Although at one time online casinos only accepted traditional banking methods such as credit or debit cards, or bank wire transfers for depositing playing funds, nowadays there are a lot more options open to punters.
As well as offering the latest convenient online e-Wallets like PayPal, Neteller and Skrill, many of the biggest and best online casinos now offer players the option of paying with cryptocurrencies like Bitcoin.
This has proved to be very popular among certain players who like the anonymity and convenience that this payment method affords.
For those who are unfamiliar with online gambling and cryptocurrencies, the entire process may seem to be a little confusing, however, once you get started, you’ll see that it is actually surprisingly easy.
What Exactly Is Bitcoin?
Before explaining how to get started with Bitcoin when gambling, it’s important to know exactly what Bitcoin is and how it works.
Bitcoin was the world’s first ever cryptocurrency which was established almost a decade ago in 2009.
When it was launched it had a value of zero, however, today, it is worth a huge amount of money with one bitcoin now being worth around $11,000 US.
Bitcoin was invented by Satoshi Nakamoto with the purpose of making transactions online more rapid, more anonymous, and more importantly, fee free.
These are the very reasons why Bitcoin (and indeed other cryptocurrencies) are so perfect for gambling.
Why Gamble Using Bitcoin?
There are several reasons why Bitcoin is one of the best payment methods to use when gambling at online casinos.
The first reason is primarily that it is anonymous. Anonymity saves you from any negative consequences to your credit score, since regularly registered gamblers may be viewed as a threat by banks and therefore experience low credit scores which can affect whether or not you can get a loan or a credit card.
As using Bitcoin protects your identity, none of your online gambling activities can be traced to you.
Another reason to use Bitcoin for gambling is that it is very popular with online casinos.
The online gambling industry usually adopts new technologies very quickly, so it isn’t surprising that many of the biggest names have taken the idea of Bitcoin and run with it.
It is so popular with online gambling service providers as it allows them to bypass their banking system, giving 1:1 user access with no need for a third party to be involved.
Many online casinos offer bigger specific bonuses to players who choose Bitcoin as their payment method of choice.
While the majority of casinos offer punters welcome bonuses, the ones available for Bitcoin users are usually much higher since there are fewer exchange restrictions.
Bitcoins are constantly rising in value too, so when you use Bitcoin as your currency of choice for gambling, you are likely to get better value for money, since it is highly likely that is value will just continue to rise, at least in the near future.
This is good news for your Bitcoin winnings since they are likely to increase in value.
As Bitcoin payments are speedy payment transactions, this is also a lot more convenient than using a traditional bank wire transfer which can take several days to clear before you can access your funds.
Using Bitcoin gives an additional layer of security for punters, and this is extremely important when gambling online as financial and personal details can easily be open to hacking which can cause all kinds of problems.
Bitcoin is one of the most secure banking methods, ensuring that your finances will remain protected.
One of the main reasons why Bitcoin is so popular among gamblers at online casinos is that it offers very low transactions fees when compared with many other deposit methods.
Often, online casinos agree to forfeit withdrawal and deposit fees which are linked with traditional deposit methods when punters choose to use Bitcoin as their method of choice.
Choosing An Online Bitcoin Accepting Casino
Although not every online casino will be able to accept Bitcoins as a form of currency, there are many that now do, including some of the biggest and best operators in the business.
Still, when choosing the right online casino to suit your needs, it’s important to take care when making your final decision.
Read expert and user reviews to find out how reliable the casino is, and what kind of service they can offer you, always ensuring that you chose a regulated and licensed operator.
Check that all the games are certified and fair using an RNG generator, and keep an eye out for good welcome bonuses and loyalty schemes that are lucrative but without excessive wagering requirements.
How To Start Gambling With Bitcoin
The first step when getting starting gambling with Bitcoin is to obtain your own cryptocurrency eWallet.
This is a digital storage facility for storing your bitcoins. Alternatively, you can purchase a physical wallet device which is actually a lot safer and more secure.
These devices have screens and buttons that allow you to check the details of a transaction before authorising it and sending the money.
Often shaped like a USB flash drive, these devices are small, portable and convenient, and are very durable thanks to their premium material components, keeping your Bitcoin currency completely safe and secure.
Of course, if you are only using smll amounts of Bitcoin to make your transactions, you might be better off saving money and just making your transactions from your free digital eWallet.
How To Make A Bitcoin Deposit
The first time that you visit your chosen online casino, you will need to register by clicking on the “sign up” button.
This will allow you to create your username and password to complete the registration process.
After this is accomplished, you will be taken to your account dashboard where you will see a tab called “deposit” or “funds”. When you click on this section, you will be given the option to deposit funds in order to start playing.
This is where you can deposit your funds using your Bitcoin digital eWallet by entering your details. Make sure that you place the minimum deposit required to benefit from any available welcome offers and to start playing.
You can then choose a game and get going.
Betting Using Bitcoin
Satoshi is the smallest Bitcoin denomination, however it is likely that your bets will be made in increments of mBTC. 1000 mBTC equates to 1BTC.
There are, however, some online casinos which offer players the opportunity to bet with even smaller amounts – bits – with 1 million bits to 1BTC.
Are There Any Negatives To Be Aware Of When Using Bitcoin For Gambling?
Although most people are impressed by the many benefits of using Bitcoin when gambling online, there are a few negative points which users should be aware of before they jump into using Bitcoin as their preferred payment method.
First of all, Bitcoin has a fluctuating value.
Yes, of course all major currencies fluctuate throughout the course of the day, however the Euro, Pound Sterling and US Dollar are all backed up by a central government and therefore they fluctuate a lot less wildly than cryptocurrencies which are not controlled in this way.
Although Bitcoin is quite volatile, it is a trusted and long established currency, so users need not be too concerned about the value dropping dramatically – in fact, at the moment at least, it is much more likely to rise than to fall.
However, users should be aware that it is a possibility that it could fall in value at some point in the future.
Also, Bitcoin is not always well understood, and therefore some people aren’t sure how it works or how to get started with using it.
It is not the most user-friendly payment method out there, however you can find tutorials online that will help you to get to grips with the basics so that you can be well informed about how to use this form of currency properly.
Unfortunately, Bitcoin use does require a bit of technical knowledge, and users must be aware that they need a certain level of tech savvy to be able to buy it and then transfer it online to the casino when placing a bet. While it isn’t as complicated as some players fear, it still requires users to be well informed before getting started.
Gambling is always an exciting pastime, however when you opt to use Bitcoin as your preferred payment method, it is much more convenient and easy to make deposits, and you’ll also benefit from faster receipt of your winnings.
We hope this Getting started with Bitcoin gambling guide helps you in your future bets!
Bitcoin offers users multiple advantages and is therefore one of the best choices for online gambling.
Now that you are aware of how to start using Bitcoin to gamble, you’re ready to register for an online casino which permits the use of cryptocurrencies so that you can enjoy playing all of your favourite games anonymously and speedily.