win at the gambling site you’re playing at and decide that you want to withdraw your winnings, you’ll be pleased to know that it’s a reasonably straightforward process to do so. The first thing you need to do is head to your crypto wallet and copy down the address of your wallet.
Once you’ve done so, head to the cashier section of your casino account and select the ‘withdrawal’ option. Here, you’re going to want to paste in your Bitcoin wallet address, and then, it’s just a case of waiting for the casino to process your withdrawal.
Once they’ve done so, the crypto will be sent immediately to your Bitcoin wallet. This process typically takes just a few minutes, so once the site has processed your withdrawal request, you’ll find the Bitcoin available in your account almost immediately!
What Is Bitcoin?
Bitcoin is a form of digital currency that’s fully centralized, which means you’re able to buy, sell and trade the currency without having to involve a third party, such as a bank or financial institution.
Created by a secret developer called Satoshi Nakamoto, Bitcoin was initiated after the financial crisis to allow everyday people to ‘give the finger’ to financial institutions. It is, essentially, an electronic payment system that lets you make transfers to anyone in the world in seconds. It all works on something called cryptologic proof, something we’ll look at in just a moment.
What makes Bitcoin unique is that each and every transaction is made on what’s known as a blockchain. This is a public ledger that cannot be edited, and it means that transactions cannot (easily) be reversed. This method is all thanks to the decentralized nature of the coin, and unlike fiat currencies like USD or EUR, Bitcoin isn’t backed or supported by any issuing institutions.
This is beneficial in some ways, but it does mean that there’s nothing to physically guarantee Bitcoin’s value besides the proof of its popularity thus far. Developed back in 2009, Bitcoin has seen insane levels of success in the past couple of years. This crypto that was once worth a few cents per coin is now worth a whopping $60,000 per coin — a figure that’s made people incredibly rich — and even more successful traders than some of the most experienced inventors on the planet.
What’s more, because Bitcoin’s supply is limited (only 21 million coins can ever be created), many experts believe that the coin’s price will only continue to rise. This price increase is perhaps amplified due to many large banks and financial institutions investing in Bitcoin. We’re even beginning to see Bitcoin accepted in day-to-day life, for example, at online shops and, of course, online casinos.
How Does Bitcoin Work?
How Bitcoin works can be confusing to many, especially if you’re not used to online gambling with crypto. Thankfully, you don’t need to worry about any of this if you only want to play at online casinos using your Bitcoin wallet. Still, below we’re going to take a look at the more technical aspects of cryptocurrencies so that you know what’s what!
Bitcoin runs on a unique piece of software, known as a distributed digital record, called a blockchain. A blockchain is basically a collection of data, all of which are tied together using hashes, and each of these hashes contains information about every transaction ever made on the blockchain, including information about the total transaction value, the time at which the transaction was placed — even the Bitcoin address of the buyer and seller.
Every Bitcoin translation has a unique identifying code, and entries in the blockchain are entered in chronological order. Over time, these create a series of digital blocks, and once a block has been created, it remains on the blockchain forever. It’s impossible to delete them, and if you want, you can view, publicly, a list of every crypto transaction ever made!
It may sound like quite a strange concept that anyone who wants to can view your transactions. However, unless they know your specific wallet address, there’s no way of knowing who is behind a crypto Bitcoin address. What’s more, it’s incredibly secure; for new transactions to be added to the blockchain, the majority of all Bitcoin holders need to verify the transaction, and this is all thanks to state-of-the-art cryptographic hashes and puzzles that make it virtually impossible to break.
When you get a Bitcoin address, you’ll notice that it’s a long list of random numbers and letters; this makes it virtually impossible to produce fraudulently. Experts don’t believe we’ll see supercomputers in our lifetimes that can come even remotely close to cracking any of the codes. It’s this level of randomness and state-of-the-art security that makes Bitcoin so secure. While the technology behind the crypto is a lot more complex, that’s a very rough introduction to Bitcoin and the blockchain and how it all works!
Pros of Using Bitcoin for Online Gambling
Higher Levels of Security
Many consumers are hesitant to enter their debit cards or financial data on websites that provide online gambling. While there is an actual reason for concern in very rare situations, we understand why some people are concerned and wish to keep them apart.
Bitcoin wallets operate as a middleman between you and the sites, allowing you to deposit and receive funds fully anonymously. This level of protection and security is extended to consumers who do a lot of business and banking online. Instead of submitting your private information to a slew of different websites, you only need to enter it for the wallet, and you’ll be masked and safeguarded wherever you go online. This is a significant security bonus in this day and age of cybercrime.
Using more traditional ways of money transfer will incur hefty fees and charges. Transactions are either free or have a small cost due to the totally digital nature of Bitcoin and the lack of a requirement for banks.
This may save you a lot of money, especially if you’re moving significant quantities of money or making a lot of deposits and purchases online. Many online gambling companies will reward you with extra incentives if you use Bitcoin because it saves them a lot of money on the costs they typically cover on deposits.
Speed & Flexibility
Transactions (both withdrawals and deposits) are vastly quicker than other traditional ways due to the nature of how Bitcoin operates. Other ways usually take a few days to process and send, but most sites accept Bitcoin in a matter of hours. Not only are transactions speedier, but the limitations on both deposits and withdrawals are frequently far greater.
All Bitcoin transactions are made public and may be viewed by anybody. Each transaction, however, is devoid of any personal information. The sender and recipient of Bitcoins are the only ones who know the transaction code.
That implies that both the sender and the recipient may check on their transactions and ensure that everything is in order, eliminating many frauds and making things more straightforward for all parties involved.
A bank or some form of Bitcoin middleman does not know or manage this transaction code. Only the sender and receiver are aware of it; no one else is. This is how you may make it transparent to the proper people while keeping it concealed from others who have no business knowing what you’re doing with your money.
Cons of Using Bitcoin for Online Gambling
Whether they be fiat currencies or cryptos, all currencies see fluctuation, which is completely normal and should be expected. However, these fluctuations are more intense when it comes to cryptocurrencies, and since Bitcoin is a new digital currency, it’s subject to more fluctuations than fiat currencies.
If you’re planning on playing casino games at Bitcoin casinos, you should know that these fluctuations will likely affect how much crypto you hold in your Bitcoin wallet. Sometimes these fluctuations are barely noticeable, while other times, they can impact your portfolio heavily.
Of course, while this can cause you to lose money, it also can result in unexpected gains, which is one of the reasons why so many people like Bitcoin online gambling. It’s unpredictable and gives you a chance to see unexpected gains when you least expect them!
It Can Be Overly Technical at First
While using Bitcoin for online gambling is generally pretty straightforward, many online casinos that accept it can seem overly complicated, especially if you don’t have any previous experience with digital currency.
We think it’s fair to say that there’s a learning curve when it comes to crypto. It can take a bit of getting used to, especially when dealing with things like your Bitcoin address, making deposits and withdrawals at online betting sites and generating a new Bitcoin wallet address.
Thankfully, all of the best Bitcoin gambling sites provide detailed guidance on making deposits and withdrawals using Bitcoin. Many will also show you how to buy and sell Bitcoin so that you can get started easily and quickly.
Is online gambling legal with crypto?
Yes, at the time of writing, there aren’t any significant countries or jurisdictions, including online gambling regulators, that have stated that using Bitcoin at online casinos is illegal.
However, it’s worth pointing out that Bitcoin, along with all other cryptocurrencies like Litecoin and Ethereum, is a relatively new concept. That means that some online gambling regulators don’t know how to deal with cryptocurrency. Indeed, some online casinos in certain jurisdictions — for example, those governed by the UKGC — tend not to accept cryptocurrency as it’s too hard for them to prove to regulators that they’re doing their responsible gambling and anti-money-laundering checks.
It’s also quite likely that we’ll begin to see online gambling regulators enforcing specific rules and regulations on crypto gambling in the future. But for now, there are no such rules, and it’s certainly not illegal for you to play with Bitcoin at online casinos!
Where can I find the best Bitcoin online casinos?
Today there are more crypto and Bitcoin casinos than ever before, and this can present a problem if you don’t know what to look for; with so many different sites, how do you know which casinos are legitimate and which aren’t? Thankfully, our team of online gambling experts has done most of the hard work for you, and if you’re looking for the best Bitcoin casinos, then you’ll be pleased to learn that we’ve compiled a list of the most trustworthy and reputable sites.
All of the Bitcoin casinos that you see recommended here on Casinomeister have been thoroughly tested and vetted by our team of experts, and they are all properly licensed and have a good reputation in the industry.
How do I get a Bitcoin wallet?
There are a few different ways to get ahold of a Bitcoin wallet, and by far, the easiest way is to use what’s known as a crypto exchange. A crypto exchange allows you to both buy and sell Bitcoin as well as store them, and once you open an account at a crypto exchange, you’re automatically given a Bitcoin wallet.
This wallet can then be used to send Bitcoin to the gambling sites you’re looking to play at, and gambling transactions can be made and completed in seconds, thanks to how Bitcoin payments work. Remember, make sure to choose a reputable Bitcoin casino. While Bitcoin is an excellent deposit method and a fantastic alternative to conventional financial transactions, some scam sites are in operation, so it’s important to find a legit site to accept Bitcoin if you want to gamble online.
Always check out our trusted online casino news pages and reviews to find the best and top-recommended Bitcoin gambling sites, all of which have been hand-picked by our team of online gambling experts.
What other cryptocurrencies can I use?
Head to pretty much any Bitcoin gambling site, and you’ll find that, besides Bitcoin, you’re also able to use a variety of other different cryptocurrencies. Today, with so many gambling transactions made using crypto, many online casinos have decided to get ahead of the trend and now offer a wide variety of different coins and tokens. Popular examples of other cryptos you can use to play online slots and play casino games at Bitcoin sites include Litecoin, Bitcoin Cash, Ethereum and Dogecoin.
What happens if I don’t want to buy a whole Bitcoin?
Technically, a Bitcoin is a whole unit, just as a USD is a unit of fiat currency. However, when you’re gambling online, most players are rarely ever going to have a whole Bitcoin, especially as the price of one Bitcoin is, today, around $60,000. Thankfully, online gamblers can buy parts of a Bitcoin, much in the same way that it’s possible to have less than one USD.
How much can the price of Bitcoin fluctuate in a day?
As with any currency, commodity or asset, it’s impossible to predict precisely how much Bitcoin can or will fluctuate in a single day. However, as Bitcoin has been growing in popularity, it has become a bit more stable. As a result of this stability, mainstream investors and financial institutions are starting to notice and get involved with the coin themselves.
In the past, we’ve seen price fluctuations of up to 30% in a single day, and while this may sound like a pretty scary prospect, it’s well worth pointing out that these kinds of fluctuation are pretty rare; it’s normal for Bitcoin to see around a 5% fluctuation in a single day.
Do I make a profit if the price of Bitcoin increases?
Yes! While there is, of course, a flip side to this (if you’re holding Bitcoin and the coin’s price decreases, you’ll end up losing money), if you’re holding Bitcoin and the price increases, then you’ll make a profit.
This volatility is one of the main reasons why many people choose to hold their Bitcoin as opposed to selling it right away; even if the price of Bitcoin goes up, say, 5% over the course of a week, that can be quite a bit if you’re holding, say, a few thousand dollars worth. Just remember, again, this does work both ways, and if the price does go down, you can also lose money.
Is Bitcoin better than conventional payment methods?
The answer to this question depends on your personal preferences and your needs. For many people, it’s just easier to whip out their debit and credit cards and deposit money directly at online casinos. They don’t want to have to deal with the nuisance and complexity of making Bitcoin transactions.
However, for those who want greater levels of privacy, heightened security, and faster deposits and withdrawals, Bitcoin is an excellent choice. These are some of the reasons why there are so many Bitcoin casino sites out there today. More players than ever before are choosing a Bitcoin casino over conventional online betting sites, and we’ll likely see this trend continue as Bitcoin’s popularity continues to increase.
Can I only use Bitcoin at online gambling sites?
No! When you look at the total number of Bitcoin casino sites compared to those that only accept fiat currencies, you’ll find that Bitcoin is, in fact, available a lot less than conventional payment methods.
For example, virtually all online casinos allow you to make deposits and withdrawals using your credit or debit card. The vast majority of these sites also allow you to use e-wallets like Neteller and Skrill. Most sites let you make bank transfers, and some even let you use prepaid cards and vouchers!
There are tons of payment methods available for you to use at online casinos, and Bitcoin, along with other cryptocurrencies, is just one of many available.
How do I convert my Bitcoin back to cash?
One of the most common questions we get asked from those new to using cryptocurrencies instead of a fiat currency payment method like a debit card is how they can sell their Bitcoin to get cash.
In the past, it’s fair to say the process wasn’t that easy, although today, it’s relatively straightforward and selling Bitcoin for cash is simple thanks to the influx of crypto exchanges out there on the market. You only need to send your Bitcoin to a crypto exchange, sell it, and then withdraw using a bank transfer.