Table of contents:
- Provably Fair: making online gambling more transparent
- 5 Critical Ways Bitcoin Makes Gambling Online Better
- Is it legal to gamble with bitcoins?
- How to get Bitcoin – Essential tips for investing in Bitcoin
- How to withdraw bitcoins from online casinos
- How to deposit bitcoins to an online gambling site
- Introduction to Bitcoin and online Gambling
So, you have just learned all the Critical Ways Bitcoin Makes Gambling Online Better. You want to try it, but you do not know how to get started and, in particular, how to make a bitcoin deposit into the online gambling website that accepts the cryptocurrency such as BetChain.com, Bitcasino.io or BitStarz.com.
Fortunately, the process of depositing bitcoins for gambling is not complicated. Indeed, you should be assured that it is more straightforward than what you have to do with the traditional payment methods such as the credit card and bank wiring. However, before you make any deposits, of course, you need to have some bitcoins. Even further, before you have the bitcoins, you need to have a place to keep them. This is what is known as a Bitcoin wallet.
Choose a bitcoin wallet first
The wallet contains a public address that you can share to receive payments and private keys that you use to authorise payments from it. You have a few options available out there for you to choose from in terms of bitcoin wallets – here are the major ones:
- Cloud wallets such as Coinbase and Blockchain.info. As the name suggests, these are held in the cloud and accessed through but not stored on your desktop.
- Wallet apps for Android, iOS and iPhone such as the Mycelium, Coinbase and Blockchain.info. As you can note, these are app versions of cloud wallets that you can download and use on your mobile devices.
- Desktop client wallet – The choice is between lightweight wallets as Electrum and MultiBit or full Bitcoin Core (which downloads the entire Bitcoin blockchain onto your desktop, 30 GB). If you don’t know which one to choose – pick a lightweight one.
- There are also hardware wallets, special devices for keeping bitcoins, such as Trezor or Ledger. You can also generate and print your wallet on a piece of paper, often referred to as a paper wallet.
Among all the above wallets, the most convenient for online gambling are cloud wallets and those that you downloaded from app stores, such as Google Play and Apple store, onto your smartphone. They are easy to carry around as well as use. Their downside, unfortunately, is mainly security. This is because they are connected to the internet throughout. This characteristic exposes them to hacks and thus they are known as ‘hot wallets’. While they are not appropriate for huge amounts of bitcoins, using them to hold small amount to gamble with is perfectly in order. With the wallet ready, you now have to load it bitcoins. This may seem a daunting task to someone doing it for the first time.
Where to get bitcoins
The following are some of the ways through which you can acquire bitcoins;
Gifts from friends and relatives – This is often the first way most people come into contact with bitcoin. However, this can only be your source if the people in your circles are bitcoins enthusiasts. It is not a reliable way to get bitcoins with which to gamble online.
Purchase from people around you – If people around you cannot give you bitcoins for free then you have to buy from them. Localbitcoins.com is a very effective website in connecting buyers of bitcoins with willing sellers in their neighbourhood.
Buy from bitcoin exchanges – This is the most used method of acquiring bitcoins. Bitcoin exchanges are online platforms where you can buy and sell bitcoins. Prominent ones include Coinbase, Bitstamp, BTC-e and Bitfinex.
Acquire resources and mine – This used to be the easiest option in the early days of bitcoin. Since 2009, the difficulty of mining has increased exponentially and thus it is no longer a source someone new can rely on to earn bitcoins.
Exchange your fiat at a Bitcoin ATM – This is only possible if there is a Bitcoin ATM within your neighbourhood. The process entails inserting bills into a slot on the machine and displaying the QR code representing your wallet public address on a scanner. For an updated list of Bitcoin ATMs, visit Coinbase Bitcoin ATM Map.
Now deposit bitcoins for gambling
With bitcoins in your wallet, it is now time to deposit into an online gambling website and start playing. The process starts when you create an account with the online Bitcoin gambling casino. Most online casinos automatically create a temporary bitcoin holding wallet for you the moment you sign up. It is to this wallet you deposit what you use to place bets. It is also the same wallet into which the casino deposits your winnings.
Just like the Coinbase or Blockchain.info wallet on your smartphone, this wallet on the gambling website has a public address as well as corresponding private keys. Nevertheless, the latter is often not exposed to the user and the account password serves the purpose. To initiate the deposit process, go to your account on the gambling website and click on the ‘Deposit’ icon. A Bitcoin wallet address will be displayed in two formats; the QR code and the long text line.
If the device with your bitcoin wallet has a camera, go to send in the wallet and to input the address of the gambling website, scan the QR code. Indicate the amount you want to send from the device and hit ‘send’. You can also copy the public address in the text form and paste it onto the wallet that has the money you want to deposit into the virtual casino’s wallet. This is especially in the case where your wallet device does not have a camera to scan the QR code.
You should however never transfer your bitcoins directly from an online exchange to the casino account. Transfer the bitcoins to your wallet first and only from there send it over to the online casino. Why? Suffice to say there have been cases of online bitcoin exchanges blocking client accounts because of such transfers – so do try and avoid that for yourself.
It is appropriate that the amount you are sending or depositing include the miners fee. This is what goes to the people who maintain the peer to peer network that supports, verifies and confirms Bitcoin transactions. The fee is however always a negligible amount. After hitting the send button on your wallet, it will take anywhere below 10 minutes for the money to reflect in your online gambling web site account. When that happens, you are ready to start placing bets on it.
On how to withdraw your winnings and bonuses from the online website, please read How to Withdraw Bitcoins from Online Casinos on this .