We live in the 21st century and technology has evolved so much that we are now able to pay our bills by hovering our smartphone above a particular device – paying for things both in real life and online has never been so easy.
Now with cryptocurrencies such as Bitcoin, you can keep your full privacy while doing so.
And when you play in an online casino you always want your personal details to be safe.
Hence, today we are going to help you learn how to deposit your Bitcoin in an online casino so that you too, as so many people, enjoy gambling with the famous cryptocurrency.
Why Would You Gamble Online with Bitcoin?
Using Bitcoin when playing in an online casino has a perfect balance of pros and cons but what exactly are those? Here are all the reasons you can, and absolutely should use Bitcoin when gambling online:
Like most of the cryptocurrencies, Bitcoin is a decentralised currency. That means that no banks have jurisdiction over the transactions made using it. And thanks to that, your details aren’t shown anywhere.
You will only be asked to provide bank account or credit/debit card details when purchasing Bitcoin from an online vendor. After that everything can be entirely anonymous.
As mentioned earlier, decentralised currencies are in no need of authorisation by banks to complete any transactions using them. Due to that, the transaction speed can be rapid and sometimes even instant.
Although, you have to remember that even though they can be rapid the time your earnings can get to you when withdrawing from an online casino is determined by how much time will the platform take to review and accept your withdrawal application.
Most online casinos have the right to hold your winnings and not let you withdraw until specific arguments are met so make sure to read the guidelines carefully when you pick and register on a gambling platform.
As soon as your withdrawal application has been accepted the money will be in your cryptocurrency wallet anywhere from about 2-10 minutes.
By that, we don’t mean you will be able to perform yoga exercises but what you will be able to do is to “bypass” specific laws that may apply in your country regarding online gambling.
Some countries, especially the US, have stringent prohibitions when it comes to both online and physical gambling in general.
But at the time of this writing, there isn’t a single law anywhere in the world that states you can’t use the famous cryptocurrency to play online casino games and especially the table ones such as Blackjack, Baccarat, Craps, Roulette, Poker and so on.
However, you have to be very careful because there may be laws about using Bitcoin in general in your country or gambling online. Those two can contradict and may lead gaming online using Bitcoin to become illegal where you live.
That may be the reason so many people like using Bitcoin when gambling on the Internet. Except for all the other pros, you will also be awarded much bigger bonuses when using Bitcoin.
CloudBet, for example, provides the biggest welcome bitcoin bonus which will match your deposit on a 100% level up to 5BTC which at the time of this writing is worth more than $35,000.
Mining and Earning Profits
Yes, you can “mine” your own Bitcoin and make money out of nothing except the electricity and the Internet bill. This can be done by using specific devices, the hardware of which has been specially designed for mining operations.
On top of that, you can also make money by holding onto your bitcoins and exchanging them for other currencies or real money when bitcoin’s price goes up.
Drawbacks of Online Bitcoin Gambling
It’s a Digital Currency
Just like any other fiat currency in the world, there is the chance for it to fall. It follows the demand and supply rule, and even though its price is now more significant than ever someday, you may lose money by it.
This can be included both in the advantages and the disadvantages section. There are no banks involved when using Bitcoin, so there are almost zero transaction fees except a tiny percentage that goes into keeping Bitcoin’s system running.
In some countries, though, like the US, Bitcoin is considered to be a form of property and thus gets fully taxed.
Some online casinos may ask you to provide some personal details such as your real name, address and anything else. Try staying away from these!
So now that you know the disadvantages as well, you can see there are way more advantages of Bitcoin gambling. Thus, making you trying out using Bitcoin to gamble online totally worth it. Now let’s talk a bit about how to deposit your Bitcoin in an online casino.
How to Deposit Bitcoin In an Online Casino
Lucky for you, we are experts in that matter, and you can quickly become one too. The process is straightforward and easy to carry out.
Here are the steps you have to take to acquire, store, and deposit your Bitcoin in an online casino:
#1 Buy Bitcoin
Then, you just select the amount of Bitcoin you want to purchase and how you want them to be stored – hence, you have to pick a cryptocurrency wallet.
Most exchanges provide you with a free cryptocurrency wallet which is reasonably safe. But, if you want to use significant amounts though, then maybe it would be a good to get a physical device to store them in.
Apart from those two vendors, there are many other reputable and trustworthy choices such as Kraken, Bitfinex, Gemini and countless others. Some require more details and others less so take a look at each of the features all the vendors provide before deciding which one you’d like to go with.
#2 Create a Cryptocurrency Wallet
Just as previously mentioned – the place your Bitcoin amount will be stored is called a cryptocurrency wallet. For the majority, a free online wallet is enough, but if you want to go the extra mile and purchase a physical device, then there are many choices out there for you.
Bitcoin hardware wallets look like a simple USB stick, and some will feature a small screen and some buttons on them. They are better than the online ones as more security measures have been implemented as well as retrieval and backup methods in case something goes south.
The small buttons on them enable you to authorise a transaction or not which will be displayed on the screen of the device so you can know if someone is trying to get access to your funds without you knowing.
The latter one is currently a digital cryptocurrency wallet but the developers are working at a hardware device which according to their site will be “Coming Soon”.
Each cryptocurrency wallet comes with a unique address which you will be required to use when gambling online using Bitcoin.
#3 Deposit Bitcoin
From here the process is quite easy. You have to pick a trustworthy online Bitcoin casino (We have plenty of articles and guides that can help you do that) and then you will register by signing up and creating an account on their platform.
Afterwards, you will go to your profile’s page and from there you will see an option somewhere on the dashboard that says “Deposit” or “Your funds” or anything of that sort.
Click on it and then you will be asked to link your cryptocurrency wallet to your account. After you do that you will be able to select and deposit any amount of Bitcoin you like, provided it is equal or more significant than the minimum deposit amount.
That’s it! You are good to start playing on the casino using Bitcoin.
As you saw it is a straightforward process, and thinking you came here to learn how to deposit your Bitcoin with an online casino, we believe that we have covered all the basics you need to know to begin using the famous cryptocurrency for online gambling.
You know the advantages and the disadvantages as well, and the only thing left for you to do is to go out there, find an excellent online Bitcoin casino and start playing.
Always play responsibly and without an urge. May you win every bet you make. Good luck with your future Bitcoin gambling adventures!