How to use Bitcoins at online casinos
Published on by Adam
This cryptocurrency is taking the world by storm and Bitcoin is slowly gaining traction in the casino world as well. A growing number of operators allow deposits and withdrawals in Bitcoin. So, how do you get started?
What is Bitcoin?
Bitcoin is an entirely internet-based currency, which means you cannot withdraw it from an ATM, only use for online transactions. Like any other currency, there is an exchange rate that fluctuates.
Many Bitcoin users prefer this type of currency because it is safe, instant, secure and anonymous – at a time when governments are putting pressure on personal freedoms, many prefer to keep their financial activities safe from prying eyes and Bitcoin is a great way to do that.
Your name, address or any other identifying details are never associated with your Bitcoin wallet, which is where your Bitcoins will reside. Transactions take place between accounts, identified only by a string of characters.
After you decide you want to purchase some Bitcoin, your first move should be to find out the Bitcoin exchange rate, or how much Bitcoin will cost in your currency. This ensures that you are fully aware of how much you will be spending, before entering into any transactions. It’s a good idea to keep an eye on the exchange rate any time you want to use Bitcoin.
You can buy Bitcoin through a number of services. Several sites will charge your credit card in exchange for Bitcoin, while others will allow you to deposit funds through wire or bank transfer. Some banking institutions will also allow you to buy Bitcoin ‘over the counter’, so to speak, in exchange for cash. One way you definitely cannot buy Bitcoin is through Paypal, which take a very strict stance against the use of its service for Bitcoin purchases.
So, you’ve got your Bitcoins and you’re ready to play! You have picked your Bitcoin casino and would like to deposit some funds. What next?
It’s very easy. Head to the Deposit section on your casino of choice and choose Bitcoin as the currency. You will then be given a wallet address (one of those character strings mentioned earlier). Next, head to your Bitcoin wallet and authorise the transfer of the amount of your choice to that destination address. Keep in mind that all casinos will have a minimum deposit amount.
Withdrawing your winnings in Bitcoin is equally simple. Head to the Withdrawal section of your casino of choice, key in the amount you with to withdraw and copy and paste your wallet address into the designated field. Voila! Your winnings will be in your account in seconds.
Choosing a casino
In an industry with so much competition, it can be hard to choose where you want to play. More and more casinos are offering Bitcoin as a deposit/withdrawal currency and many also choose to create welcome bonuses with BTC rewards. BitStarz and Playamo are just two of many excellent sites you can use to play with Bitcoin.