Bitcoin and gambling. These two words are so different yet so close to each other. Because in case you didn’t know using Bitcoin for online gaming is an excellent choice you should make – if you haven’t already.
If you’re at the very beginning of your journey with Bitcoin, you might find learning its ins and outs a bit hard but don’t worry we got you covered.
Hence, we are going to tackle where to buy Bitcoin to use for online gambling, as well as mention some other useful information you ought to have should you be a newcomer when it comes to the famous cryptocurrency.
Why Use Bitcoin for Online Gambling?
This is a question you are going to hear all the time in the upcoming years. Every day more and more people find out what a cryptocurrency is and by the time they fully understand it, they will wish to use it in many aspects of their life, gambling included.
But what makes using Bitcoin to gamble on the Internet so damn great?
One of the first things you have to know is that Bitcoin, like most other famous cryptocurrencies available to consumers, is decentralised. That means that there isn’t a central bank authorising transactions made with it.
Quite the contrary – it is a peer-to-peer system, and it runs entirely on the Internet. But you may wonder what that means and how it can affect you.
Simply put, when using Bitcoin for online gambling, usually you will not have to pay any transaction fees for depositing or withdrawing money. Keep in mind; you will need to pay a minimal fee, though, which goes into keeping Bitcoin’s system running.
Furthermore, the transaction times can be instant as there aren’t any mediators involved. That means that as soon as the online gambling site you play on accepts your request to deposit or withdraw the money will be transacted at this very exact moment. No delays whatsoever!
Next up is value. Demand and supply is a popular rule which outcome you are going to encounter when using bitcoins. Being a digital currency bought with real money affects its price all the time, causing major fluctuations.
When Bitcoin started back in 2009, it was worth less than a couple of bucks. In 2012 it began reaching the $200 mark, and at the time of this writing, one bitcoin is equivalent to more than $6,000. You do the math!
Then you have privacy. There is an old saying that goes like “You can never be too careful”, and that same quote applies to the online gambling world, too. When you register on an online Bitcoin casino, you will not be asked to provide any personal information like you would on a standard online gambling platform.
The only thing you will be asked to do is to link your Bitcoin cryptocurrency wallet to your casino’s account on the site you currently prepare to play on.
Where to buy Bitcoin to use for online gambling as well as where this cryptocurrency can be stored will be the next two things we are going to talk about.
The Best Exchanges to Buy Bitcoin for Online Gambling
There are many places you can go online so you can purchase some bitcoins. These are often referred to as “exchanges” simply because you exchange real money for cryptocurrency or one cryptocurrency for another. All of them have their pros and cons, but we are going to talk about some of the most reputable and trustworthy ones.
First up comes the king of all the online Bitcoin vendors, Coinbase. The safe platform wants you to provide your credit/debit card number or bank account and select how much bitcoins you want to buy. Simple as that, no strings attached.
In case you don’t know how the system of Bitcoin works they will guide you through the process of creating a cryptocurrency wallet before purchasing Bitcoin or the other available cryptocurrencies such as Ethereum and Litecoin. They are so sure of how safe their platform works that in case there is a breach they will fully refund your lost savings, providing it wasn’t your fault of course (gave up password/information).
Coinbase is the best choice for American and Canadian customers.
Next up is Cex They claim to be “Europe’s most popular service to buy and sell Bitcoin and Ethereum”, and they can back that app for sure. When Coinbase accepts a credit/debit card and a bank account, BitPanda has so much more available banking methods. You can use Neteller, Skrill, GiroPay and a lot of others.
Where they excel, though, is how they give you the ability to instantly sell your bitcoins to any of your chosen bank accounts as well as Amazon, Neteller and the list goes and on. The delivery of your bitcoins is very fast. However, their fees can be as high as 5% compared to Coinbase’s $3.75.
Cex is the best choice for European customers.
Last but certainly not least, you have Bitfinex. They provide you with many cryptocurrency options on top of Ethereum, Bitcoin, and Litecoin. Also, their security measures are similar to those of Coinbase. Even their site looks slick and elegant as hell. They mean business and we would recommend them to anyone.
But, if you aren’t familiar with trading platforms then you probably shouldn’t choose them over our other two options, Coinbase and BitPanda. So I would describe them as the silver lining of the previous ones.
Bitfinex is the best choice for anyone outside of the US – sorry, Americans, Bitfinex has just closed its doors for the US customers.
The Best Bitcoin Wallets for Online Gambling
Now, you see, all of the three places where you can buy Bitcoin mentioned will provide you with a free cryptocurrency wallet.
One of the most important lessons of cryptocurrency, though, NEVER keeps your funds on the cryptocurrency exchange. If you do so, you are handling the ownership of your private keys to the exchange, and you can never claim the full ownership of your coins.
On the top of that, an exchange can be closed down or go bust at any time. As unrealistic as it sounds, it is the truth. Cryptocurrency exchanges are not tightly regulated, and they can be hacked or closed down without prior notice. And with them, your funds.
To avoid that, you have to equip yourself with a reliable cryptocurrency wallet. You can find more examples here, but these are some of the best choices:
Ledger Nano S
The name “Ledger” has become synonymous with the word “quality” when it comes to cryptocurrency wallets. Their latest model “Ledger Nano S” is one of the best choices if you are an online gambler that uses Bitcoin.
Ledger Nano S is a hardware wallet, which apart from Bitcoin allows you store Ethereum, Litecoin, Dash and many other altcoins. It comes with a price tag of 69 EUR, which is a small price to pay for a security of all your funds.
Safety measures – that is what a device like this one is all about. Whenever you have to make a transaction, you must also authorise it using physical buttons. On top of that none of your data are shown, they are hidden behind a PIN code.
Next up is TREZOR. It is similar to Ledger’s devices when it comes to the features it offers, but its security features are even better. It has the latest security technology implemented into it, but it doesn’t support as many altcoins.
Furthermore, there is an extra safety layer. Hypothetically speaking, in case you have lost the device or forgot your PIN, there is a recovery method you can follow to regain access to your wallet.
It would require wiping the device or if you lost it, buy a new one which would cost $89, but at least your money would be safely stored. The Ledger Nano S provides somewhat similar recovery methods. However, they aren’t stated on their site.
You could also go with another option, KeepKey. It works similar to the other two, screen, authorization of transactions etc. However it costs around $100 mainly due to the build quality as opposed to TREZOR, KeepKey features a metal body.
Now that you know where to buy Bitcoin to use for online gambling and where it can be stored let’s talk a bit about actual casinos that accept the famous cryptocurrency.
What Are the Best Online Bitcoin Casinos
There are so many ways you could go when choosing a good online Bitcoin casino. You could go for one of the most reputable and trustworthy ones like BitStarz which offers a reasonably good selection of games and an excellent mobile app.
If you like diversity, you should go with FortuneJack as is one of those Bitcoin casinos which also accept a wide selection of other cryptocurrencies to use and play with like Namecoin, Litecoin, Dogecoin and many more others.
If you live in America gambling online either with or without Bitcoin things can be a bit harsh for you. Although, Bovada should be an excellent option for you as they provide both an online casino and a great Sportsbook.
The list goes on and on. Just make sure to check that the online Bitcoin casino, you are currently thinking of choosing, is licensed and regulated by a trustworthy organisation. Other than that, you should be able to start playing.
You came here wanting to know where to buy Bitcoin to use for online gambling, and we helped you with that as well as with so many more useful things you should know.
The only thing left for us to do is to wish you good luck on your future online gambling adventures using Bitcoin. So good luck to all you readers out there on the Internet!