Gambling With Bitcoin – Guide

Cryptocurrency has transformed different sectors of the global economy including businesses, gambling, and transport industries. Bitcoin gambling is one of the newest forms of gambling. Today, you can use Bitcoin to wager at different casinos and bookmakers. Still, some people don’t know what Bitcoin gambling entails.

The following is a detailed Bitcoin gambling guide that you need to follow if you love using Bitcoin.

How to Buy Bitcoins

Many beginners wonder how they can get Bitcoins. First, look for a reliable cryptocurrency online service and register an account. Set up a wallet before you make your first Bitcoin (BTC) purchase. Many online crypto services allow clients to buy different cryptocurrencies

using their bank accounts, credit, or debit cards. It is advisable to select the highest Bitcoin exchange rate.

How to Use Bitcoin to Play Various Casino Games

Reputable Bitcoin traders recommend learning how to use Bitcoin before you start betting with it at online casinos. Many casinos that allow punters to make Bitcoin deposits often convert the crypto to fiat currency.

You will use fiat to play real Bitcoin games and convert the currency to BTC to withdraw winnings. You can find exciting Bitcoin games at renowned Bitcoin betting sites. They don’t need you to convert Bitcoin to fiat currency. Instead, you can use satoshis to bet with Bitcoin.

These games include dice games, card games, live dealer games, and ordinary casino games. They normally use the Provably Fair gaming model. Thus, you can verify each bet before placing it.

Bitcoin Deposits and Withdrawals

Of late many gamblers who wager at online casinos have been complaining about withdrawal and deposit processes. For example, PayPal has imposed transaction restrictions in some countries while e-Checks need further processing before you access funds.
When you bet with Bitcoin, you will often use fiat currencies to make deposits thus avoiding such withdrawal and deposit problems.

Furthermore, neither the banking industry nor the government regulates cryptocurrency. So, BTC transactions are faster than cash payments. A transaction is completed shortly after the blockchain has verified it. On average, online casinos need three verifications to process a deposit. At times, you might have to wait for about 10 minutes for this process to end.

Gamblers in some online casinos wait for days or weeks for them to receive their payouts. You won’t face this problem at Bitcoin betting sites. The winnings will be deposited to your BTC wallet once you enter your withdrawal amount. Some Bitcoin sites process withdrawals manually and you might receive winnings after several hours.

In such scenarios, an agent initiates the Bitcoin transaction.

The Importance of 2-Step Verification

Many people are excited about Bitcoin gambling. But, some of them aren’t aware of the importance of protecting their betting accounts and Bitcoin wallets. A huge percentage of account owners create complicated passwords to prevent hackers from accessing their information. Still, it is important to use Two-Factor Verification.

This feature offers extra security to your account and Bitcoin wallet. The authentication involves logging into an account with a password and username. You will also provide additional information to prove that you are the legitimate owner of a betting
account.

It might be a question about your early childhood or the name of a close family member. Two-Factor Authentication prevents fraudsters from hacking your account hence making Bitcoin gambling safer than other types of betting.

Today, you can get several Two-Step Verification options. These are Google Authenticator, email two-factor authentication and SMS-based Verification. Google Authenticator is a mobile app which sends you codes which you should enter to log into an account. On the other hand, email two-factor verification requires you to tap on a link in your email or enter a
unique code.

SMS-based authentication is an effective method of proving an account’s ownership. You need to add your phone number in your account’s personal information section to receive text messages with codes whenever you log into the account. It is advisable to enable Two-Step Verification for your email account and bitcoin wallet. This security measure will play a key
role in the growth of Bitcoin casinos in the future.

Bitcoin Deposit Bonuses

It is prudent to review the promotional offers that a certain casino has if you intend to make a Bitcoin deposit.

Some BTC gambling sites offer lucrative bonuses to Bitcoin players only. These include welcome bonuses on first deposits. Generally, fiat players receive a small welcome bonus compared to Bitcoin players. If you are lucky, you might receive a reload
bonus once you deplete the deposit bonus. Bitcoin gambling is safer than betting with cash. It is tricky for fraudsters to access your
information if you often use cryptocurrency.

Besides, if you win bets, the payout will top up your crypto wallet. Moreover, this form of gambling solves certain challenges that pundits face in traditional gambling such as delayed payments.