There are loads of resources that perfectly explain what Bitcoin is, how fantastic it is, and how huge of an asset it can be in the online gambling industry. However, there seems to be a lack of information when it comes to getting started and using Bitcoin as your primary payment method at online casinos. Thankfully, we have years of industry experience and created a comprehensive Bitcoin gambling guide that will explain everything you need to know in order to use this revolutionary digital currency at your favorite online casinos.
To make things a little easier for those that already own Bitcoin, we will begin with a step-by-step gambling guide on how to get started at online casinos before we dive into additional information, such as how Bitcoin works, the benefits of using a cryptocurrency, and anything else that might be beneficial to you in order to confidently use this digital currency to play your favorite games online. There are essentially three steps you'll need to follow to make deposits at your favorite online casinos, including registering a Bitcoin wallet, funding your wallet, and using your wallet to deposit funds at any online casino.
A Bitcoin wallet is basically an online hub that will allow you to sell and buy Bitcoins. You will come across two types of wallets, including a software wallet and a hosted wallet. However, for the purpose of this gambling guide, we will primarily concentrate on the hosted wallet. A hosted wallet will give you the opportunity to store Bitcoins through a third party, similar to using a bank, while a software wallet can be seen as storing money in a shoebox under your bed.
A Bitcoin wallet shares a lot of similarities with e-wallets like Neteller, PayPal, or Skrill. You will use your credit/debit card or bank account to fund your wallet and then use your wallet to make deposits at an online casino in the same way you would use an e-wallet. The only difference between the two is that when you fund your wallet, you'll convert the money into Bitcoins to perform online transactions. To register a wallet, you simply need to locate a provider and follow the instructions, much like registering an e-wallet.
Once you've registered your wallet, you will need to make a deposit to obtain some Bitcoin. Please keep in mind that the rate of Bitcoin, just like any other currency, will fluctuate so you will need to confirm the rate you will receive when you make your deposit. You don't have to be too concerned about this as the rate will always fluctuate in one way or another.
You can deposit funds into your wallet using a wide range of payment methods. For instance, you can either link your bank account directly to your wallet or you can use your credit or debit card to fund your wallet. Some wallets will even give you the freedom to use PayPal, Skrill, or Neteller for added convenience. All of these options will work the same, so you merely need to choose one that is best suited for you.
Once you have funds available in your Bitcoin wallet, you'll be able to make a deposit at your favorite gambling site. Simply navigate to the banking section and select Bitcoin as your preferred deposit option. The gambling site will provide specific instructions to successfully make a deposit using Bitcoin. Once your online casino account is credited, you'll be ready to play a wide variety of games. It shouldn't take more than a couple of minutes to fund your online casino account and start playing.
When you are ready to make a withdrawal on your account, you simply need to re-visit the banking section of the gambling site and choose Bitcoin as your preferred withdrawal method. The online casino will transfer your winnings back into your wallet in a matter of hours. Once you've received your winnings, you'll have the ability to convert your winnings back into a traditional currency, allowing you to send it back to your registered bank account.
That is essentially all there is to it. The simplicity and freedom to use cryptocurrencies across the globe are some of the main perks of this digital currency. Not sure what Bitcoin is? Don't worry, we also included additional information about this cryptocurrency and the pros and cons that are associated with this digital currency to ensure you are well-informed before making your first transaction.
Bitcoin can be seen as a digital cryptocurrency. It's essentially a new form of currency that you can use over the internet. Bitcoin transactions are free, completely anonymous, and doesn't use a central authority like a bank to complete transactions. You might think that this digital currency is a physical object but this is certainly not the case. It's basically a data block created through a complicated computer process. You won't be able to hold Bitcoin in your hands. However, you can use it to make transactions and purchases online.
Bitcoins are created through a process called data mining that takes an enormous amount of computing power and loads of time. With every coin that's created, the next one becomes more and more complicated to create, eventually making it impossible to create more. This means that there is only a limited amount available which makes the coins more valuable.
Now that you have a better understanding of what Bitcoin is, how it works, and how you can use it to make deposits and withdrawals at your favorite online casino, it's time to take a look at the pros and cons of this digital currency.