If anything brought a renaissance in the world of online casinos, it is definitely the use of cryptocurrency and bitcoins. Not only has the use of bitcoins changed the scenes of the industry, but it has also enhanced the popularity of the game extensively. The use of cryptocurrency and digital currency transactions has reincarnated the online betting world. The three primary benefits & reasons for using cryptocurrency on an online gambling platform are security, anonymity, and safety. With the increased use of bitcoins, identity security has improved. The huge number of people who were initially afraid to place a bet on these platforms can now do it with peace of mind with Bitcoins coming into the game.
There is a low risk of being duped when you are using bitcoins for the transaction, so be alert.
Now let us discuss those mini but essential steps that you need to take for using bitcoins at online casinos.
If you have to gamble online with bitcoins you need to have a store of them. If you are purchasing bitcoins to gamble for the first time, the best way to go around is definitely an online exchange. However, the process involves varying degrees of struggle especially depending upon your country. You may have to put forward plenty of documents and personal IDs to buy bitcoin.
However, as mentioned previously, this is the most common way to go around. The amateur buyers often do not know which exchange is the best. Now, to be honest there is no single answer to this. All the online exchanges have their own merits and demerits. You have to try your luck for the first time. Suggestions from people who are already into this or online reviews can be helpful in this regard. There are many valid websites where you can find a complete list of online exchanges and their details. You must compare the exchange fees of various online exchanges to have the best deal. Also, don’t fall into the trap of frauds who charge lower than standard fees because these are duping techniques. It is a pretty risky game you see.
For those of you who are frowning right now after having read the previous part, here comes the secret weapon for you. Use a Bitcoin ATM instead. Not many people know about this but it is easy and convenient to use. There are various websites and location trackers to let you know the position of the closest one. Now the drawbacks of using a Bitcoin ATM are you have to pay fees for it and also, a Bitcoin ATM may not be very close to your house or very easy to access. The advantages are that it is easy to access, works fast and the best part is that complete anonymity is maintained if you use a Bitcoin ATM
If you are not satisfied with both method 1 and method 2, then you can also go for peer-to-peer Bitcoin Exchanges. This is like a trading place consisting of bitcoin traders. Many sellers will put up their advertisements here and you can choose the deal that best suits you. The payment mode and price varies from one trader to another. The best part is that you can avail yourself of plenty of options when using the marketplace. Anonymity is stringent in this case as well. You will have to pay a certain fee here as well. Various traders mark bitcoins at varying prices according to their profit percentage. You have to scrounge and get the best deal.
The next question that comes up is, what do I do after acquiring bitcoin? Where do I store them for later use? The answer is, you keep them in a Bitcoin Wallet. This is mostly like an online wallet from where you can send and receive money. You can easily keep a track of your recent transactions and balance just like you do in any other online money transfer wallet. You can choose any preferred Bitcoin wallet and open an account or sign up. It is pretty much like signing up for any other application, only that you have to put in a pretty large share of details. After filling in the correct details, you will have to verify your email address by logging in and your wallet is ready for use. Some casinos have a particular preference in terms of bitcoin wallets. Before choosing any online casino, check out if they have the provision of transactions with your bitcoin wallet.
So, you are now closer to online gambling using Bitcoins. Let us have a quick look at how to use Bitcoins for Transactions:
Step 1: Log in to your bitcoin account set up with the casino
Step 2: Click on the “Deposit” button. Once the cashier page pops up select the option “ Bitcoin Deposit”.
Step 3: Now you shall receive a Bitcoin address of the casino. This is actually that web address (assume it as the account of the casino) where you need to send your Bitcoin payment. Copy this address.
Step 4: Now login to your Bitcoin wallet and choose the option “Send”
Step 5: A screen appears. Add the casino address copied previously, into the “Recipient” box of this page.
Step 6: Now select the amount of Bitcoin you want to transfer
Step 7: Click on” Send Funds” followed by “Confirm”
Step 8: Now go to your casino bitcoin account and refresh the page. If the transaction has been done properly, you will be able to see the bitcoins have been transferred from your wallet to your casino bitcoin account
Hopefully by now you know everything about using bitcoins in casinos. For safe and secure cryptocurrency-based online gambling, be sure to check out review sites like casinoswikionline for the right online betting sites.