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
Well, there are several ways for you to get into the cryptocurrency game by buying and trading Bitcoins. You can get Bitcoins through platforms, websites or traders. All of them require someone that is willing to sell them to you. The transaction themselves can happen through bank transfers, debit or credit cards, Paypal or Neteller (an e-money transfer service used to transfer money to and from merchants).
Most trading or transactions occur in platforms that offer their users the possibility to buy and sell cryptocurrency. One of the biggest and most respected Bitcoin platforms is Coinbase which support a wide variety of cryptocurrency and holds a network of over 30 million users.
When searching for a platform to buy or sell cryptocurrency from, be sure to thoroughly check feedback from other users for reliability, user support or other issues that might advise you not to create an account with them.
Here’s some other platforms we recommend for Bitcoin:
And some decentralized exchange platforms:
So, now that you know where to get Bitcoins from, you will need a wallet to keep them. On the Bitcoin universe, the place to store your Bitcoins is called a crypto wallet. Think of it as a bank account where you keep and access your money.
When it comes to crypto wallets, your main choices are: (1) hardware wallet, (2) web-based wallet, (3) desktop wallet or (4) mobile wallet.
Your choice on the wallet type should be based on the requirements and benefits you value the most. Are you looking for a more user-friendly one with an intuitive consulting service? In that case, mobile wallet is the one for you! If in your case safety comes first and foremost – then you should go with a hardware wallet.
Bitcoin Hardware Wallets
This is a special type of wallet because this one stores your private passwords on a physical device. In order to avoid problems with this sort of storage you should avoid issues such as malware intrusion while swapping or trading, assure a perfect system installation (e.g. software bugs) and try to regularly check if your system is running in perfect conditions.
Main benefits of hardware wallet:
- It’s the safest wallet variant to keep your Bitcoins;
- Allows for a higher amount of storage of Bitcoins;
- Normally this type of wallet is virus-free;
- Usually this sort of wallet is based on open-source software, allowing you to validate the operations going on your device.
Below you can find two of the best hardware wallets at the moment:
Ledger Nano X – One of the most respected and credible companies in the current range of hardware wallets. These wallets have been around since 2014 and are currently sold in around 165 counties. Reviews on their products are very good as well as their customer care;
Trezor – This wallet, built by SatoshiLabs, was the first legitimate and secure Bitcoin hardware wallet. Trezor value their transparent security which they upgrade from feedback of security independent audits and are known for their wallets’ great interface.
A web-based wallet is set up through an online account, where the Bitcoins can be kept and accessed. When you create this kind of wallet, you’re trusting that the service administrator will not attempt to access your account.
As such, it is very important that you trust the platform you’re opening your account in.
Main benefits of web-based wallets:
- Promotes user identity protection respecting their anonymity, in some through IP concealment;
- Opening an account is fairly easy and fast;
- You can access your account on several types of devices;
- In case you lose the device where you usually accessed your account from, your account and Bitcoins will not get lost;
- Crypto trading within the same web platform are usually fast since it avoids extensive blocks confirmations.
Some current web-based wallets available today are:
- CoinBase – Based in San Francisco, Coinbase is not only the world’s largest Bitcoin broker, but also one of the most secure crypto wallets to store digital currencies.
- Binance – While Binance is one of the newest cryptocurrency exchange platforms available on the market, it has quickly managed to attain a high level of trust from its users and the digital currency community.
Desktop Bitcoin Wallets
In this case, users access their wallets through an application installed on a device. The user has control of the wallet and depending on the features of the platforms’ application, the user may also be able to swap, trade or gamble his or her crypto currency. Another useful feature of this type of wallet is that a user can create a specific address to send or receive Bitcoins.
The main limitation of desktop wallets is the fact that the software used may require regular updates.
Main benefits of this wallet:
- Customer support is usually available and simple to access when you’re online;
- It offers greater autonomy to the user in comparison with a web-based wallet (e.g. being dependent on the version of your web browser).
Here’s some great desktop wallets available today:
- Exodus – Launched on 2015, this wallet was the world’s first multi-cryptocurrency desktop wallet. With Exodus you can store your bitcoins without worry, as Exodus has no hosted servers or logs.
- Electrum – This lightweight desktop bitcoin wallet supports multiple operating systems such as Windows, Mac, etc. Still, be aware – as a service provider, Electrum charges transaction fees.
Mobile Bitcoin Wallets
This type of wallet offers some unique features in comparison to the others previously mentioned – easy and quick access. Setting up an account in a mobile wallet platform gives you the opportunity to access your wallet wherever you are. It allows you not only to always be connected to the market and be aware of the latest crypto tendencies, but also make transactions through QR Codes possible.
One limitation associated to this kind of wallet, is the fact of this wallets are subject to the app market. Updates or devices loss can also mean Bitcoins loss. Be sure to check what’s the application or platforms’ policy in these cases.
Main benefits of mobile wallets:
- Quick and flexible access;
- It’s QR Code prepared for peer-to-peer transactions;
- It can be used as an extension of your desktop or web-based wallet.
Here’s a couple of mobile wallet apps for you to try:
- Trust Wallet – This wallet is the world’s leading multi-asset digital wallet which currently supports 13 crypto coins and is an ideal choice for multi-cryptocurrency users.
- Guarda Wallet – It is an open source and well-established Bitcoin wallet with an active developer community that is always innovating.